Freshfields tax lawyers advise Goldmans on Whistlejacket Capital

[private]International law firm Freshfields Bruckhaus Deringer LLP has advised Goldman Sachs in relation to its role in the restructuring of the $5bn structured investment vehicle Whistlejacket Capital Ltd. (in receivership).

Whistlejacket Capital Ltd. (“Whistlejacket”) was formerly run by Standard Chartered Bank. Following a drop in asset values in February 2008, Deloitte was appointed as receivers of Whistlejacket (“receivers”).

The receivers engaged Goldman Sachs to coordinate the restructuring of the Whistlejacket SIV, including an auction of a portion of the $5bn asset portfolio in April 2009 and a subsequent sale of the remaining portfolio assets to a new special purpose company, Serpentine Funding Limited, via Goldman Sachs. Eligible senior creditors of Whistlejacket were given the option to either receive cash for their existing claims or to receive Notes in the new company.

Finance teams from Freshfields London and New York worked together on the deal with the London team being led by finance partner Simeon Rudin and senior associate Saugata Mukherjee with associates Richard Hart, Francoise Riviere, Natalie Dyce and Jennifer Ellis. The New York team was led by finance partner Ellen Hayes with associates Blair Greber-Raines and Ernie Yu. Counsel Charlie Peet advised on specific aspects of the transaction.

A number of Freshfields practices were involved in specialist elements of the transaction including partners Greg May (tax), Murray Clayson (tax), Andrew Hart (DR), Sarah Parkes (DR), Alexander Yanos (DR) and restructuring partner Nick Segal. The following associates also advised on the deal: Ian Wallace (restructuring), Steve Brinker and Emma Griffin (tax), Bonnie Mendelsohn (DR), Ethan Bergeron and Sarah Raudkivi (Finance).[/private]