Transatlantic Firm Bags Role on Monsoon CVA Challenge
The firm is advising British Land on its legal challenge against the details of the CVA.
September 09, 2019 at 05:00 AM
2 minute read
Monsoon Accessorize, Oxford Street, London. Wikimedia – EdwardX
Hogan Lovells has picked up a role advising British Land on its legal challenge against the company voluntary agreement (CVA) of Monsoon Accessorize.
British Land, a minority landlord of British clothing company Monsoon, which filed for a CVA in May, has filed its challenge in the courts following its approval by creditors during the summer, according to Sky News, which first reported the story.
As part of the proposed CVA, Monsoon's owner and founder Peter Simon said he would inject £34 million into the business, provided that landlords approved rent cuts as part of the restructuring plan.
Hogan Lovells is fielding a team led by real estate partner Mathew Ditchburn advising British Land on the legal challenge, which Sky News reported was being brought by the property development company due to anger over the structure of new funding provided by Simon.
Shoosmiths' Birmingham-based head of restructuring James Keates has been advising the company on its CVA and the firm will continue to act for the firm in this new challenge, according to one person with knowledge of the situation.
The Shoosmiths team also recently advised administrators KPMG on the insolvency of Monarch Aircraft Engineering, having also provided advice to the company prior to the administration.
The high street has seen a steady stream of CVAs during the past year, including Gourmet Burger Kitchen, which was advised by DLA Piper; and Homebase, on which Kirkland & Ellis took a lead role.
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