Pre-pack

Angelo Gordon acquires insolvent Spanish hotel chain in pre-pack deal

A Spanish hotel chain founded by a three-time Olympic equestrian has been acquired by US-headquartered investor Angelo Gordon and Canadian hotel manager Westmont Hospitality Group after entering a pre-pack reorganisation in Madrid.

04 August 2022

Proskauer recruits veteran Clifford Chance partner in London

A long-time partner of magic circle firm Clifford Chance, who advised Dubai World Dry Docks on the restructuring of its US$2.2 billion international debt, has joined Proskauer Rose in London.

08 June 2022

Simpson Thacher and Baker Botts advising as TPC Group files Ch11

Houston-headquartered petrochemical corporation TPC Group has filed Chapter 11 proceedings after entering an agreement with creditors to eliminate almost 75% of its secured debt and resolve claims arising from an explosion at one of its plants.

01 June 2022

European column: Heiploeg judgment – European Commission, your move!

Bob Wessels, professor emeritus of international insolvency law at Leiden University and expert counsel on restructuring and insolvency to the European Commission, discusses the consequences of a recent judgment from the Court of Justice of the European Union, which is important for pre-pack sales and employees alike – and suggests it should be taken into account in the EU’s next round of harmonisation measures.

09 May 2022

EU court ruling heralds potential revival of Dutch pre-packs

Dutch lawyers have hailed the potential revival of pre-packs in the Netherlands, after the European Court of Justice ruled that exceptions to employee protections afforded to companies in insolvency proceedings under EU law, can extend to pre-pack sales in certain circumstances.

29 April 2022

Nordic Aviation Capital obtains US plan approval

Aircraft lessor Nordic Aviation Capital has secured sanction of its third amended Chapter 11 plan in the US and aims to exit bankruptcy before the end of May, completing a multi-faceted post-pandemic restructuring that began with an Irish scheme of arrangement in 2020.

21 April 2022

Alvarez & Marsal completes sell-off of piping group’s US arm via pre-pack

Administrators from Alvarez & Marsal have helped UK-headquartered pipe and tube manufacturer Tricorn Group complete a pre-packaged sale of its US subsidiary – and are now trying to realise its Chinese joint venture.

12 April 2022

The UK’s new pre-pack regulations and creditor protection

Radcliffe Chambers’ James Morgan QC takes a close look at the regulations on connected pre-packs introduced in the UK last year – and explains why the protection they offer creditors could be illusory.

08 March 2022

Indonesia’s Pan Brothers seeks US recognition of Singaporean pre-pack

Indonesian garment manufacturer Pan Brothers has sought Chapter 15 recognition in New York to effectuate its Singaporean pre-packaged scheme of arrangement that was sanctioned last month.

07 February 2022

Norwegian streaming company completes 45-day pre-pack in New York

Ropes & Gray has helped Oslo-based media streaming company Vewd Software complete a pre-packaged restructuring in the US after resolving a landlord objection over class composition.

03 February 2022

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