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International law firm Ashurst has been named Restructuring Team of the Year at the Lawyer Awards 2017, held in London on 27 June.

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The firm received the award in recognition of its work advising the largest independent UK oil producer in the UK North Sea, EnQuest, on its US$2.5 billion financial restructuring.

The deal, which included the amendment and restatement of a revolving credit facility of up to US$1.7 billion, the exchange of US$650 million high yield notes for new notes, the amendment of the terms governing £155 million retail notes and a £82 million placing and open offer, is the largest and most complex European upstream oil company restructuring in recent years.

The Ashurst team was led by Giles Boothman, supported by senior associate Ru-Woei Foong. The team also included partners Huw Thomas on the revised RCF, Karen Davies and Eric Stuart on the equity raise, Anna-Marie Slot on the high yield bonds, Alex Biles on the retail bonds and Julia Derrick on the corporate and oil and gas aspects, supported by teams in London and New York.

Giles Boothman, global head of Ashurst's restructuring and special situations team, commented:

''We are delighted to have received this market recognition. It is a testament to the whole team's hard work, and reflects our absolute focus on delivering technical excellence and the highest level of client service."

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