Elaine Nolan
Overview
Elaine literally wrote the book on CVAs and many forms of restructuring; she is the market leader in her field.” - Chambers UK, 2024
Elaine is a restructuring partner in the London office of Kirkland & Ellis International LLP. Elaine advises strategic investors, sponsors, insolvency practitioners, turnaround managers, directors, debtors and creditors in all forms of national and international financial restructurings and insolvencies.
External Recognition
- Recognised by Chambers UK (2024), for being a “market leader in her field.”
- Listed as a leading individual in The Legal 500 UK (2023), where she is described as “technically excellent, has deep knowledge of CVAs and is focused on delivering a high quality output that meets the client’s needs.”
- Recognised as Highly Regarded in IFLR1000 (2022) and listed in the IFLR1000 Women Leaders 2023 – EMEA.
- Recognised by Chambers UK (2021), with clients describing her as being “extremely helpful in considering various options and advising on both the technical and commercial aspects of each.“ Elaine was listed as a leading lawyer in The Legal 500 UK (2021) and recognised as having “very strong experience in designing, implementing and adapting complex Company Voluntary Arrangements (CVAs)‘, and has utilised the tool to good effect in a spate of high-profile retail restructurings.”
- Named as “Corporate Restructuring Lawyer of the Year” at the Turnaround, Restructuring & Insolvency Awards 2020.
- Named in the “40 Under 40 2016” list which identifies the world’s leading restructuring specialists aged 40 and under, by The Global Restructuring Review and recognised as one of “The Hot 100 2016” which identifies “the best lawyers in business” for the year, by The Lawyer.
Experience
Representative Matters
Recent engagements include advising:
- Homebase, the UK's leading home improvement and garden retailer, in relation to all options available to restructure the business and directors’ duties advice
- Cineworld group, one of the leading cinema chains in the UK, on its financial and leasehold restructuring, implemented by four Part 26A Restructuring Plans. This included successfully defeating landlord challenges, including a late injunction application and obtaining sanction of the Plans, to override previous contractual agreements
- WeWork, the global office space group, in relation to all aspects of its UK lease portfolio and options for the UK and international Group. WeWork, with over 500 entities, was one of the largest jointly administered Chapter 11 cases in history
- The Wilko Retail Group, on all aspects of its proposed lease restructuring, including a Company Voluntary Agreement
- Alix Partners as administrators and liquidators of the Ilke Homes modular homes group
- Ilke Homes, a TDR portfolio modular homes business, in all aspects of its proposed restructuring
- Apex Group on the acquisition of various operating businesses of MJ Hudson Group plc
- Iconic Sports on its Investment in Eagle Football
- The National Car Parks group in relation to all aspects of its proposed restructuring of its leasehold estate including structuring and proposing a Restructuring Plan under Part 26A Companies Act 2006
- The Euro Garages Group (EG Group) in relation to its proposal to acquire the Caffé Nero group, subject to a Company Voluntary Arrangement
- The Ann Summers Retail group in relation to its Company Voluntary Arrangement to address its UK leasehold obligations
- Pizza Express, a significant casual dining group which operates over 400 restaurants in the UK, in relation to the successful approval of its CVA, in September 2020
- All Saints Retail, a global retail group, in relation to the successful approval of its CVAs (including the first ever landlord CVA to be recognised in the US via chapter 15 and in Canada via the CCAA recognition process), in July 2020
- Travelodge, the UKs largest independent hotel brand, in relation to all aspects of its restructuring, including obtaining a ground breaking injunction in the High Court to restrain winding-up petitions and in all aspects of its Company Voluntary Arrangement, which was successfully approved in June 2020
- Mamas & Papas group in relation to its restructuring and pre-pack administration to the group
- Davidson Kempner Partners
- in relation to their role as real estate investor and landlord of the Four Seasons Healthcare Group
- in relation to certain confidential matters
- Deloitte LLP
- as administrators of Mamas & Papas Retail Limited
- as administrators of certain entities in the Harkland Group
