David Bulley leads the Cayman corporate restructuring, distressed debt and special situations team and is a member of the corporate team. David advises financial institutions, private equity and corporate clients and has been involved in many of the largest restructuring transactions in both the Cayman Islands and London.
For 2019, David has been recongised as a ´rising star´ by IFLR1000. Some of his restructuring transactions include creditor and debtor side work advising corporates, bondholders, lenders and committees on restructurings in the Cayman Islands, UK, USA, Europe and the Middle East. Recent key mandates include acting for the ad hoc group of creditors in the restructuring of Ocean Rig UDW, Inc., the largest ever Cayman restructuring by way of scheme of arrangement, CHC Helicopters on its restructuring by way of US Chapter 11 and parallel Cayman process and multiple Norwegian bond restructurings.
Finance transactions include advising corporates, sponsors and lenders on leveraged private and public to private transactions and distressed financings. Recent key mandates include acting for SoftBank on a series of capital raising transactions which involved monetizing a portion of its shares of Alibaba Group Holding Limited for a total transaction size of USD 10bn.
Key clients in Cayman include: SoftBank, Goldman Sachs, CHC Helicopters, Elliott Management, Lion Point Capital, BAML and the Nordic Trustee.
David is a graduate of the University of Cambridge. He trained at Freshfields Bruckhaus Deringer before practicing in London at Kirkland & Ellis and Sullivan & Cromwell.
David has the distinction of being the only Cayman lawyer recognized by the IFLR in the restructuring and insolvency space and is a member of The American Bankruptcy Institute and INSOL.
Examples of David’s recent representative work at Appleby and his previous firm include:
- The Ad Hoc Group of Creditors of Ocean Rig UDW. Inc. on a financial restructuring by way of multiple Cayman Schemes of Arrangement to reduce the debt load by USD 3.2bn.
- The Ad Hoc Group of Creditors on the first restructuring of Hercules Offshore Inc. by way of US Chapter 11.
- The Ad Hoc Group of Towergate Insurance Group senior secured creditors in connection with Towergate’s successful restructuring by way of Scheme of Arrangement.
- Senior high yield noteholders on the EUR 1.2bn restructuring of A.T.U Auto-Teile-Unger GmbH through an administration.
- CHC Group Limited on its restructuring by way of US Chapter 11 and parallel Cayman process.
- Zim Integrated Shipping Services on the restructuring of its financing and capital markets financings, which was the largest restructuring in Israeli history.
- Eksportfinans ASA on its USD 23bn contingency plan and successfully resisting attempts by debt funds to trigger a global restructuring of the group.
Corporate / Leveraged Finance
- SoftBank Group Corp. on a series of capital raising transactions which involved monetizing a portion of its shares of Alibaba Group Holding Limited for a total transaction size of USD 10bn.
- SoftBank Group Corp. on its investment in Appier Holdings Inc.
- SoftBank Group Corp. on various other corporate matters.
- ZF Friedrichshafen AG on the EUR 12.5bn financing of its acquisition of TRW Automotive Holdings Corp.
- Apollo Tyres on financing aspects of its acquisition of Cooper Tire & Rubber Company, valued at approximately USD 2.5bn
- A consortium comprising APG Asset Management N.V., Arcus Infrastructure Partners LLP, Brookfield Infrastructure Group and Public Sector Pension Investment Board on the acquisition of TDF.
- Goldman Sachs Merchant Banking Division on the high yield bond offering supporting its investment in Hastings Insurance.
- Goldman Sachs Merchant Banking Division in the DKK8 billion investment by funds managed by it in DONG Energy alongside two Danish pension funds as part of a DKK 13bn capital raise.
University of Cambridge (England)