Regional news: Europe

Creditor challenge against seldom-used UK moratorium rejected

In the first English court decision to consider the new moratorium provisions enacted in the UK in 2020, Sir Alastair Norris has rejected a challenge from a Thai creditor against moratoria secured by a group of companies that operate some of the UK’s best-known upmarket restaurants.

17 February 2022

Pacific Andes wins Ch11 plan confirmations

Two groups of companies that sit within industrial fishing conglomerate Pacific Andes have secured Chapter 11 plan confirmations in New York, after agreeing to remove third-party releases.

17 February 2022

Germany’s Lowen Play readies English scheme

Latham & Watkins, Kirkland & Ellis and White & Case have all taken roles in the restructuring of German arcade gaming group Lowen Play, which has launched a scheme in England.

16 February 2022

Kirkland advises gambling group bondholders on asset reinstatement deal

Kirkland & Ellis is advising noteholders of Estonian casino and gaming operator Olympic Entertainment Group on the terms of a restructuring that tightens the notes’ covenants and reinstates certain assets hived out from the group in 2020.

15 February 2022

Hong Kong trustees secure cross-border relief in London

The foreign representatives of a bankrupt Hong Kong businessman have secured an order under the UNCITRAL Model Law entrusting them with the realisation of his assets in the UK.

15 February 2022

Irish bankrupt’s ex-wife told to pay US trustee US$23 million in security

The ex-wife of bankrupt Irish property developer Sean Dunne has been denied a new jury trial on a three-year-old US court ruling, which found them both liable for engaging in fraudulent transfers to put assets beyond the reach of his creditors.

14 February 2022

Major modelling agency files Ch11 in New York

Italian-owned modelling agency Major Model Management has filed for bankruptcy in New York, blaming the “crippling” effect of a federal lawsuit brought by model Jasmine Burgess over allegedly unpaid wages.

14 February 2022

Addleshaw launches insolvency practice in Paris

Addleshaw Goddard has added insolvency and restructuring capabilities to its new Paris office, with a partner hire from French law firm Hoche Avocats.

14 February 2022

Freshfields advising as ED&F Man launches new UK restructuring plan

Global commodities trader ED&F Man has launched a new UK restructuring plan, less than two years after the High Court in London sanctioned a scheme for it to deal with an imminent US$1 billion maturity wall.

10 February 2022

Kirkland partner joins new trustee services group in Hong Kong

Serica Trust & Agency, a debt and transactions services provider launched in Hong Kong last year by former Kirkland & Ellis restructuring lawyer Louise Coffey, has hired from the firm again.

09 February 2022

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