IFLR 1000
The Guide to the World's Leading Financial Law Firms

"We're not quite out of the crisis yet, but the market has come to a stabilised level," says one partner, giving a neat overview of how banking and finance stands in Denmark at the moment. There is a modicum of cautious optimism as a groggy economy tries to shake off the after-effects of a series of heavy bank collapses that occurred during the economic crisis, but there are still some lingering concerns.

This is not helped by the banks, which are tightening the purse strings to a previously unseen level. "The banks have a huge funding issue, which is affecting everything else," says one partner; another agrees: "Lending has almost disappeared." This has also led to a slump in acquisition finance, an area which one lawyer describes as "dormant".

Other remnants of the global crisis also remain, as one partner says, "For almost three years we have been seeing a lot of distressed banking work and that is continuing." With the banks still troubled, the distressed work could stretch on into this year.

In capital markets things are slightly rosier, with the debt side in particular continuing to be extremely active as companies attempt to fill the funding gap left by the banks. The equity markets, perhaps surprisingly, have also been fairly busy, with IPOs and rights issues starting to return. However, market conditions have contributed to disruption here, and some have been called off: "IPOs have been postponed yes, and that is due to the market's volatility," says one lawyer.

This volatility is also effecting investment. The country, which historically was so attractive for its institutional robustness and ready market, is seeing a drop off of investment as sensitivity to risk becomes more acute. "There hasn't been a lot of financial stability so investment in Denmark has been very low," says one banking lawyer.

The government has also been heavily involved in the markets to save certain banks, so much so it had to draw up special rules to ensure it didn't wade out of its depth. "The kingdom had been given special dispensation to not have to compulsorily purchase the rest of the shares in the banks they now own. This has been renewed three times already," explains a partner.

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."

Another long-standing heavyweight in the Danish legal market, Kromann Reumert keeps itself in tier one by virtue of carrying out vital restructuring work and market opinion hailing it as one of the finest firms in the country.

The team is spearheaded by finance stalwart Kim Rasmussen, who is widely respected in the market. "Rasmussen is one of the top men in Denmark," says a finance client. Peers agree: "Kim Rasmussen at Kromann is a quality lawyer, very experienced," says one.

It is not just the legal competency that sets the firm apart though: "Kromann Reumert have good connections, and that definitely helps," explains one partner.

Though traditionally strong on acquisition finance, the firm's practice prides itself on its broad offering, with its deal flow this year reflecting that diversity.

A large chunk of the government's restructuring fell to Kromann Reumert, with Rasmussen being joined by M&A partner Henrik Møgelmose heading a team acting for the government-owned Finansiel Stabilitet in its drive to take over struggling and insolvent banks. These include Eik Bank Danmark, Eik Banki and Amagerbanken, with more work to come as Denmark tries to restore some order and liquidity.

The firm was also active in the capital markets, advising Carlsberg Breweries on a €1 billion Euro Notes issue on the Luxembourg stock exchange, part of the company's EMTN programme. A further deal saw the team advise Københavns Lufthavne, the public company that owns and operates Copenhagen and Roskilde airports, on its June 2010 issuing of €228 million in senior secured notes as a US private placement.

In banking, in a rare recent deal involving some new money, the firm acted for a number of banks under the agent auspices of Danske Bank in a credit facilities extension to Denmark's foremost industrial and handicraft wholesaler Sanistål. The €74 million transaction was completed in March 2011.

"They seem to know exactly what we are thinking and what we want. They are very good in the negotiation process and they always seem extremely well prepared" says a client. "They were very on the ball and they have a very good team," agrees another, "we didn't come across an area where they didn't have a vast knowledge."

Another long-standing name in the market, Plesner maintains the top tier position it reached last year. "They are very good at acquisition finance and derivatives," says one partner, and the firm did work on a number of both banking and big-ticket capital markets deals over the last year.

A key client is Dong Energy, a key player in the Danish energy sector. On one deal in June 2010 a team led by partner Jørgen Permin advised the company on negotiations for syndicated and bilateral revolving credit facilities of €1 billion. These facilities were provided by Scandinavian financers Nordea Bank Danmark and Handelsbanken and other lenders headed by the RBS.

Permin also led on the project financing in regard to the 50% stake the company has in what will become one of the world's biggest offshore wind farms in the world, the London Array Project in the Thames Estuary.

In the equity capital markets, a team led by Christian Kjølbye and Thomas Holst Laursen advised on a voluntary public offer from DuPont for Danisco, the leading ingredients and bio-based solutions company in the country. Though not yet closed, the deal values Danisco at €4.6 billion and, if it proves a success, will be the second largest inbound investment ever in Denmark.

Overall, clients were impressed by the firm's innovation. "There are certain parts of Danish law that are a mess due to changes and they found solutions to these problems well," says one, while another agrees, "They were very good at unpicking complicated parts of Danish law."

Accura has certainly seen the positive effects of its raid on Rønne and Lundgren in the past year. The new team, headed by Kim Toftgaard and new arrival Thomas Skjellerup, is already gaining traction and combined with their strong bank connections sees the firm promoted to tier two. "Accura do a high volume of work," says one partner.

