| The sale of Lehman assets has been fast-tracked by the Hong Kong judiciary, with provisional liquidators being appointed just two days after the company filed for Chapter 11 restructuring proceedings in the US. The liquidators were appointed with unusual haste to deal with the companies’ assets, with Nomura stepping up to win the auction for the Asian operations of Lehman Brothers.
The Hong Kong office of Skadden, Arps, Slate, Meagher & Flom is advising Nomura, both in its acquisition of the European and Middle Eastern equities and investment banking operations of Lehman Brothers and in it’s acquisition of Lehman Brothers’ entire franchise in the Asia Pacific region including Japan and Australia. The Skadden teams involved in the transaction in the London, Hong Kong, Tokyo and New York offices are being led by corporate partner John Adebiyi and corporate restructuring partner N Lynn Hiestand in London. In Asia, corporate partner Nick Norris leads the team from the Hong Kong office with John Adebiyi and Lynn Hiestand. Lehman has been a strong player in the investment banking field in Asia, particularly M&A, execution services, non-cash business including derivatives, electronic trading and prime brokerage. It is hoped that the deals will ultimately enable Nomura to strengthen its wholesale business in the region. |
