It’s lawyers at ten paces, as private hospitals group Healthscope hunkers down to negotiate a restructure of its $1.6 billion debt amid shrinking insurance payouts.
Street Talk understands Healthscope boss Greg Horan has called in Arnold Bloch Leibler partners Leon Zwier and Ben Mahoney for legal advice, while MA Moelis’ bankers lead the restructuring talks.
Meanwhile, the board, chaired by Brookfield Private Equity managing partner Len Chersky, has tapped restructuring specialist Dominic Emmett, who left Gilbert + Tobin last year to start his own firm. King & Wood Mallesons is the long-time finance lawyer to the business, and is expected to chime in on the ongoing restructure.
On the other side of the table, the lender group is working with Ashurst’s Shawn Wytenburg and James Marshall. The syndicate comprises 24 banks and a handful of credit funds. More than 100 participants dialled in for Friday’s lender call, led by Horan and MA Moelis. While the lenders are understood to be in agreement with Healthscope over the end goal – improving negotiating power with the government and with insurers – there are differing views on the proposed solution. Horan and his advisers have put forward a reshuffle of Healthscope’s hospitals, under a new corporate structure.
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