Multinational corporate groups

Nortel’s main French arm to end English administration

The largest French arm of Nortel Networks is set to terminate its “unique” 12-year English administration, eight months after a court in Versailles closed its secondary liquidation.

20 September 2021

Boart Longyear schemes sanctioned in Australia

Australian mining group Boart Longyear has won court approval for two schemes of arrangement in Sydney that aim to convert about US$795 million of debt into equity – while plans to redomicile in Canada continue apace.

17 September 2021

Steinhoff settlement in danger

Embattled South African conglomerate Steinhoff’s global settlement is in jeopardy, after a Cape Town court ruled that a key part of its plan is invalid.

05 July 2021

No take-up of EIR’s group insolvency rules

Not a single significant cross-border case has successfully gone through the EU’s group coordination proceedings, a new study has found, four years after the recast European Insolvency Regulation came into force.

30 June 2021

Steinhoff investors’ consortium drops claims, but settlement still faces hostility

A consortium of shareholders seeking to disrupt South African conglomerate Steinhoff’s global settlement has withdrawn its opposition to the group’s Dutch suspension of payments proceedings – but other claimant groups remain hostile in the Netherlands and South Africa.

08 June 2021

Valaris completes restructuring with UK administration

Two months after a Texas court confirmed its Chapter 11 plan, UK-incorporated offshore drilling contractor Valaris has completed a US$7.1 billion restructuring through a complementary pre-pack administration sale in the UK.

04 May 2021

Weil loses third restructuring partner in London

Akin Gump has hired Weil Gotshal & Manges partner Clare Cottle in London – marking the third exit from Weil’s restructuring team since July.

16 April 2021

English scheme sanctioned for Spanish construction group

Spanish construction and engineering group Obrascón Huarte Laín has secured sanction of its English scheme of arrangement after the High Court found it would likely be recognised in foreign jurisdictions.

15 April 2021

Abu Dhabi-based NMC Healthcare secures interim English protection

The administrators of NMC Healthcare in Abu Dhabi’s financial free zone have obtained interim protection in the UK, blocking creditors from attaching sale proceeds they plan to place in a London bank account.

09 April 2021

English court sanctions gategroup restructuring plan

Swiss airlines services provider gategroup has secured sanction of its UK restructuring plan after adding an additional provision to help ensure it is effective in Switzerland.

26 March 2021

Get unlimited access to all Global Restructuring Review content