Skjellerup himself is extremely highly regarded and is described by one competitor as "very, very good". At least one of the heads of department, and sometimes both, led on all the firm's notable deals this year which has led some to question the team's bench strength: "Accura for me are just a two partner practice," says one competitor.

Nevertheless, the firm acted on some key mandates in the last 12 months, with the majority of them split between restructuring and new financing, mirroring the market as a whole. One such deal was notable for its size, as they advised a lender syndicate on the financial restructuring of ferry company Scandlines. Worth €1.5 billion, the deal closed in November 2011 and required negotiations with both the German and Danish owners of the company.

Another key mandate saw the team advise property company Tower Group on its restructuring. This involved over €700 million worth of property, shares and senior and junior debt, and was finally completed in March 2011.

On the capital markets side, the firm was active on the Pandora IPO in September 2010, the largest offering in Europe over the past couple of years. A team led by Poul Jagd Mogensen advised the founders and management on aspects of the €1.5 billion deal.

Accura also boasts an impressive list of international clients, including corporations like General Electric and Nike, banks such as Barclays and Citigroup, and private equity names like Blackstone and Nordic Capital.

Bech-Bruun is the subject of some varying opinions in the market at the moment. Peers comment on the significance of its recent departures, with partners Peter Lyck and Tue Ravnholt Frandsen heading off to Hannes Snellman and Plesner respectively. But others support them and point out that that the firm is stable and continues to work on its fair share of noteworthy deals.

"Bech-Bruun is a historic firm, traditional. They are still quite strong but have a very narrow focus," comments one partner. Another agrees: "Bech Bruun is right to be in tier two, they are not tier one. They have a few good people."

The team seems to cover all the bases though, with leading lawyer Steen Jensen heavily involved across the practice. "He is very skilled. His technical skills, as well as his personality, are very impressive," says one client, while another highlights his manner: "I actually feel that we have a good relationship personally as well as work-wise."

A clear deal highlight saw the firm act, in June 2010 for Chr. Hansen Holding on its €742 million IPO, one of the largest in Denmark since 2005.

In 2011, a team led by leading lawyer Morten Krogsgaard advised Altor Equity Partners on a large recapitalisation of Sonion Investment. This transaction closed in March for an undisclosed sum.

"Bruun & Hjejle are definitely strong in finance, but maybe not so much in banking," says one in-house client.

Overall, the firm is a well-respected, strongly academic operation that has had a fairly good year, getting involved in financing and government stability work as well as in the capital markets.

The firm showed its finance expertise on a significant real estate portfolio transaction. A team led by leading lawyer Karsten Kristoffersen advised Bank DNB NORD on the €255 million deal which saw a profit sharing and security model inserted into the final terms.

The firm also acted for a number of clients, including BRFkredit, Arbejdernes Landsbank and Aarhus Lokalbank, on guarantee agreements through Finansiel Stabilitet, the company set up by the kingdom to assist troubled banks. This included advice on the listing of €2 billion guaranteed senior unsecured notes offered on the London Stock Exchange and the Third Market in Vienna as well as on the Nasdaq OMX in Copenhagen.

The team also boosted its headcount last year hiring Henning Aasmul-Olsen as a partner within the capital markets and M&A teams.

This year Horten took the opportunity to showcase its strength on cross-border financing and investment mandates across Europe. On one deal, they advised Global Wind Power's SPV borrowers with regard to a wind farm project in Germany and, in another, they were instructed by Carnegie Asset Management on the restructuring of its Luxembourg concerns as part of the company's takeover by major Swedish private equity investors Altor and Bute.

Partner, leading lawyer and practice co-head Claus Bennetsen was involved on a substantial number of the firm's standout deals, including displaying their aircraft financing expertise for Banque Havilland Luxembourg in regard to the refinancing of a Swiss registered helicopter owned by a Danish borrower.

They did however lose leading lawyer Mikkel Fritsch, who is now a partner at Hannes Snellman.

Eversheds's Copenhagen operation is led by Nikolaj Juhl-Hansen, and the team has been involved in some interesting bank lending work despite losing managing partner Troels Askerud last year.

Lars Lüneborg has been the team's most active lawyer, and last year provided advice to Handelsbanken, as agent for a large Danish syndicate, in regard to a €40 million credit facility extended to an Icelandic bank which moved into default.

Rønne & Lundgren was dealt a significant blow this year with Thomas Skjellerup leaving to join Accura, but the firm has attempted to plug the gap by hiring former Bech Bruun attorney Steen Puch-Holm Larsen from Amstrup Jung & Partnere.

Larsen hit the ground running, advising Property Bonds VIII on the restructuring of its €55 million bond debt, including negotiating a partial redemption on the bonds that remained outstanding.

Moalem Weitemeyer Bendtsen regards banking as one of its core business areas, and the team has been very active over the past year. Claus Molbech Bendtsen heads the department but also has an expertise in energy, which sometimes overlaps with this area too.

Standout deals for the firm include acting for Elopak as it sought refinancing, a deal worth €40m, as well as advising Candyking Holding, a pick n mix confection company, on its refinancing with Nordea Bank in Finland, a deal worth €70.5 million.