Yushan Ng

Milbank LLP advised an ad hoc group of senior lenders and noteholders to Tele Columbus AG in a transaction that included a €300 million equity injection from Tele Columbus’s majority shareholder, Morgan Stanley Infrastructure Partners, and the extension of €1.1 billion of senior secured debt reaching an agreement with Tele Columbus. The transaction closed on March 19, 2024. Tele Columbus is a leading fiber-optic network operator in Germany, connecting over three million households with high-speed internet, telephone and TV programing. The equity injection will permit Tele Columbus to pursue a transformational capital expenditure program to substantially upgrade Tele Columbus’s existing fiber network. Paired with Morgan Stanley’s equity injection, senior lenders and noteholders agreed to extend the maturities of €462 million of senior term loans and €650 million of notes to January 2029. The extension terms included a substantial increase in interest rates and exit fees payable to creditors. The ad hoc group also negotiated to include financial covenants, tighter debt terms, incentives for the shareholder to inject further equity capital into the business and Luxembourg security to facilitate a single point of enforcement should a breach arise. The amendments to the debt documents were implemented by an English Scheme of Arrangement that was sanctioned on February 28, 2024 with high levels of creditor support. The Milbank team included partners Sarah Levin, Sinjini Saha, Mathias Eisen (Frankfurt), Yushan Ng, Rebecca Marques and Laura Bonamis, special counsel Robert Kastl (Frankfurt) and associates Damilola Odetola, Roza Vanian, Maria Schweinberger, James Szauer and Sebastian Mayr (Frankfurt) and trainee Jemine Barrow.

Apr 4

1 min

Milbank LLP is pleased to announce that Ian Wallace has joined the London office as a partner in the Financial Restructuring Group.~~“We are thrilled to welcome Ian to Milbank,” said Milbank Chairman Scott Edelman. “Ian is highly regarded in the market, with a breadth and depth of experience on both the creditor and debtor side that will significantly enhance our global offerings.”~~Mr. Wallace has nearly 20 years’ experience leading restructuring advisory – acting for debtor-side corporates and financial sponsors as well as a wide range of sophisticated creditors, including banks, funds and noteholders.~~“Ian is an outstanding lawyer and an excellent addition to our restructuring team and our firm,” said Dennis Dunne, Global Chair of Milbank’s Financial Restructuring Group and member of the Executive Committee. “Ian’s deep client relationships and extensive debtor experience further expand our premier restructuring capabilities.”~~“We’re really pleased to welcome another high-profile partner to Milbank,” said Andrej Wolf, Milbank’s London Office Co-Managing Partner. “Ian’s extensive experience with high value and cross-border restructuring matters will further solidify the firm’s position as a leading adviser on the most complex restructurings globally.”~~Mr. Wallace’s recent experience on the debtor side includes representing Hertz Global Holdings Inc. and affiliates in their chapter 11 cases and restructuring negotiations across Europe, Australia and the Asia Pacific, representing South Africa’s Eskom with approximately $25 billion of domestic and international creditors, and advising Oi group, one of the world's largest integrated telecoms service providers, on its US$20 billion debt restructuring by way of a Brazilian recuperação judicial process.~~“Ian will be invaluable to our clients on both the creditor and debtor side, adding further depth to our global restructuring practice, particularly as restructuring and special situations transactions are often cross-border and are increasingly active during all economic cycles,” said Yushan Ng, Co-Head of Milbank’s Global Financial Restructuring Group.~~Adding further depth to the firm’s capabilities in Europe, Ian joins a team of eight dedicated restructuring partners in Europe advising on European and international complex restructurings.~~On his move to Milbank, Mr. Wallace commented: “Milbank’s dynamic global platform and strong growth trajectory in London made this an opportunity I could not pass up. I look forward to working closely with my new colleagues in London and the wider team internationally, and for my clients to benefit from our combined experience.”~~Mr. Wallace joins Milbank from White & Case where he served as EMEA Financial Restructuring & Insolvency section head. Before joining White & Case as a partner in 2015, Mr. Wallace trained and practiced at Freshfields Bruckhaus Deringer. He received his LLB from Nottingham Law School in 2002.

