Pre-pack

Partner Stephen Alexander and associate Max Galt at Mourant in Jersey set out why a traditionally creditor-friendly offshore jurisdiction like Jersey, with its commercially minded and flexible Royal Court, would still benefit from introducing a statutory reorganisation process.

24 September 2020

When the clock struck midnight on 25 June, the UK’s restructuring and insolvency regime suddenly looked a lot friendlier for debtors, both temporarily pending the coronavirus’ havoc on the UK economy, and permanently. But does the new legislation rushed through parliament in under a month provide a serious contender to Chapter 11’s crown, or does it merely bring the UK up-to-date with the 1970s as one practitioner suggested?

11 September 2020

Mayer Brown partners Trevor Borthwick and Devi Shah in London, Tom Pugh in Hong Kong and counsel Monique Mulcare in New York ask: is further legal liberalisation needed to stimulate the rescue of viable companies affected by the covid-19 pandemic?

07 September 2020

London-incorporated offshore drilling contractor Valaris has filed Chapter 11 proceedings in Texas to deal with its US$7 billion debt pile, with plans to launch at least one parallel process in the UK.

20 August 2020

A Delaware court has allowed international LPD screen maker Prysm to access a portion of a US$3 million DIP loan, as it sees through a pre-packaged split and sale of its assets.

11 August 2020

London-headquartered foreign exchange company Travelex has completed its restructuring after joint administrators from PwC were brought in to sell some of the group’s UK entities to its senior secured noteholders.

07 August 2020

Cayman-incorporated Capital World has launched a proposed pre-packed, fast-track scheme of arrangement in Singapore, while subsidiaries of Singapore’s Hatten Land have obtained moratoria in Malaysia ahead of launching two local schemes.

24 July 2020

Travers Smith, Sidley Austin and Clifford Chance have all taken roles as restaurant owner Azzurri Group was transferred to a new investor in a pre-pack administration deal.

20 July 2020

Global oil and gas engineering powerhouse McDermott International has emerged from bankruptcy after the sale of its technology licensing subsidiary allowed it to pay off a US$2.81 billion debtor-in-possession finance package.

06 July 2020

Shoosmiths has advised the administrators of London-based shirt retailer TM Lewin on a pre-pack sale that has shuttered all of its UK stores, as its Australian arm entered voluntary administration under EY.

06 July 2020