Regional news: Europe

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

Texas court recognises Just Energy’s CCAA process

A Texas bankruptcy court has granted full recognition to Canadian retail energy provider Just Energy’s CCAA proceedings, which were triggered by the unprecedented winter storms and skyrocketing electricity prices in Texas in February.

09 April 2021

No assets? No problem! Israeli trustee accesses UK concealment structure

The Israeli trustee of a property investor once rumoured to be Israel’s largest private bankrupt has persuaded an English court to transfer him the rights to a UK company believed to be at the top of a structure intended to hide German assets – though no assets have been identified as yet, even by private investigators.

08 April 2021

Interim recognition in Australia for Greensill Bank administrator

Greensill Bank’s German insolvency administrator has obtained interim recognition in Australia and has used Eversheds Sutherland to make a similar application in the UK.

07 April 2021

Hogan Lovells leads on €4.5 billion restructuring of French hotel operator

A long list of law and advisory firms have helped international hotel operator AccorInvest Group secure additional financing and complete a multi-jurisdictional restructuring of its €4.5 billion debt pile.

07 April 2021

Weil Gotshal advising as Brooks Brothers enters UK administration

UPDATED: US clothing group Brooks Brothers has placed its UK arm into administration after securing approval of a Chapter 11 plan to wind down its remaining assets following a sale last year.

06 April 2021

Virgin Active landlords need disclosure for cramdown arguments, English court says

The English High Court has published its reasons for allowing Virgin Active to hold plan meetings, explaining that it ordered the gym chain to give landlords extra information because it was relevant to a potential cross-class cramdown challenge.

01 April 2021

Community roundup: Shearman & Sterling, Kroll, FTI Consulting and EY

Shearman & Sterling has continued its London expansion while FTI Consulting has strengthened its Madrid and Abu Dhabi offices, Kroll has promoted four new managing directors in the UK, and EY has hired in Bermuda.

01 April 2021

Shearman & Sterling adds London partner from Akin Gump

Shearman & Sterling is expanding in London two months after rehiring a former Lehman Brothers managing director to chair its New York financial restructuring and insolvency group.

31 March 2021

Gategroup plan sanction reasons handed down

Mr Justice Zacaroli has issued his reasons for sanctioning gategroup’s UK restructuring plan, in the face of an “artificial” forum shopping structure and questions over whether English law could vary rights between non-assenting creditors and foreign third parties.

31 March 2021

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