How Kirkland & Ellis Won ‘Corporate Rescue of the Year - Legal Team’ at the 2024 TRI Awards

The firm’s role in the McDermott International restructuring stood out, earning praise from judges for innovation, scale, and the significance of the outcome. 

With multiple submissions in the same category, each involving pioneering approaches and vast cross-border complexities, Kirkland reaffirmed its position at the forefront of European restructuring law.

European restructuring
Kirkland’s restructuring of McDermott International involved $2.6 billion of secured debt, $2 billion in unsecured claims, and a $250 million capital injection, which was executed via one English restructuring plan and two Dutch WHOAs. 

This was the most contested UK restructuring plan ever, overcoming opposition from three creditor groups, 15 witness statements, and a six-day sanction hearing. 

Judges remarked that the case was “a great, ground-breaking case with many moving parts across jurisdictions’” and described the submission as “impressive” and “clearly showing the complexity and challenges overcome.”

Jobs saved
This rescue avoided what could have been a catastrophic global liquidation. As one judge noted, “It could have been another Carillion”, but instead, Kirkland’s plan “hopefully saved the jobs of 30,000 people.” 

The outcome delivered significant stability for the group and its global employees, showcasing Kirkland’s ability to blend legal strategy with real-world consequences.
 
Legal techniques and frameworks
Kirkland’s submission demonstrated mastery of newly available restructuring tools. From compromising a $1.3bn ICC arbitration award to extending letters of credit through untested legal channels, the firm set legal precedents in both the UK and the Netherlands. 

The restructuring expert appointment in the WHOA further expanded Europe’s legal toolkit, while parallel settlement negotiations during trial added unprecedented procedural dynamism.

Judges’ comments
Judges universally praised Kirkland’s entry for its scale, technical difficulty, and market impact. 

Described as “excellent,” “highly impressive,” and “well supported,” the firm’s work in McDermott set a new benchmark for contested restructuring plans. 

Despite the immense size and legal complexity, judges appreciated the “great testimonial” included and the depth of strategy shown. 

One summed it up: “A firm clearly at the forefront of European restructuring, breaking new ground on some very challenging and complex cases.”

All case details are based on Kirkland & Ellis’s TRI Awards 2024 submissions.