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Finalists: Paul Hastings; Sullivan & Cromwell (highly commended).

Milbank, Tweed, Hadley & McCloy’s efforts to save a group of creditors from heavy losses earned it the restructuring team of the year prize.

The deal centred around the restructuring of Ocean Rig, a struggling offshore oil drilling contractor, and investors that had loaned the company about $3bn. When the firm was hired by the lenders, Ocean Rig was burning through cash at a rapid clip, making bankruptcy inevitable. Milbank therefore tabled a proactive restructuring plan that would pull the business back from the brink of collapse while also preventing holdout creditors from scuppering the deal.

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