Deals of the week - 05.06.2003

Best credited deal: London firm Picton Howell and Indian firm Rajani & Associates represented India's Essar Steel in writing off $175 million of its international debt by obtaining the approval of the holders of its $250 million floating rate loan notes - one of the largest creditor-approved write- downs in history.

Linklaters acted for loan note trustees JP Morgan.

Best catalogued deal: Lovells acted for the Barclay brothers on their 590 million purchase of the home shopping and related businesses of GUS, including the Choice and Great Universal catalogues.

Linklaters advised GUS, while Freshfields Bruckhaus Deringer acted for the Royal Bank of Scotland, which provided finance.

Wealthiest deal: Nottinghamshire-based v-lex, an alliance of legal and non-legal IT specialists, acted for Investmaster Group on its purchase of Consort Information Systems - advised by City firm Maxwell Batley - to create one of the largest suppliers of integrated systems for private client wealth managers.

Most soleful deal: London firm Seddons acted for Instep on its acquisition of 16 retail outlets from shoe manufacturers Start-rite, advised by Howes Percival, making Instep one of the UK's largest independent shoe retailers.

Best mined deal: The London office of Wragge & Co acted for Aberdeen Murray Johnstone Private Equity on its 2.2 million purchase of Mining Journal, the world's oldest business-to-business publishing company.

Flagship title Mining Journal has been in continuous production since 1835.

Midlands firm Heatons advised the management team.

Most soluble deal: US/UK firm Dechert represented BioProgress, a developer of soluble capsules for the pharmaceuticals industry, on its admission to the Alternative Investment Market, the first by a biotechnology company this year.

Norton Rose advised the nominated adviser and broker, Collins Stewart.

Riskiest deal: Charles Russell acted for NDS, a leading supplier of interactive technology and digital pay TV solutions, on a joint venture with Rank Group - advised by Richards Butler - to launch an on-line gaming channel on Sky Digital called 'Fancy a flutter?'.

Correction: The Bank of Ireland provided funding in the private finance initiative for a new Ministry of Defence sixth form college near Loughborough, not the Bank of Scotland as stated in [2003] Gazette, 22 May, 6.