Regional news: Europe

Featured in Heads-Up

The co-heads of Sidley Austin’s London restructuring group discuss their high-profile work on Chinese real estate restructurings, the recent back-and-forth between US and Hong Kong courts over the Gibbs rule, and how the UK’s new cross-class cramdown tool will allow sponsors to “game the capital structure” and play creditors off against each other.

13 March 2023

Slaughter and May, Clifford Chance and Ashurst have all landed roles in the sale of the British arm of a California-headquartered bank, whose collapse has been flagged as a “systemic risk” by US financial regulators.

13 March 2023

The foreign representative of a Russian businessman’s bankruptcy trustee has been permitted to seize a multi-million pound London property, after an English court rejected the bankrupt’s arguments that he had gifted all his assets outside Russia to his wife and children.

13 March 2023

A two-week trial is under way in London to consider the validity of the Galapagos group’s heavily contested 2019 restructuring, which left its private equity shareholder in place and high yield noteholders with nothing – and a German insolvency administrator has already asked the court not to make any findings of fact because they could result in inconsistent rulings across Europe.

10 March 2023

Urging the Eleventh Circuit Court of Appeals to uphold the recognition of an Omani citizen’s English bankruptcy in the US, UNCITRAL Model Law draftsman Dan Glosband said the definition of “debtor” under section 109(a) of the US Bankruptcy Code does not apply to Chapter 15.

10 March 2023

Bob Wessels, professor emeritus of international insolvency law at Leiden University and expert counsel on restructuring and insolvency to the European Commission, discusses the “observer”: a new role under Dutch restructuring law.

10 March 2023

A noteholder of German real estate group Adler has lodged a complaint in a Frankfurt regional court, challenging the group’s substitution of an English subsidiary as note issuer to pursue an English restructuring plan.

09 March 2023

Interpath Advisory managing directors Kenneth Fennell and Andrew O’Leary have been appointed as joint liquidators of an Irish software company that has struggled since a multi-million-euro investment from Bank of America fell through earlier this year.

09 March 2023

Norwegian firms Schjødt, Wiersholm and Thommenssen, along with Kirkland & Ellis, have helped an Olso-listed offshore services company negotiate a US$660 million debt refinancing and equity deal that will see a major Seadrill investor double its stake.

08 March 2023

English doorstep lender Morses Club and the UK Financial Conduct Authority have agreed on a 17 March deadline to reach a deal on the contents of an explanatory statement and meeting advertisement to be sent to scheme creditors, or face a second convening hearing in a process the lender is using to deal with thousands of redress claims.

08 March 2023