- PWC
- as administrators of Mothercare U.K. Limited and Mothercare Business Services Limited
- as prospective and appointed administrators in relation to the pre-pack administration of the ATU Group
- Mothercare Group in relation to its restructuring & administration sale of its franchise and brand business to the group
- The committee of Debenhams’ bondholders (now lead shareholders), in relation to its Company Voluntary Arrangement
- Outdoor and Cycle Concepts, the UK business of AS Adventure Group and portfolio retail company of PAI Partners, in relation to its Company Voluntary Arrangement. The UK business is one of the leading multi-brand retailers of outdoor clothing and equipment in Europe, comprising Cotswold Outdoor, Cycle Surgery, Runners Need and Snow & Rock
- Paperchase, one of the UK’s leading card and stationery retailers, in relation to its Company Voluntary Arrangement and its wider financial restructuring involving the first shift to turnover rents within a CVA
- A significant bondholder group of retailer House of Fraser, in relation to its Company Voluntary Arrangements
- Moorfields Advisory, as administrators of Toys ‘R’ Us
- Prezzo, an Italian restaurant chain, in relation to its Company Voluntary Arrangement
- Toys ‘R’ Us, in relation to its Company Voluntary Arrangement and all aspects of its restructuring
- Agrokor, a leading Croatian food, manufacturing distribution and retail business in relation to its financial restructuring
- BCBG Max Azria, a global apparel retailer and manufacturer, in relation to its French proceedings
- The Colson Group, a Sentinel Capital Partners portfolio, on the acquisition of assets from its UK business, in administration
- Civil Aviation Authority
- in relation to the Monarch Airlines Group
- in relation to the Virgin Atlantic Group and its securitisation of take-off and landing slots at Heathrow Airport
- in relation to the Thomas Cook Group
- The Harkland Group, an Oaktree Capital subsea global services group to the oil and gas industry, in all aspects of its financial and operational restructuring
- The Tragus Group in relation to its financial and operational restructuring, including its Company Voluntary Arrangements relating to Café Rouge Restaurants and Bella Italia Restaurants
- TPG as lender/investor of LA Fitness, including advice in relation to the LA Fitness Company Voluntary Arrangements
- Nordea Bank as lender to the Royal Imtech Group
- Tele Columbus, a leading German cable network operator, in relation to its financial restructuring and Schemes of Arrangement
- Monier Group, a leading international manufacturer and supplier of building materials, in relation to its Schemes of Arrangement across six jurisdictions in Europe
- Sun Capital Partners on the purchase of assets from bed retailer Dreams, via a pre-pack administration
- Wilmington Trust in its capacity as Agent as part of the Estro Group’s financial restructuring
- European Directories in relation to its subsequent c.€800 million financial restructuring resulting in majority control by Triton Partners
- Fitness First, the world’s largest health club and gym operator, on its c.£600 million financial and operational restructuring including a Company Voluntary Arrangement and Scheme of Arrangement
- Certain Bondholders of the Petroplus Group in relation to the Group’s US$1.75 billion senior and convertible bonds and local insolvency filings across Europe
- Sankaty Advisors LLC, on the purchase of a portfolio of 26 loans from the Lloyds banking group with outstanding value of more than £500 million
- Regency Entertainment Leisure & Tourism S.A, a Greek casino business, in relation to its c.€600 million consensual financial restructuring with its senior and mezzanine lenders and sponsor, BC partners
- European Directories, a Netherlands-based local search and lead generation company, in relation to all aspects of its €2.1 billion financial restructuring across eight jurisdictions in Europe
- A number of investors and counterparties in relation to the Lehman Brothers bankruptcy, including advice in relation to unsettled trades and the recovery of custody assets
- Oaktree Capital as a principal investor/first lien lender party of the Almatis Group
- Sun European Partners on the restructuring of its European portfolio business in the retail sector
- Leading investment banks, hedge funds and private equity houses in relation to their diligence and review of European investment opportunities in par, stressed and distressed transactions
Prior Experience
Weil Gotshal & Manges, London, UK
- Associate, 2004–2008
