Matthew Czyzyk

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Matthew is a partner in the business restructuring group of Ropes & Gray’s London office. He has broad experience acting for debtors, investment and commercial banks, private credit funds and other alternative capital providers. He has advised on transactions across the credit spectrum, including cross-border and domestic financial restructurings, lending transactions, and distressed and recovery situations.

Experience

Advised Arrival on navigating their distressed situation, including putting in place unique and innovative secured bridge financing and concurrent convertible bond exchange, a first in the European market, and subsequent strategic sale transaction
Advised Vewd Software in connection with its Chapter 11 proceedings in connection with its plan of reorganization, where pre-petition secured lenders exchanged their existing debt for equity in the reorganized business and provided new capital
Advised Mitsubishi UFJ Financial Group (MUFG) subsidiary Mitsubishi UFJ Trust and Banking Corporation on the UK aspects of its acquisition of leading Australian pension administration firm Link Group (LNK.AX) in a A$1.2 billion (US$802.7 million) deal, as Japan's largest banking group continues to grow its fund administration business
Advised an ad hoc group of bondholders to Convene Group, in relation to its restructuring by means of a debt to equity transaction, and subsequent recapitalisation
Advised an ad hoc group of creditors to Logan, a Chinese real estate developer
Advised the shareholder to a global healthcare business in relation to its restructuring
Advised the lender to a distressed Indian chemicals business in relation to its investments
Advised a stakeholder in BritishVolt, the British automotive battery manufacturer
Advising an ad hoc group of noteholders of Quotient Limited in relation to its Chapter 11 proceedings
Advising a lender to a German manufacturing business in relation to a liability management exercise
Advised Monarch Alternative Capital LP on a super senior term loan B facility to the Boparan group, together with Monarch Master Funding 2 S.à.r.l. as the sole purchaser in the private placement of senior secured notes
Represented Output Services Group, Inc. and certain of its affiliates in connection with its prepackaged Chapter 11 cases. Output Services Group is a leading provider of integrated customer communications and engagement services. The company’s plan of reorganization successfully restructured approximately $825 million of funded indebtedness through a consensual deleveraging of approximately $134 million and new money capital infusion of approximately $70 million. In 2023, The M&A Advisor recognized the successful restructuring of Output Services Group as “Information Technology Deal of the Year” as part of its 17th Annual Turnaround Awards.
Advised a group of bondholders to Garrett Motion, a leading auto technology company, on its restructuring in Chapter 11
Acting for a global asset manager in relation to its refinancing of a leading European media business
Acting for a leading European telecoms business in relation to certain bond issuances
Acting for a leading private equity business in relation to a distressed M&A transaction in the telecommunications sector
Advised Lebara, a European telecom business, on the refinancing of the group’s capital structure
Acting for Bain Capital Credit in connection with a US$275 million holdco financing and related investment to support Mohegan Gaming & Entertainment’s US$1.55 billion Phase 1 development of the INSPIRE Entertainment Resort in South Korea
Acting for Triton in relation to the €28.7 million refinancing of Cata Electrodomesticos
Advising a stakeholder in the Amigo scheme of arrangement

Representative matters prior to joining Ropes & Gray include advising:

an ad hoc group of bondholders to Lebara, in relation to a share pledge enforcement and subsequent restructuring of the group’s capital structure
a group of lenders to Bulsatcom, a Bulgarian telecommunications business, in relation to an enforcement and refinancing process
the Wentworth Group, with respect to Lehman Brothers International Europe’s English scheme of arrangement
Noble Group Limited, with respect to its restructuring by means of English and Bermudian schemes of arrangement
an ad hoc group of creditors as lenders to Steinhoff, in relation to the restructuring of the group’s capital structure
certain lenders to Turkish Telecom, with respect to the restructuring of the company’s capital structure
an ad hoc group of credit funds in relation to the restructuring of Ocean Rig
an ad hoc group of credit funds on the Chapter 11 restructuring of Vertellus
the senior lenders on the financial restructuring of Ambatovy, Africa’s largest nickel extraction facility
a pan-European steel manufacturer on the restructuring of its debt
an ad hoc group of lenders in relation to the restructuring of Oi Telecom
a Welsh steel manufacturer in relation to the restructuring of its debt
The Hellenic Republic on the 'PSI 2' restructuring of its public debt
KKR Credit in relation to various direct lending investments
the financial advisor to Hellenic Bank in relation to its recapitalisation plan and associated exchange offer
various European corporate clients on their debt financings, including revolving credit facilities, pre-export financing facilities, MTN programmes and ECP issuances
a number of European corporate clients on various consent solicitations
both issuers and underwriters on a number of European high yield bond transactions

