Legal Services
Cliffordchance
Full Credential Description
Clifford Chance advised Webuild on the successful restructure and acquisition of the Australian engineering and construction company Clough Group through a deed of company arrangement. This transaction is notable as it represents the largest successful trade-on and turnaround of a construction group through voluntary administration in Australian history. The complexity of the transaction involved a sale implementation deed, a deed of company arrangement, and a creditors trust concerning five group companies, alongside various share and asset sale arrangements. The restructuring was critical for the continuation of several significant infrastructure projects in Australia, including the Snowy 2.0 hydroelectric project, the Inland Rail project, the Tallawarra Stage B gashydrogen power plant, the Waitsia Gas Project, and the Lombrum Naval Base. The successful of this complex situation not only preserved the ongoing projects but also ensured the employment of 1,100 Clough employees. As a result of this acquisition, Webuild has positioned itself as one of the largest and most well-credentialed construction and engineering firms in the Australian market, acquiring over AU$6 billion in uncompleted works and establishing a combined order backlog exceeding AU$18 billion. This strategic move demonstrates Webuilds commitment to fostering sustainable construction practices and highlights the potential for contractors to resolve challenges collaboratively for mutual benefit.