In what has been a tough year overall in Denmark, Gorrissen Federspiel has maintained its position in tier one by complementing its strong capital markets practice with restructuring mandates on behalf of the Danish government.The long-standing team continues to be well thought of within the market, with one peer testifying to their wide experience: "They have a much longer presence in the market, going almost 50 years back....
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In what has been a tough year overall in Denmark, Gorrissen Federspiel has maintained its position in tier one by complementing its strong capital markets practice with restructuring mandates on behalf of the Danish government.
The long-standing team continues to be well thought of within the market, with one peer testifying to their wide experience: "They have a much longer presence in the market, going almost 50 years back. They were the first Danish firm to really do banking."
In terms of deal highlights, the firm was involved in a couple of relatively rare securitisations of state guaranteed loans, acting for the joint arrangers Merrill Lynch International and Nykredit Bank in an issue worth $965 million and for JPMorgan on a secured fixed rate note deal of €140 million.
The firm represented Nordea Bank Danmark with regard to a syndicated facilities agreement worth €179 million to refinance existing acquisition and working capital for a non-distressed group, closed in June 2010.
As mentioned above, a good proportion of the banking activity this year was taken up with tackling the results of the impact of the financial crisis, and in this respect Gorrissen advised, among others, Finansiel Stabilitet, Eik Bank, Roskilde Bank and Amagerbanken on the sale of assets of the distressed banks and their other portfolios as the banking sector in Denmark tried to right itself.
Clients had particular praise for banking head Michael Steen Jensen: "I think he is the most skilled in the market, and cannot be matched," one commented.
Jensen is also valued for his connections: "Michael has a fine network, and can get in touch with anyone whenever he wants. It makes things easy when you have such a respected man working for you."
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"I would say Gorrissen Federspiel are definitely among the leaders in M&A," says one competitor, and the firm maintains its tier one position by virtue of being among the most active firms in the market and getting hold of a good proportion of the rarer, big-ticket deals.One such transaction was for the East Asiatic Company, advising on a major divesture that was worth almost €161 million; a clear example of the type of work that has been seen in the market....
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"I would say Gorrissen Federspiel are definitely among the leaders in M&A," says one competitor, and the firm maintains its tier one position by virtue of being among the most active firms in the market and getting hold of a good proportion of the rarer, big-ticket deals.
One such transaction was for the East Asiatic Company, advising on a major divesture that was worth almost €161 million; a clear example of the type of work that has been seen in the market.
Another interesting deal showcased Gorrissen's attractiveness to foreign clients. A team fronted by partner Camilla Collet advised the global pharmaceutical company Pfizer on the strategic acquisition of the consumer health division of Ferrosan. This was purchased primarily from Altor, a Scandinavian private equity fund, although other sellers were involved too.
Head of department Tomas Haagen Jensen was also kept busy this year advising JN Data, the software arm of Danish financial institutions Nykredit and Jyske Bank, on their partnership agreement with Bankernes EDB Central, Skandinavisk Data Center and Foreningen Bankdata.
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Gorrissen's R&I team has been very active in the market this year, taking on a lot of work with a public interest angle.One of these deals saw the team act on the liquidation of Ace Link, a company that was part of the larger Eitzen Group in Norway....
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Gorrissen's R&I team has been very active in the market this year, taking on a lot of work with a public interest angle.
One of these deals saw the team act on the liquidation of Ace Link, a company that was part of the larger Eitzen Group in Norway. Ace Link operated ferry crossings between Helsingør and Helsingborg (from Denmark to Sweden) and was one of many major businesses hit by the crisis.
A further mandate of this type entailed department head Lars Grøngaard being appointed trustee for Globe Malerfirma, a parent company for a number of smaller concerns. The company was forced by circumstances to enter a period of suspension of payments, and the work grew increasingly complex as some of the smaller companies were restructured while went into bankruptcy.
Grøngaard himself is extremely well regarded. "Lars is extremely strong in this area, definitely a leading lawyer," says a partner.
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