David J. Billington’s practice focuses on international financing transactions and restructuring transactions. 

He has experience across a broad range of debt financing products, advising both borrowers and lenders on bank lending, leveraged finance transactions, high yield bonds and structured debt. David also acts for a range of stakeholders in international restructuring and insolvency matters.

David joined the firm in 2006 and became a partner in 2012. Prior to Cleary, he worked at Allen & Overy in London.

Notable Experience


  • TPG on the multi-billion dollar leveraged buyouts of real estate services firms DTZ and Cushman & Wakefield.

  • CVC on the €400m leveraged buyout of the European businesses of the Campbell’s Soup group and subsequent covenant-lite dividend recaps, bolt-ons and refinancings.

  • Spanish gaming group Codere on the issuance of €865m high yield bonds and €95m super senior revolving credit facility.

  • The TAG Group Limited on the financing aspects of the £275m reorganization of the shareholding in McLaren Group.

  • A large European non-bank lender on its $250m back leverage facility.

  • Warid Telecom on the financing aspects of its merger with Mobilink to create one of the largest telecommunications providers in Pakistan.

  • African Minerals in connection with various financing transactions for its iron ore mine in Sierra Leone, including a $417m project financing, a $350m Reg S convertible bond, a $250m pre-export finance facility, $200m of equipment financing, and a $100m revolving credit facility.

  • Telenet Group, the largest provider of cable broadband services in Belgium, on its €2.3bn senior credit facilities.

  • Citigroup on the £2.5bn leveraged buyout of EMI by Terra Firma.

  • Goodyear on various receivables financing transactions.

  • TPG on the financing aspects of a number of leveraged buyout bids, including Jimmy Choo, Pets at Home and the hedge fund services provider GlobeOp Financial Services.

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  • Consolidated Minerals in relation to the proposed restructuring of its $400m high yield bonds.

  • The largest bondholder in relation to the restructuring of The Co-Operative Bank plc, effected by way of scheme of arrangement.

  • Silver Point Capital as agent and senior lender to the Spanish and South American gaming business Codere S.A.

  • Goldentree Asset Management on the €3.5bn restructuring of Austrian retail bank BAWAG P.S.K.

  • Truvo on its €1.5bn cross-border restructuring.

  • The Vita Group and its controlling shareholder TPG Capital in a financial restructuring effected by way of a UK scheme of arrangement, as a result of which debt in excess of €600m was written down to approximately €100m.

  • A number of hedge funds regarding the trading of claims against Lehman Brothers.

  • TPG on the administration of Republic Retail.

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  • England and Wales chapter in IFLR’s Insolvency and Corporate Reorganization Report, (2017 and 2016).
  • “We Need To Talk: Information Flows When Restructuring Listed Debt” Butterworths Journal of International Banking and Financial Law, February 2017
  • “Bidders’ Burden: Buyers looking to finance acquisitions in government-run auctions are finding that certain funds are often not certain enough,” IFLR, September 2016.
  • “Resurgence Of Covenant Lite In EU — And What It Means,” Law 360, July 2015.
  •  ‘Limits to the Jurisdiction Question in Schemes of Arrangement’ The Oath Magazine January 2015
  • “Exit consents in restructurings – still a viable option?” Harvard Law School Forum on Corporate Governance and Financial Regulation, May 2013.
  • “The UK Supreme Court rules on the treatment of client money in the Lehman Brothers Administration,” Capital Markets Law Journal, September 2012.
  • “Interactions with other Creditors: Subordination and Intercreditor Arrangements,” A Practitioner’s Guide to Syndicated Lending, City & Financial Publishing, 2010.