Sep 9

2 min

Milbank LLP advised the Ad-Hoc Committee of the bondholders on the comprehensive financial restructuring of Adler Group. This includes the extension of the maturity of the existing senior financing (1-Lien financing) until December 2028, the redemption of the existing senior subordinated bonds (1.5-Lien bonds) with new financing having a maturity until December 2029, and the extension of the existing subordinated bonds (2-Lien bonds) in the amount of EUR 700 million until January 2030. To strengthen Adler Group's equity base, the remaining amount of the existing 2-Lien bonds of approximately €2.3 billion was converted into subordinated perpetual notes. In addition, Adler Group's liquidity was strengthened by a new credit line of up to €100 million and the option to retain proceeds from sales of up to €250 million. As a result of this financial restructuring, the holders of the 2-Lien bonds have acquired a total of 75 percent of the voting rights in Adler Group. Adler Group S.A. is a Luxembourg-based real estate holding company with more than 500 subsidiaries, mainly operating in Germany. It specializes in the management and development of high-yield multi-family residential properties. The Milbank team advised the Adler Group bondholders' ad hoc committee on the restructuring, finance and antitrust aspects of the transaction and was led by partners Yushan Ng (Restructuring, London), Sarah Levin (Restructuring, London) and Mathias Eisen (Restructuring, Frankfurt). The Milbank team also included partner Tom Canning (Litigation, London), Special Counsel Nico Feuerstein (Restructuring Munich) and Robert Kastl (Restructuring, Frankfurt) and associates Justine Erickson (Restructuring, London) and Vasiliki Katsarou (Litigation, London). The Milbank team worked closely with teams of Hengeler Mueller, led by Martin Tasma, Johannes Tieves and Arvid Morawe, Loyens & Loeff, led by Michael Scott, and Houlihan Lokey led by Manuel Martinez-Fidalgo and Ulrich Graebner.

Oct 9

1 min

Milbank LLP won Debtor Law Firm of the Year at the Global Restructuring Review (GRR) Awards 2025, held on November 20 in London.  The awards celebrate excellence in the global restructuring community, recognizing standout practices that have made a significant impact over the past year. The firm received this award after an outstanding year of achievements, advising on numerous notable transactions. Highlights include advising Intrum, a Swedish European credit management agency on the restructuring of its €4.5 billion debt stack, including defending the restructuring from numerous challenges brought by a minority group of noteholders;  providing counsel to Ligado Networks, a mobile satellite company on reducing its debt pile to US$1.2 billion through a US$7.8 billion debt-for-equity swap; and providing counsel to Indonesian property developer, Modernland, on its two pre-pack schemes of arrangement. “We are deeply honored to be recognized as Debtor Law Firm of the Year,” said Yushan Ng, Global Co-Practice Group Leader, Financial Restructuring.  “These awards recognise the strength of our team globally and the diverse nature of our practice representing debtors and creditors.” Milbank has also been ranked 4th in the GRR 30 2025. The full list can be found here: GRR 30 2025 - Global Restructuring Review Congratulations to the team!

Nov 21

1 min

Milbank LLP advised an affiliate of Apollo in its capacity as majority shareholder of DEMIRE Deutsche Mittelstand Real Estate AG (DEMIRE) in connection with the comprehensive financial restructuring of DEMIRE’s unsecured corporate bond (ISIN: DE000ASYPAK1) with an original outstanding principal amount of EUR 499 million. DEMIRE acquires and holds commercial properties in medium-sized cities and up-and-coming peripheral locations in metropolitan areas throughout Germany. As of 30 June 2024, DEMIRE had a real estate portfolio of 58 properties with a lettable area of around 0.7 million square meters. The shareholder-led financial restructuring transaction comprised, inter alia, a partial redemption of DEMIRE’s bonds at par in the aggregate principal amount of EUR 49.9 million, an extension of the maturity date of the bonds to 31 December 2027 and further comprehensive amendments to the terms and conditions of the bonds, including a 5.00% cash interest rate, a collateralization of the bonds and a revised set of covenants. The amendments to the terms and conditions of the bonds were resolved in accordance with the German Bond Act (Schuldverschreibungsgesetz). As part of the transaction, DEMIRE launched a tender offer for the repurchase of bonds backstopped by certain bondholders. In connection with such tender offer and backstop, DEMIRE repurchased and cancelled bonds in an aggregate outstanding principal amount of approx. EUR 196.7 million. To facilitate the tender offer and the backstop, the Shareholder granted DEMIRE a shareholder loan in an amount of up to EUR 100 million. The aggregate outstanding principal amount of DEMIRE’s bonds was reduced to EUR 253.71 million as a result of the transaction. The Milbank team that advised Apollo on the restructuring, financing, corporate, capital markets and tax aspects of the transaction, was led by partner Mathias Eisen (Restructuring, Frankfurt) and included partners Marlene Ruf (Restructuring, Munich), Yushan Ng (Restructuring, London), Philipp Klöckner (Capital Markets, Frankfurt), Thomas Kleinheisterkamp (Tax, Munich), special counsel Nico Feuerstein (Capital Markets, Munich) as well as associates Alexander Theisen, Carlo Brunold, Sebastian Mayr, Jonas Bonn (all Restructuring, Frankfurt), Christian Kolb (Capital Markets, Frankfurt), Jil Windau, Christoph Wolf (both Tax, Munich), Maximilian Hirschfeld (Corporate, Munich) and Susanne Baier (Finance, Munich).

Nov 13

2 min