A cross-practice team at Nabarro has guided UK Coal through a second and innovative restructuring following a catastrophic fire at the company's Daw Mill in February this year. The restructuring is of national importance because the business accounts for the production of 5% of the UK's energy needs.

As a result of the restructuring, over 2,000 jobs have been preserved across the UK Coal group and the pensions of over 7,000 members have been protected through a unique arrangement with the Pension Protection Fund (PPF). Under a pre-packaged administration restructuring, pension creditors have compromised their claims against the insolvent company in return for significant economic interests in the resulting viable business.

Nabarro partners Glen Flannery (Insolvency & Restructuring) and Ben Hendry (Corporate) led a cross-practice team including fellow partners Ian Greenstreet (Pensions), Gareth Saynor (Corporate) and senior associates Oliver Jackson and Morgan Bowen.

Glen Flannery, partner at Nabarro, said:

"UK Coal has been one of Nabarro's longest standing clients. To secure the future of its viable mining operations is a positive achievement for everyone involved. This could not have been achieved without a dedicated management team and the support of a multitude of other stakeholders, including employees, the pension creditors, generators, landlords and the Coal Authority."

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