The Nordics


Our Nordic practice provides Nordic financial institutions and companies with advice on capital markets transactions, including cross-border private placements, debt offerings, continuous offerings, covered bonds offerings, as well as advice on banking, finance and litigation matters.  We work closely with our colleagues across practices and offices to bring to bear our expertise on a broad range of matters.  We work closely with local counsel as partners to achieve the desired results for our clients.

Recent select experience:

Securities Offerings

  • Íslandsbanki hf.  We have represented Íslandsbanki in connection with establishing and updating their Global Medium Term Note and 144A Medium Term Note programs.  We most recently advised Íslandsbanki on their $1.5 billion GMTN program update.
  • Norspan LNG VIII AS. We represented Norspan, a shipping company based in Norway, in connection with a $220 million private placement of senior secured notes.
  • P/F Eystur-og Sandoyartunlar. We represented P/F Eystur-og Sandoyartunlar, a special purpose company owned by the government of the Faroe Islands, in connection with a €360 million private placement of senior secured notes. 
  • Landsnet hf. We represented Landsnet hf, an electrical company commissioned in Iceland, in connection with their $200 million private placement of senior unsecured notes.
  • E-CO Energi Holding AS.  We represented E-CO Energi, Norway's second largest producer of hydroelectricity, in connection with a $125 million private placement of senior unsecured notes.
  • Danish Crown A/S. We represented Danish Crown, a global meat processing company based in Denmark, in connection with a $50 million, £100 million and €100 million private placement of unsecured notes.
  • Royal Greenland A/S.  We represented Royal Greenland, a fishing company in Greenland, in connection with a DKK213 million and $88 million private placement of senior unsecured notes.
  • Sikuki Nuuk Harbour A/S. We represented Sikuki Nuuk Harbour, owner of the national port of Greenland, in connection with a €59 million private placement of senior secured notes.
  • Copenhagen Airports APS. We represented Copenhagen Airports, Denmark’s main international airport, in connection with various private placements, including a private placement of DKK1.1 billion; $120 million; and €30 million of senior unsecured notes.

Initial Compensation Instruments

  • Resolution Committee of Glitnir Bank hf. We advised the Resolution Committee of Glitnir Bank hf. in relation to the issue of compensation instruments coupling equity, debt and contingent debt in an amount aggregating approximately $500 million.
  • Resolution Committee of Landsbanki Islands hf. We advised the Resolution Committee of Landsbanki Islands hf in relation to the issue of compensation instruments coupling equity, debt and contingent debt in an amount aggregating approximately $3 billion.

Derivative Disputes

  • The Resolution Committee and Winding-up Board of Landsbanki Islands hf.  We advised the Resolution Committee and Winding-up Board of Landsbanki Islands hf in relation to a number of disputes and potential disputes arising from derivative contracts and other financial contracts entered into by Landsbanki.  This included advising on the litigation in the Scottish courts between Landsbanki and the administrators of Heritable Bank (Landsbanki’s subsidiary).
  • The Resolution Committee and Winding-up Board of Glitnir Bank hf. We advised the Resolution Committee and Winding-up Board of Glitnir Bank hf in relation to a number of disputes and potential disputes arising from derivative contracts and other financial contracts entered into by Glitnir.

