Sarah Levin

Milbank LLP’s Financial Restructuring London partner Sarah Levin presented a webinar on “Co-Operation Agreements in Europe” on July 9, 2025, exclusively for members of the European Leveraged Finance Association (ELFA). Ms. Levin was joined by Rebecca Clements, Senior Credit Analyst, Fixed Income at Fidelity International and Co-Chair of the ELFA Disclosure & Transparency Committee.~~The webinar covered what works and what does not work in a Co-Op, how differences in European regimes affect Co-Ops, and recent developments in issuer language on Co-Ops.~~The recording can be found here (ELFA membership required): ELFA Seminar Series with Milbank: Co-Operation Agreements in Europe - European Leveraged Finance Association

Jul 11

1 min

Milbank LLP was honored with four awards at the 2025 IFLR Europe Awards, including Equity Deal of the Year, Project Finance Deal of the Year, an Impact Deal Award and a Global Rising Star award. The ceremony was held on April 3 in London.~~Equity Deal of the Year. Milbank was recognized for its work advising on the privatisation-by-IPO of Greece’s largest airport, Athens International Airport. The Milbank team was led by Corporate Finance and Securities partners David Dixter and Apostolos Gkoutzinis.~~Project Finance Deal of the Year. Milbank was honored for its work advising Stegra (formerly known as H2 Green Steel) in connection with the development and financing of its hydrogen and green steel manufacturing facility in Northern Sweden. The team was led by Global Project, Energy and Infrastructure Finance partner Matthew Brown.~~Impact Deal Award. Milbank was recognized for its work on the Adler Group Restructuring. The team was led by Financial Restructuring partners Yushan Ng, Sarah Levin and Mathias Eisen.~~Rising Star - Global. Kristine Kozicki, special counsel in Milbank’s Alternative Investments Practice, was named a Rising Star in the Global category.~~Milbank also was shortlisted for 12 additional awards, including US Firm of the Year, six Deal of the Year nominations, and five Team of the Year awards in the Equity, High Yield, Loan, Project Finance and Restructuring categories.~~The IFLR Europe Awards honor legal innovation through dealmaking and celebrate work that improves the cross-border investment environment. Read more about the 2025 IFLR Europe Awards here.

Apr 8

1 min

On Thursday, June 27, Milbank LLP partner Sarah Levin will speak on the panel, "Navigating the challenges of distressed M&A" at GRR Live: Women in Restructuring Summit 2024. The panel will discuss the challenges faced during the M&A process and share their insight into taking on distressed M&A in an increasingly uncertain market.~~For more details and to register, click here.

Jun 26

1 min

Milbank LLP acted as English restructuring and global antitrust counsel to Roche on the completion of its acquisition of LumiraDx group’s Point of Care technology, an innovative diagnostics platform Roche signed a sale and purchase agreement with LumiraDx’s English parent company on December 29, 2023, to acquire the LumiraDx group’s Point of Care platform business as part of a pre-packaged English administration sale. Certain mandatory closing conditions including antitrust and regulatory approvals were required before closing could occur. Milbank’s antitrust team successfully secured Phase 1 unconditional CMA clearance for the transaction, as well as unconditional clearances for all other required regulatory conditions within the targeted timeframe. The LumiraDx group’s Point of Care platform business was, in the interim period, operated by the LumiraDx’s English parent company’s administrators. Roche is one of the world’s largest biotechnology companies and a leader in in-vitro diagnostics, having been founded in 1896 in Basel, Switzerland, as one of the first industrial manufacturers of branded medicines. LumiraDx group is a next-generation Point of Care diagnostics company that has sought to transform community-based healthcare since its founding in 2014 by consolidating multiple Point of Care tests on a single instrument. The Milbank team advising Roche included partners Sarah Levin, Alexander Rinne, Andrea Hamilton and Sinjini Saha, special counsel Nicholas Crossin and Moritz Lichtenegger, and associates Rajpreet Lachhar and Jan Maas. The transaction represents an innovative use of English pre-packaged administration sales to carry out the carve-out of an entire business unit from a complex corporate group and required worldwide coordination across practice areas. Milbank advised Roche alongside Davis Polk & Wardwell, who were lead English and New York corporate counsel on the transaction.

Jul 30

1 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