15 Apr 2013 | 11:26 am |
International law firm Pinsent Masons has advised Kevin Hellard of Grant Thornton, the trustee in the bankruptcy of the former Westlife singer Shane Filan, on a new record deal which will enable his creditors to share in his financial rewards.
Shane Filan, who was declared bankrupt last year, has signed a new solo record deal with London Records in a unique transaction that unusually included lawyers from the restructuring world as well as the music business.
As part of Westlife, Filan sold over 50 million records worldwide and have accumulated 14 No.1 singles, the third highest in UK history - a feat that won them the accolade of the UK's top-selling album group of the 21st century in 2010.
The Pinsent Masons team advising on the deal was led by restructuring partner, Steven Cottee, assisted by Serena McAllister.
Steven Cottee commented: "It certainly was an unusual transaction. We are pleased to have helped the Trustee implement an innovative solution whereby Shane can go on to enjoy a productive solo career whilst enabling his creditors to share in his financial rewards”.
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