This site makes use of Javascript, please enable your web browser to allow Javascript. Thank you.
Paul  Atherton

Paul Atherton

Bankruptcy & Restructuring Department

T: +44(0)20 7105 0578
F: +44 (0)20 7105 0505

icon Download vCard

Legal Services


  • College of Law, Chester
    LPC and CPE
  • University of Bath
    BA, with Honours

Bar Admission(s)

  • Law Society of England and Wales, Solicitor

Paul Atherton is a partner in the Bankruptcy & Restructuring Department of Kaye Scholer’s London office. He has over 15 years’ experience in a wide range of international insolvency and restructuring matters, including advising UK directors, shareholders and creditors of companies that are financially impaired. He also advises insolvency practitioners in relation to their appointments as administrators, receivers or liquidators over such distressed companies, particularly in turn-around situations or on asset disposals to third parties. He has a great deal of experience advising buyers of distressed assets.

Paul also advises on debtor mandates, particularly those with a cross-border element. Often these matters involve US Chapter 11 or 15 proceedings with European restructuring processes running in parallel, in or out of court. He has significant experience in managing these inter-linked processes and in the preparation and execution of reorganization plans involving numerous debtors in numerous jurisdictions.

Paul joined Kaye Scholer in 2012. Recently he has been engaged by financial creditors (including non-bank funds) holding positions in senior and junior debt tranches, or as bondholders, to assist them in various distressed situations, including to advise them on work-outs, loan-to-own strategies, debt for equity swaps, debt warehousing structures, schemes of arrangement, valuation issues and general strategy.

Representative Matters

  • Ideal Standard International. Acted for an ad hoc committee of noteholders in the restructuring and equitization of Ideal Standard International SA’s €275m bond indebtedness, which involved the intricate application of Luxembourg, English and New York law.
  • IVG Immobilien AG. Acted for the ad hoc group of €400m Convertible Bondholders in the restructuring of German listed real estate investor and developer IVG Immobilien AG (Germany).
  • Lehman Brothers Australia. Acted for the liquidators in respect of the debtor’s UK Cross Border Insolvency Regulations recognition proceedings and with regard to asset recoveries in the UK, Europe and USA.
  • Rodenstock GmbH. Acted for this German spectacle and lens manufacturer in its restructuring, implemented through a UK scheme of arrangement. (Nominated: International Financial Law Review Restructuring Deal of the Year, 2011).
  • Japan Airlines Corporation. Acted as UK counsel in respect of this major international carrier’s cross-border restructuring.
  • TeleColumbus GmbH. Acted for the Mezzanine Steering Committee in respect of this German debtor’s restructuring implemented through a UK scheme of arrangement.
  • Gala Coral Group. Acted for a consortium of mezzanine lenders in this innovative junior lender-led restructuring which saw the mezzanine debt fully equitized thereby taking control of this betting/gaming group.
  • Visteon Corporation. Represented the US debtor and its UK subsidiaries in its multi-jurisdictional restructuring, including in negotiations and litigation with the UK Pensions Regulator.
  • Monier GmbH. Acted for a consortium of lenders in 2009’s stand-out european “loan-to-own” restructuring.
  • Federal-Mogul Corporation. Acted as debtor counsel in this highly complex asbestos related cross-border restructuring involving parallel US and UK proceedings for over 100 companies in the corporate family.
  • BRAC Rent-a-Car International (Budget). Acted on this US/UK cross border restructuring where the English courts confirmed that the provisions of the EU Regulation on Insolvency Proceedings applied to a US registered company.


Kaye Scholer LLP - London Office Terms of Business