Multinational corporate groups

Takata trustee avoids service under the Hague Convention

The trustee of a compensation trust set up as part of Takata’s Chapter 11 plan has been allowed to serve an adversary proceeding on a Japanese insurance company’s US counsel, after a Delaware court found the costs of complying with the Hague Convention for service overseas would reduce funds available to victims of its faulty airbags.

25 February 2021

Faegre Drinker continues rapid growth with US hires

Robins Kaplan’s Los Angeles-based restructuring chair and a Foley & Lardner partner in New York have become the latest additions to Faegre Drinker Biddle & Reath’s fast-expanding restructuring group.

22 February 2021

Saudi-owned African telecoms group seals UK plan meetings

A pan-African telecoms group that shifted its COMI from Mauritius to England in January has filed restructuring plan proceedings in London to secure new money to tide it over while it completes a sales process.

19 February 2021

Lugano bankruptcy exclusion applies to UK restructuring plans, English court rules

One avenue for recognition of some English restructurings in Europe may have been lost after the High Court ruled that the UK’s new restructuring plan is an insolvency proceeding for the purposes of the Lugano Convention’s bankruptcy exclusion.

17 February 2021

Centerbridge withdraws Dutch proceedings after reaching Steinhoff agreement

A US investor linked to Centerbridge Partners has agreed to withdraw its application to appoint a Dutch restructuring expert over South African conglomerate Steinhoff, while the group’s former auditor Deloitte has pledged €70 million to support a global settlement of litigation claims.

15 February 2021

Seadrill Asia seeks Chapter 11 protection in Texas

Five of offshore rig operator Seadrill’s Asian subsidiaries have entered Chapter 11 proceedings in Texas, listing Dubai’s ZDN Investment and Saudi Arabia-based Algosaibi Services Company as their largest unsecured creditors.

08 February 2021

Steinhoff scheme sanctioned

South African conglomerate Steinhoff has secured sanction of its latest English scheme after the High Court dismissed objections made by a US fund linked to distressed investor Centerbridge Partners.

05 February 2021

Swiss airline group seeks convening hearing for English restructuring plan

In a case that will examine whether the Lugano Convention's bankruptcy exemption applies to the new English restructuring plan, lawyers acting for Swiss airline services provider gategroup have applied to convene a meeting for a single class of creditors, telling the High Court they had to forum shop because “we can’t do this anywhere else”.

03 February 2021

DeepOcean cross-class cram-down reasons published

The High Court in London has issued its reasons for applying the UK’s cross-class cram-down mechanism for the first time earlier this month, with local lawyers describing the decision as a “game-changer”.

28 January 2021

Centerbridge-linked investor urges English court to reject Steinhoff scheme

The terms of a global settlement of litigation claims against Steinhoff are “manifestly unfair”, according to a US investor that has urged the High Court in London not to sanction the South African conglomerate’s latest scheme.

27 January 2021

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