Morrison & Foerster is advising Global Loan Agency Services (GLAS) in the financial restructuring of the New Look business. New Look is a leading UK multichannel retail fashion brand offering exciting, on‐trend, value fashion for women, men and teenage girls.
GLAS was appointed to several successor roles shortly prior to New Look's financial restructuring. GLAS then acted in those roles through the restructuring, which was achieved through two inter-conditional English schemes of arrangement, a pre-packaged English administration and recognition in the United States under Chapter 15 of the U.S. Bankruptcy Code. The financial restructuring reduced New Look's pre-restructuring long-term debt from over £1.3 billion to £350 million and involved the raising of £150 million through the issuance of new money bonds. GLAS has also been appointed in various roles in New Look's post-restructuring capital structure.
Partner Sonya Van de Graaff and Associate Edward Downer, London-based members of Morrison & Foerster's Business Restructuring and Insolvency Group, led the firm's representation of GLAS, along with Senior Of Counsel Howard Morris and Trainee Solicitor Matthew Rodin.