This newly created role marks an addition to the PPF’s in-house restructuring and insolvency team which has played a leading role in many of the UK’s most high profile pension restructuring deals and insolvency events in recent years.
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”.
Mike 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 which specialised in high value distressed debt situations.
Mike Ridley commented: “I am excited to be joining such an established and well respected team involved with managing the negotiations of complex restructurings to deliver the best possible outcome for scheme members. I have admired the work the PPF does, delivering such tangible outcomes for those impacted by employer insolvency events.”
In the past 18 months, the PPF has played a significant role in the successful negotiations for a number of high profile insolvency events 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 invaluable 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 & liability allocation, benefit design and ongoing employer support.
To access the new guidance click here
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