Ogier's work on the restructuring of Ocean Rig has been recognised with a third industry award at Global Restructuring Review's annual awards in London last night.
The restructuring took the award for ‘Innovation in cross-border insolvency and restructuring' – the award is the second high-profile innovation recognition for Ogier this month, following the firm's win in the International Law Firm category of Legal Week's Innovation Awards.
An Ogier team led by Caribbean Head of Dispute Resolution Rachael Reynolds advised the joint provisional liquidators in the Ocean Rig matter in respect of: considering the proposed scheme and whether it was beneficial to creditors; brokering compromise and agreements with various creditor factions/groups; presenting the scheme to the creditors; bringing the Chapter 15 application and provide expert evidence in those proceedings; and acting as trustee of a preserved claims trust.
Earlier this month, Ocean Rig was named Energy Deal of the Year and Restructuring of the Year ($1B - $5B) by M&A Advisor, at the 10th Annual International M&A Awards in New York.
Rachael, who appeared as lead advocate on behalf of the provisional liquidators in the Cayman Grand Court and provided expert evidence for the Chapter 15 recognition application, said that they were pleased that the work had been recognised once again.
She said: "The Ocean Rig matter was not just the first and largest of its kind, but was also one that required an innovative approach. Several teams were involved and worked together to achieve the successful outcome.
"We are seeing more and more interest in the Cayman Islands 'light touch restructuring' tool for complex and cross-border financing arrangements, and although we have recruited significantly to grow the team in the last six months, we are very busy with these kinds of instructions."