Composition with Creditors

  • LBI ehf. We advised LBI ehf., an Icelandic private limited company that is the resolution entity for Landsbanki, the Icelandic bank, as special U.S. counsel in connection with the March 2016 exchange offer under Section 3(a)(10) of the Securities Act of 1933 of the remaining composition claims of LBI ehf.'s unsecured non-priority creditors for a combination of a de minimis amount of cash and equity securities and €2 billion aggregate principal amount of Convertible Bonds due 30 November 2035 of LBI ehf.  The exchange offer was part of the composition of LBI ehf. under Icelandic bankruptcy law, which was also the subject of a Chapter 15 bankruptcy proceeding. The exchange offer was the first time that Section 3(a)(10) was successfully applied in the context of a Chapter 15 bankruptcy proceeding.  In addition, the exchange offer was the first Section 3(a)(10) exchange offer conducted by a Scandinavian/ Nordic entity and the indenture for the convertible bonds was the first indenture for a Section 3(a)(10) exchange offer qualified under the Trust Indenture Act of 1939 to be governed by the laws of two different jurisdictions (U.S. and UK).
  • ALMC hf.  We represented ALMC hf., the fund set up to administer the assets of Straumur-Burdaras Investment Bank, an investment bank that went into moratorium in 2009 after the collapse of the Icelandic financial sector. We have also advised on numerous matters since ALMC completed its composition with its creditors, principally its complex restructuring and disposal programme, including:
    • Portfolio sale of a range of debt and equity interests in international companies, including ALMC’s stake in West Ham Utd F.C.
    • Restructuring and disposal of ALMC’s stake in Polish mobile telecoms company, P4 Play.
  • Winding Up Board of Landsbanki Islands hf .  We acted for the Winding Up Board of Landsbanki Islands hf in connection with the sale by it and Glitnir hf of a 77% stake in Iceland Foods, with an agreed value of the company at £1.55 billion.

Litigation

  • We acted for the resolution and winding up committees in respect of a wide variety of English law litigation for two of the Icelandic banks following their collapse including matters before the Supreme Court
  • We coordinated multijurisdictional litigation in respect of Icelandic banking issues involving European, US and Caribbean claims and recoveries.

Chambers Global 2017
Global-wide: Capital Markets: Equity
United States: Capital Markets: Debt & Equity
United States: Capital Markets: Derivatives


Chambers UK 2017
Debt Capital Markets


Chambers USA 2017
National: Capital Markets: Debt & Equity
National: Capital Markets: Derivatives
National: Bankruptcy/Restructuring


EQDerivatives Awards 2016
Equity Derivatives Law Firm of the Year


Financial Times: US Innovative Lawyers
Overall winner of the Innovation in Social Responsibility category, 2016 
One of four firms ranked “Standout” in the category of New Products and Techniques, 2016 
One of four firms ranked “Standout” in the category of Enabling Clients Business, 2015
One of five firms ranked “Standout” in the category of Finance, 2012


GlobalCapital Americas Derivatives Awards 2015, 2016, 2017
Americas Law Firm of the Year


GlobalCapital Global Derivatives Awards 2016
Global Law Firm of the Year


GlobalCapital Syndicated Loan, Leveraged Finance and Private Placement Awards 2016
Private Placements Law Firm of the Year


IFLR1000 2017
United States: Capital Markets: Debt
United States: Capital Markets: Equity
United States: Capital Markets: Derivatives
United Kingdom: Capital Markets: Debt
United Kingdom: Capital Markets: Derivatives


IFLR Europe Awards 2011
Shortlisted for Restructuring Deal of the Year for our work with Glitnir


Legal 500 UK 2016
Debt Capital Markets
Derivatives and Structured Products


Legal 500 US 2017
National: Capital Markets: Debt Offerings: Advice to Issuers
National: Capital Markets: Debt Offerings: Advice to Underwriters
National: Capital Markets: Equity Offerings: Advice to Issuers
National: Capital Markets: Equity Offerings: Advice to Underwriters
National: Capital Markets: Global Offerings: Advice to Issuers 
National: Capital Markets: Global Offerings: Advice to Underwriters
National Corporate Restructuring (including Bankruptcy)


M&A Advisor Turnaround Awards 2013
Cross Border Restructuring Deal of the Year for our work with Landsbanki


M&A Advisor International Awards 2013
Shortlisted for Restructuring Deal of the Year for our work with Landsbanki


U.S. News – Best Lawyers® Best Law Firms 2017
National: Derivatives and Futures Law (Tier 1)
National: Securities/Capital Markets Law (Tier 1)
National: Banking and Finance Law (Tier 1)
National: Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law (Tier 1)

AmLaw Ice Storm
“For Iceland’s restructuring lawyers and their foreign advisers…finding a path through the country’s banking crisis has proved their finest hour”


What others say about us...
What Others Say About Us


“Benefiting from a wide international footprint, particularly in Europe and Asia, the team also receives plaudits for its ability to handle cross-border mandates. This is underscored by its continued involvement in issues arising out of the fall-out from the Icelandic bank crisis.”
Legal 500

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