The Pension Protection Fund’s (PPF) restructuring and insolvency team has appointed Mike Ridley as Head of Restructuring.
Malcolm Weir, the PPF’s Director of Restructuring & Insolvency, said: “We are extremely pleased to welcome Mike to our restructuring and insolvency team. Mike brings a significant level of detailed understanding to the team through his experience in both restructuring and lending as a credit officer. He joins us at a critical time and his experience managing complex and demanding situations will be invaluable when dealing with high profile cases”.
Ridley is an experienced senior corporate banker with more than 30 years’ experience at Barclays Bank PLC, where he was a senior member of the bank’s business support team that specialised in high value distressed debt situations.
In the past 18 months, the PPF has played a significant role in the negotiations for a number of high-profile insolvencies, including the CVAs for Arcadia, Debenhams, Mothercare and Toys R Us; complex company restructures for Tata Steel and Kodak; and the administration of Carillion PLC. It has also secured more than £870m in recoveries for schemes following employer insolvencies.
- The PPF has also published the latest in its series of insolvency guidance notes titled ‘Guidance Note 8 – Situations involving new or successor schemes’. The guidance provides information for insolvency practitioners when proposing to reduce rather than remove pension liabilities by setting up a new or successor scheme. The guidance covers a number of areas in this rare type of restructuring including asset and liability allocation, benefit design and ongoing employer support.
The new guidance can be downloaded at https://tinyurl.com/y29oh9bh