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Virgin Active’s contested plan sanction hearing continued through the May bank holiday with Mr Justice Snowden asking counsel for terms of reference on how to gauge whether its plans are just and equitable - noting that the gym chain appeared to be arguing “quite a broad proposition” that higher ranking creditors can determine how the group's value should be divided.
03 May 2021
New legislation introducing independent scrutiny of connected party pre-pack administration sales has come into force in the UK – but some restructuring professionals tell GRR the new law is unlikely to achieve its objectives.
30 April 2021
Creditors of Greensill’s Australian parent company have voted to put it in liquidation, with some of the biggest name creditors like Credit Suisse, Softbank Vision Fund and the Association of German Banks being appointed to a committee of inspection.
22 April 2021
Ukrainian coal miner DTEK has sought US recognition of its English scheme compromising New York bonds, while Greensill Bank’s German insolvency administrator and Brazilian mining company Samarco Mineração have also made Chapter 15 applications for their respective proceedings in Bremen and Belo Horizonte.
21 April 2021
In the first-ever rescue of an insolvent British airline, Flybe has been acquired by a company affiliated with its largest shareholder, investment firm Cyrus Capital.
15 April 2021
UPDATED: A court in Western Australia has issued its reasons for allowing creditors to decide whether a Congolese-Australian miner’s delayed second meeting may be adjourned again, in the face of competing deed of company arrangement proposals from interested parties.
14 April 2021
Australia’s highest court will now consider what it means to “give possession” under the Cape Town Convention, having granted an application for special leave to appeal a dispute over who should pay for the return of jet engines leased by Virgin Airlines.
13 April 2021
Greensill Bank’s German insolvency administrator has obtained interim recognition in Australia and has used Eversheds Sutherland to make a similar application in the UK.
07 April 2021
UPDATED: US clothing group Brooks Brothers has placed its UK arm into administration after securing approval of a Chapter 11 plan to wind down its remaining assets following a sale last year.
06 April 2021
Offering a rare glimpse into a cross-border insolvency in Africa, a Cayman court has appointed light-touch provisional liquidators over an oil and gas company finding its intention to restructure was there, despite its “precarious” negotiations being at an early stage and creditors in Kenya trying to stall a related Mauritian administration.
01 April 2021
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