Selected work
Where the structure decided the outcome.
Four mandates set out in full: what the situation was, why it was difficult, how it was structured, and what happened. No client is named and no figure appears — the structure is the part worth reading anyway.
Special Situations
The security was still pledged to the lender being repaid.
Post-settlement capital into a stalled residential project
- The situation
- A residential developer had reached a one-time settlement with its incumbent lender but had no capital to complete construction. Towers were topped out and sold down; the remainder had not started. The settlement had a date, and missing it would have reopened the entire exposure.
- The complexity
- The security was already charged to the settling lender until the settlement completed, so the incoming capital had to be committed against a release that had not yet happened. The developer's other projects could not be brought into the security package without exposing the whole balance sheet to a single construction programme.
- The structure
- Capital was deployed through an alternative investment fund into a ring-fenced special purpose vehicle holding the remaining towers and the buyer receivable book against them. Disbursal was set against certified construction milestones rather than released in a lump sum. The release mechanics with the settling lender were documented before the term sheet was signed, which is the stage at which facilities of this shape usually fail.
- The outcome
- The settlement completed on its date, construction restarted, and the incoming lender's exposure was confined to one certified programme rather than to the developer's balance sheet.
Special Situations
A consortium in which holding out paid better than agreeing.
Corporate debt restructuring across a divided consortium
- The situation
- A listed telecom infrastructure company entered restructuring with a lender consortium holding materially different security positions. Some lenders were secured on receivables, others on fixed assets, and several held no specific charge at all.
- The complexity
- A restructuring requires the consortium to agree, and this one had no natural majority. Lenders with weaker security had the least to lose from enforcement and the most to gain from holding out, which is the position that stalls most Indian restructurings.
- The structure
- The proposal was built around a waterfall that paid differentiated recoveries by security position rather than pro rata, so holding out no longer improved any single lender's outcome. Enforcement rights and standstill terms were settled in the intercreditor agreement before commercial terms were circulated.
- The outcome
- The consortium reached agreement and the restructuring was implemented across the full lender group.
Special Situations
Selling a stressed position without signalling distress.
Exit from a stressed debenture exposure
- The situation
- A foreign bank needed to exit a non-convertible debenture exposure on its India book. The underlying credit had deteriorated and the position was no longer one the bank could hold to maturity.
- The complexity
- A stressed position sold into a thin market prices off the most reluctant buyer, and a wide circulation would have signalled distress to the borrower's other lenders. The universe of buyers able to hold a stressed debenture of this size was small.
- The structure
- The exposure was downsold through a controlled process to a limited approach set selected on holding capacity rather than reach, with diligence material prepared to answer the recovery question directly rather than to market the credit.
- The outcome
- The bank exited the position and removed the exposure from its India book.
Debt & Capital Advisory
An asset no lender could realistically enforce against.
Restructuring an institution against its fee cycle
- The situation
- A private medical college was in default with its lenders. The institution was operating and enrolled, but its debt had been sized against a construction timeline it had not met, with repayments falling due before the fee cycle generated the cash to meet them.
- The complexity
- The asset could not be enforced in any practical sense. A campus with enrolled students has limited alternative use, and the lenders' recovery in an enforcement scenario was materially worse than in a restructuring, but no lender wanted to be first to say so.
- The structure
- The debt was reorganised around the institution's actual fee-collection cycle, with repayments dated to follow admission cycles rather than calendar quarters, secured on campus assets and escrowed fee receipts.
- The outcome
- The institution returned to serviceable debt and continued operating without interruption to enrolment.
The full record
Selected mandates advised and delivered, by sector, structure and value. Not an exhaustive list.
Key transactionsA situation of your own
Bring the position, the existing debt schedule and the timeline. We come back with a view on whether it is structurable.
Discuss a mandate