Karen McMaster 

Partner – London
T.+44 (0) 20 7170 8513
Dashwood House
69 Old Broad Street
London EC2M 1QS
United Kingdom V-CARD

Karen McMaster is a partner in the Financial Restructuring Group in Cadwalader’s London office. 

Karen advises her clients on all aspects of debt restructuring and reorganization, from initial contingency planning and options analysis to the implementation and management of complex workouts.  Her work encompasses a range of insolvency and reorganization tools and processes, including UK Schemes of Arrangement and Voluntary Administrations, US Chapter 11 and various European reorganization mechanisms.  Karen has also acted for investors on a number of direct lending and ‘special situations’ financing, often involving complex and bespoke debt instruments and intercreditor structures. 

Recent publications include:

  • Co-author, “High-yield intercreditor structures and their impact on negotiating dynamics,” Understanding High Yield Bonds, PEI Alternative Insight, 2014.
  • Co-author, “Truvo” case study in European Debt Restructuring Handbook: Leading Case Studies from the Post-Lehman Cycle, Globe Business Planning, 2013.

Karen graduated from the University of Melbourne with a BA and LLB degree. She was admitted as a solicitor to the Law Institute of Victoria in 2001, and is admitted to the roll of Solicitors in England and Wales.

Recent notable deals include:

  • Acting for the lead investors on the acquisition of the French steel manufacturer Ascometal from its liquidators; 
  • Acting for the lead creditor in the restructuring of the German automotive business ATU;
  • Acting for dissenting creditors in the Scheme of Arrangement of Guardian Digital Communications Limited;
  • Acting for a group of senior debt/ cross holders in the refinancing of Spanish gaming company Codere SA’s senior facilities;
  • Acting for subordinated noteholders in the restructuring of the debt facilities of South African gaming company Peermont Global;
  • Acting for Orizonia (formerly Iberostar), a Spanish tourism and travel company in its €640m restructuring; 
  • Acting for Seat Pagine Gialle SpA, a listed Italian company in its €2.8bn bond and debt restructuring;
  • Acting, in 2010, for the lender group in the initial €475m restructuring of the Spanish supermarket business, Dinosol Supermercados, S.L. and its subsequent restructuring and sale in 2012;
  • Acting for the lender group in the €1.6bn restructuring of a Belgian directories group, Truvo N.V.;
  • Acting for the lender/bondholder committee (senior and mezzanine) in the restructuring of the Greek casino business Regency Entertainment S.A.;
  • Acting for a group of senior secured bondholders in the restructuring of a Greek telecommunications company, Wind Hellas Telecommunications S.A.;
  • Acting for Actavis Group, an Icelandic pharmaceuticals manufacturing in its €6bn debt restructuring;
  • Acting for a Ukranian steel producer on the restructuring and reorganisation of its debt facilities;
  • Acting for administrators including the administrators of Woolworths Plc and Lehman Brothers International (Europe).




  • European Debt Restructuring Handbook: Leading Case Studies from the Post-Lehman Cycle

    Over the past decade in Europe, the number of companies with complex corporate and financing structures has increased to levels unseen at any time in history. While efforts have been made by the European Union and various jurisdictions to improve their restructuring and insolvency regimes, restructuring practitioners and their clients have had to extend the boundaries of what was supposed to be possible in order to restructure corporate groups' balance sheets in a manner that is reflective of value and that preserves the going concern.


Karen McMaster 


  • England & Wales


  • University of Melbourne, Melbourne Law School
  • University of Melbourne

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ACI Summit on Controlled Substances: Regulation, Litigation and Enforcement

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