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Bankrupt Westlife singer pens new deal 15 April 2013

Flying without Bling: Filan was made bankrupt in 2012

Bankrupt former Westlife singer Shane Filan has signed a new record deal, after his bankruptcy trustee was involved in the negotiations.

Grant Thornton’s Kevin Hellard advised on the new record deal which enables Filan’s creditors to share in his financial success.

Filan was declared bankrupt last year but signed a new solo record deal with London Records in what has been described as 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.

Cottee added: “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”.

Filan was declared bankrupt in June of last year after his property empire fell apart. At the time, the singer reportedly had debts of some £18 million.

 

 

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