Credentials

Publications

Co-author, “England and Wales,” GRR’s Europe, Middle East and Africa Restructuring Review 2024 (April 2024)
Quoted, “Signa rings alarm for real estate lenders,” IFR (January 5, 2023)
Quoted, “‘Zombie’ CLOs Are New Hurdle in European Debt Restructurings,” Bloomberg (November 30, 2023)
Quoted, “Private equity faces painful choices over distressed assets,” Pitchbook (September 19, 2022)
Co-author, "HMRC proves clear willingness to fight for preferential ranking," Global Restructuring Review (July 26, 2023)

Quoted, “Investors Face Losses of 80% on Leveraged Loans as Defaults Rise,” Bloomberg News (May 25, 2023)
Co-author, “Ongoing developments at Silicon Valley Bank UK,” Ropes & Gray Alert (March 12, 2023)
Co-author, “Restructuring plans under the UK’s Companies Act,” IFLR (February 22, 2023)
Co-author, “European restructuring & insolvency – what we saw in 2022 and what to expect in 2023,” Insolvency Insider (January 20, 2023)
Co-author, “Implications of the Rule in Gibbs on the Effectiveness of Schemes of Arrangement to Compromise US Law-Governed Debt,” Global Restructuring Review (December 20, 2022)
Quoted, “U.K. Executives Scramble to Adjust to Weakening Pound, Rising Finance Costs,” The Wall Street Journal (October 3, 2022)
Co-author, “Lender-on-lender violence: a European perspective,” IFLR (September 14, 2022)
Co-author, “England and Wales: Restructuring Reforms Put into Practice,” GRR's Europe, Middle East and Africa Restructuring Review 2022 (February 25, 2022)
Quoted, “Restructuring and distressed activity to pick up for advisors but buysiders find opportunities wanting – Distressed Preview,” Debtwire (January 11, 2022)
Quoted, “Distressed debt funds turn to equity,” International Financing Review (December 18, 2021)
Co-author, “United Kingdom,” The Legal 500: Lending & Secured Finance Country Comparative Guide (March 31, 2021)
Co-author, “Gategroup: implications for the recognition of English restructuring processes in the EU,” Ropes & Gray Alert (March 29, 2021)
Speaker, “Recent Developments in European Restructuring Regimes,” Ropes & Gray Podcast (March 26, 2021)
Quoted, “Post-Brexit rules to make M&A and restructuring deals trickier,” IFR (January 30, 2021)
Author, “European Restructuring and Distressed Trends,” Ropes & Gray Alert (January 13, 2021)
Author, “England and Wales: a Landmark Year for Legislative Reform,” GRR’s Europe, Middle East and Africa Restructuring Review 2020 (December 15, 2020)
Quoted, “Direct lenders take action on struggling companies,” IFR (November 12, 2020)
Author, “Schemes under scrutiny: recent developments provide further guidance to companies considering the procedure,” Ropes & Gray Alert (September 25, 2020)
Quoted, “A waiting game,” Real Deals (September 17, 2020)
Quoted, “Holdouts wary of new UK cramdown law,” IFR (August 29, 2020)
Co-author, “‘Turning Over A New Lease?’ Are turnover-based leases the answer for tenants facing COVID-19-related business disruption?,” Ropes & Gray Alert (August 27, 2020)
Quoted, “Swissport safeguards future as lenders agree millions of euros of support,” Reuters (August 21, 2020)
Quoted, “Virgin Atlantic to test new insolvency laws,” IFR (July 24, 2020)
Quoted, “Sense of the Markets: U.K.'s Rushed Insolvency Law a 'Mixed Bag',” The Deal (July 10, 2020)
Quoted, “Hasty UK insolvency law 'gives with one hand, takes away with the other',” GlobalCapital (July 2, 2020)
“Schemes of Arrangement: have they reached their limit?” International Financial Law Review (January 25, 2016)
“Bondholder meetings: drafting under scrutiny,” International Financial Law Review (April 24, 2013)

Awards

Areas of Practice

Disclaimer

Ropes & Gray International LLP is a limited liability partnership registered in Delaware, United States of America and is a recognised body regulated by the Solicitors Regulation Authority (with registered number 521000).