- Trainee Solicitor, 2002–2004
More
Thought Leadership
Publications
“Lawyer in the news: Elaine Nolan, Kirkland & Ellis International” Law Gazette (October 2024)
Author, “CVAs - a Flexible & Viable Restructuring Tool”, R3 Recovery Magazine (Autumn 2022)
Author, “The Future of Company Restructuring Tools”, ICAEW (August 2022)
Co-Editor, “Company Voluntary Arrangements: Law and Practice” (February 2022)
“Q&A: Bankruptcy & Restructuring“, Financier Worldwide (December 2016)
“Bankruptcy Litigation”, Financier Worldwide (July 2016)
“European Bond Restructurings”, Financier Worldwide (January 2015)
“Exercising Change - CVAs”, Practice & Law (October 2014)
“10 Things you need to know about CVAs”, Recovery Magazine (Autumn 2014)
"Q&A: Pre-insolvency reorganization and restructuring”, Financier Worldwide (March 2014)
Contributor, “European Debt Restructuring Handbook: Leading Case Studies from the Post-Lehman Cycle” (March 2013)
Seminars
“Kirkland Distressed Symposium – State of the Market” seminar hosted by Kirkland & Ellis (September 2022) (Lead Presenter, Moderator)
“The Future of CVAs and Restructuring Plans”, presentation to ICAEW’s Restructuring & Insolvency Conference 2022, Webinar, (June 2022)
“Recovery at Risk : A Global Turnaround Market Update”, panelist at TMA Australia, Webinar (June 2022)
Speaker/panellist at FRP Advisory, Breakfast Club on Retail matters (March 2022)
“Kirkland Distressed Symposium – State of the Market” seminar hosted by Kirkland & Ellis (March 2022)
“State of the Retail Market and Landlord – Tenant Compromises post-New Look, Virgin Active and Regis” webinar hosted by Kirkland & Ellis (June 2021)
“New Frontier for Landlord/Distressed Tenant Compromises: Legal Implications of New Look, Virgin Active and Regis” webinar hosted by Kirkland & Ellis (May 2021)
“Restructuring Retail Symposium” webinar hosted by Kirkland & Ellis (December 2020)
“Retail Sector Impact and Latest Market-wide Responses and Strategies” webinar hosted by Kirkland & Ellis (May 2020)
“Restructuring Retail Symposium” hosted by Kirkland & Ellis, London (December 2019)
“Current Issues in CVAs”, TRI NextGen London (October 2019)
Panelist at the Debtwire Week conference, “Legal Updates in Restructuring”, London (October 2018)
“UK Market Update: Company Voluntary Arrangements”, hosted by Kirkland & Ellis, New York (May 2018) and London (September 2018)
“European Opportunities Industry Focus: Oil & Gas Market Update” hosted by Kirkland & Ellis, London (September 2016)
“Distressed Investing in the European Energy Sector,” hosted by Kirkland & Ellis, New York (May 2015) and London (September 2015)
"CVAs - the company's perspective and case study," R3 Property Law for Insolvency Practitioners, London (May 2015)
Mock Trial Scheme of Arrangement Presentation at the Hawkamah Restructuring Turnaround and Insolvency Conference, DIFC Conference Centre, Dubai (March 2015)
Panel discussion at the TMA Deutschland Seminar on International Debt Restructuring - Case Study: ATU Restructuring, Frankfurt (November 2014)
Presentation at the Alvarez & Marsal Distressed Assets Roundtable meeting, Case Study: ATU Restructuring, Warsaw (October 2014)
Presentation at the European and U.S. Distressed Debt Investor Seminars, European Bond Restructurings, hosted by Kirkland & Ellis, London (September 2014) and New York (October 2014)
Mock Trial Presentation at the Hawkamah Restructuring Turnaround and Insolvency Conference, DIFC Conference Centre, Dubai, (March 2014)
Presentation at the European Distressed Debt Investor Seminar, "Developments in Schemes of Arrangement: Amends and Extends and Schemes of non-English Companies" hosted by Kirkland & Ellis, London, (September 2013)
Presentation at the European Distressed Debt Investor Seminar, CVAs in the Current Era: Fitness First and Travelodge hosted by Kirkland & Ellis, London, (September 2012)
Presentation on Petroplus at the US & European Distressed Debt Investor Seminar, hosted by Kirkland & Ellis, New York, (April 2012)
Panelist at the Alvarez & Marsal Distressed Assets Roundtable Warsaw IX meeting, discussing US and English restructuring issues, (November 2011)
Presentation on the European Directories Restructuring to the Turnaround Management Association, Poland hosted by Alvarez and Marsal, (April 2011)
Memberships & Affiliations
The Law Society (England and Wales)
Credentials
Admissions & Qualifications
- 2004, Admitted to practice as a Solicitor of England and Wales
Education
- The University of Law, London BloomsburyLPC2001
- University College LondonLL.M.2000
- University of LeedsLL.B.1999