IFLR 1000

IFLR1000 Rating 2013

Banking and finance

Bech-Bruun is edging closer to being a tier one firm after a recent merger. The strategic move to absorb the highly specialised firm Philip & Partners according to one competitor "will give them access to a good portfolio of high net-worth clients".

Steen Halmind is seen as playing more of an elder statesman role now, while Steen Jensen is described as " a very good banking and regulatory lawyer involved in some of the biggest claims".

In a rare example of leverage financing Morten Krogsgaard assisted Altor Equity Partners on the acquisition of Ferrosan Medical Devices in December 2011.

Krogsgaard also led teams advising on a number of big-ticket financing deals. Prominent among these was advise to Citibank International on the extension of DKr16 billion (€2.15 billion) facilities to ISS and similar advice to Barclays on a €1.3 billion revolving credit facility for DONG Energy. In addition, the firm provided lead counsel to DNB Bank on the €170 million refinancing of plastics manufacturer Promens' revolving credit facility.

In capital markets the firm acted as Danish adviser to Ontario Teachers' Pension Plan Board (OTPP) on a DKr4.3 billion assets swap which included Copenhagen Airports.

IFLR 1000, Banking and finance 

IFLR1000 Rating 2013

Insolvency and restructuring

The biggest news at Bech-Bruun in the last 12 months has been its merger with fellow firm Philip and peers suggest that it could work well for the firm in restructuring and insolvency work. "I think this merger will serve them well in insolvency," says one partner.

The firm has three partners, in the forms of Erik Malberg, Michael Serring and Ole Borch among the 24 lawyers with special relations to the Copenhagen Bankruptcy Court, more than any other firm. Of those three Borch is highly regarded by competitors. 

In an important mandate, Jørgen Hauschildt led a team acting as restructuring administrator for The Containership Company (TCC) which operates between China and Los Angeles. Following an order under US Chapter 15 protection, Denmark was appointed as the venue of foreign proceedings for TCC. The $30 million deal remained pending on going to press. In addition Ole Borch advised on the successful $100 million restructuring of DGI Sports and Culture Centre (DGI –Byen) which closed in January 2012.

The firm also continues to work on a number of avoidance claims. In one such case Michael Serring's advice to Bristen Group resulted in a Danish court ruling preventing banks from considering payments from anyone other than a debtor as third party payment. Another interesting precedent relates to invoice fee entitlement and was set by the Danish Supreme Court when Bjørn Wittrup advised AL Finans (part of Arbejdernes Landsbank).

It is worth noting that Lars Lindencrone Petersen has been hired by the board of directors of Max Bank to conduct a legal inquiry into the bank's collapse, which is expected to be concluded in 2012.

IFLR1000, Restructuring and insolvency

IFLR1000 Rating 2013

Mergers and Acquisitions

Peers are highly complimentary of Bech-Bruun's M&A team with many suggesting that the firm should move up a tier. "It is the top of its tier, a good firm of lawyers," says one peer.

The firm is certainly looking to push home its advantage and a recent merger with law firm Philip yielded five new partners in the forms of Jesper Rothe, Richard Sand, Steen Rode, Sebastian Poulsen and Jakob Kristensen.

It's not all been plain sailing though and the firm reported the loss of Jørgen Reimer Jensen in June 2011, who left to join Nordia Law.

Ole Nørgaard leads a team that has been active for a number of private equity entities in the last year. 

Leading lawyer Jacob Hjortshøj and Thomas Kristiansen were involved in one of the largest M&A transactions in Denmark in 2012, advising NKT Holding and Subsea 7 in the DKr3.8 billion (€510.55) sale of NKT Flexibles to US based National Oilwell Varco.

The same duo also advised private equity fund AAC Capital Partners on the sale of Danish metal packaging producer Glud & Marstrand to Envases Universales. This was a rare example of a Mexican purchaser entering the Scandinavian market.

In the renewable energy sector the firm advised on the sale of Bladt Industries Holding to private equity house Nordic Capital. Still waiting to close, this deal involved complex negotiations as a result of irregular cash flow projections.

On the buy side the firm acted alongside Allen & Overy assisting Macquarie Capital Group and Barclays Integrated Infrastructure Fund on a £105 million cross-border wind farm purchase.

IFLR1000, Mergers and acquisitions