Dedicated,

practical support

Talbot Hughes McKillop advises the Icelandic Group Hf. Eimskipafelag Islands on its successful €1.6bn restructuring

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Talbot Hughes McKillop is pleased to announce that a restructuring proposal by Hf. Eimskipafelag Islands (Eimskip), has achieved unanimous approval of its creditors at a meeting on 14 August 2009. A Talbot Hughes McKillop team led by Paul Horn and Matt Hinds have been working in Iceland with Eimskip since October 2008.

Eimskip is Iceland’s leading shipping and logistics business and is one of the country’s oldest companies. During the past few years it expanded via the acquisition of a global portfolio of transportation assets, leading to severe over-indebtedness. This situation was greatly exacerbated by the banking crisis in Iceland in October 2008.

THM Partners Sponsor English National Ballet

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This Autumn English National Ballet is delighted to announce the launch of The Emerging Dancer Award, generously supported in its inaugural year by Talbot Hughes McKillop, the restructuring experts.

The Emerging Dancer Award will be an annual competition for English National Ballet to recognise and nurture the phenomenal talent of our up­-and­-coming dancers. The Award encourages excellence and potential within the Company, with the winner being awarded a £5,000 cash prize.

Six Months on from Talbot Hughes McKillop’s MBO

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In the six months since Talbot Hughes McKillop (THM) secured its independence, the turbulent economic environment has continued to escalate and even quality businesses are beginning to suffer from the combined impact of recessionary pressures and over-leveraged capital structures.

Default rates are predicted to increase from 0.6% (2007) to over 13.5% in 2009. Covenant and cash flow issues are forcing businesses to enter into negotiations with cash constrained lenders. Getting deals done has become tougher and is often taking longer.

THM MBO Announcement

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I am delighted to inform you that our partners have today completed a management buy-out of the Kroll Talbot Hughes business from Kroll. The buy-out involves the entire London based team and with immediate effect we will revert to our original name - Talbot Hughes McKillop.

The original founders will continue to work in the business, with Chris Hughes and Murdoch McKillop being partners and John Talbot becoming a Special Adviser.