Pre-pack

International network solutions provider Riverbed Technology has brought in Kirkland & Ellis, Alix Partners and GLC Advisors to advise on a restructuring that is set to see investors led by private equity fund Apollo Global Management take ownership of the company.

14 October 2021

Boston-headquartered law firm Mintz has recruited new faces in Chicago and Texas, and Alvarez & Marsal has bolstered its UK restructuring group, while a Freshfields lawyer has moved to Erskine Chambers and Australia’s Corrs Chambers Westgarth has hired from Paul Hastings in London.

01 October 2021

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

The UK's Financial Reporting Council has “severely reprimanded” KPMG and fined it £13 million for its conduct in the decade-old pre-pack sale of bedmaker Silentnight, describing a “deeply troubling” scenario in which now-retired partner David Costley-Wood misled his client and the Pension Protection Fund to help prospective client HIG Capital acquire the bedmaker after dumping its pension scheme.

05 August 2021

KPMG and its now-retired partner David Costley-Wood should not face “overly punitive” £15.5 million fines and sanctions for their conduct in the “historic” pre-pack sale of bedmaker Silentnight, South Square’s Mark Phillips QC has told a Financial Reporting Council disciplinary tribunal.

22 June 2021

Judges in Spain’s Balearic Islands have adopted a protocol for conducting pre-packaged asset sales, which they say is framed within the “spirit and purpose” of the EU directive on preventive restructuring.

12 May 2021

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

“Crisis creates an opportunity for reforms.” EY partner Pulkit Gupta and senior associate Utkarsh Goel discuss the flexibility of India’s new pre-pack framework, which they say could prove invaluable in helping to deal with an expected wave of covid-related distress in the coming months.

30 April 2021

Weeks after the commercial courts of Barcelona issued a set of basic guidelines for conducting pre-packaged sales, the Madrid courts have declined to follow suit – refusing to deviate “one iota” from Spain’s Insolvency Act.

02 March 2021

American department store chain Belk has secured the fastest ever confirmation of a pre-packaged Chapter 11 plan, with Kirkland & Ellis, Latham & Watkins, O’Melveny & Myers and Willkie Farr all taking instructions.

24 February 2021