Cramdown

Modernland seeks US recognition to cement Singaporean schemes

Indonesian real estate group Modernland Realty has sought New York recognition of its Singaporean schemes of arrangement to block potential lawsuits against the group in the US.

28 September 2021

Amicus creditor denied disclosure ahead of cramdown hearing

A disgruntled creditor of UK lender Amicus Finance has failed to secure information on a share sale carried out when it entered administration, ahead of a sanction hearing on a restructuring plan requiring cross-class cramdown.

02 August 2021

The EU Restructuring Directive: how member states are progressing with transposition

With the deadline for domestic transposition of the European Restructuring Directive having passed this weekend, McDermott Will & Emery partner Timothée Gagnepain and associate Lucille Madariaga in Paris discuss how it has been eagerly awaited – and yet is likely to be postponed for at least a year – in most EU member states.

19 July 2021

Lawyers react to Virgin Active plan sanction decision

A company voluntary arrangement on steroids, or a tool that gives Goliath license to squash David? Lawyers on the debtors’ and landlords’ side give their take on Virgin Active’s freshly-sanctioned restructuring plans: the first to compromise lease liabilities, with the most extensive cram-down seen to date.

13 May 2021

Virgin Active secures second-ever UK cross-class cramdown

Gym chain Virgin Active’s heavily contested restructuring plans have been sanctioned in a judgment affirming that English courts will afford weight to the decisions of higher-ranking creditors when exercising their discretion over cross-class cramdowns.

12 May 2021

Virgin Active landlord serves forfeiture as plan sanction hearing closes

Minutes before the end of Virgin Active’s five day-long contested plan sanction hearing, the court heard that the owner of one of its gym sites had served forfeiture proceedings because it said it would do better re-letting its West London premises afresh than under the plans.

05 May 2021

Wind beneath my wings? Virgin Active probes court’s role in contested plans

On the fourth day of its contested UK plan hearings, counsel to Virgin Active, its secured lenders and opposing landlords clashed on how far the courts should assess the merits of restructuring plans: does satisfaction of the two conditions in Part 26A give the company “a fair wind”, or should the court be looking to see if something better is “waiting in the wings"?

04 May 2021

Virgin Active plan sanction hearing reaches closing submissions

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

NCP hires Kirkland and Deloitte for UK plan

Kirkland & Ellis and Deloitte are advising Japanese-owned car park operator NCP as it follows gym chain Virgin Active in using a UK restructuring plan to deal with property leases – meanwhile the High Court has weighed in on who should pay objecting landlords’ costs in restructuring plan cases.

16 April 2021

Extension of commercial forfeiture moratorium – unlikely to turn the tide?

While the government has extended its protections for commercial tenants once more, partner Roger Schofield, counsel Katharina Crinson and associate Nicholas Cooper at Freshfields Bruckhaus Deringer in London say it’s a matter of “when” not “if” the UK will see more CVAs – and potentially restructuring plans – targeting rental obligations.

18 March 2021

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