Regional news: Europe

Akin and Norwegian firms complete DOF debt-for-equity swap

Akin and three of Norway’s biggest law firms, Thommessen, Wikborg Rein and Wiersholm, have worked on different sides of a debt-for-equity restructuring that placed Oslo-listed shipping and subsea group DOF into the hands of its creditors last month.

13 April 2023

Adler’s English plan sanctioned, noteholders to appeal

German real estate group Adler has secured sanction of its English restructuring plan – but a dissenting ad hoc group of 2029 noteholders that was crammed down via the so-called “liquidation plan” has already indicated it will appeal.

12 April 2023

Rewind to the 80s: UK recognises Irish scheme via Insolvency Act’s Section 426

Using 1980s legislation that it last relied on more than quarter of a century ago, an English court has recognised an Irish scheme of arrangement that compromises English law debt, applying Irish law to bind creditors locally while avoiding the Gibbs rule.

11 April 2023

Cleary hires long-time Akin Gump partner in New York

David Botter has joined Cleary Gottlieb as a partner in New York after over two decades with Akin Gump, where he advised noteholder groups in the cross-border restructurings of Aeroméxico and Nordic Aviation Capital.

10 April 2023

Sidley hires in Texas as global push continues

Weeks after recruiting London-based Kieran Sharma from global investment firm Strategic Value Partners, Sidley has added a new partner in Texas who it says will help grow its company-side practice worldwide.

07 April 2023

Argentina vows to appeal loss in €1.33bn GDP-linked debt case

Counsel to the Republic of Argentina tells GRR it is planning to seek permission to appeal an English court decision ordering it to pay investors €1.33 billion for losses in the country’s gross domestic product-linked securities.

06 April 2023

Dutch court appoints Steinhoff WHOA observers

The Dutch parent of South African retail conglomerate Steinhoff has secured court approval to appoint partners from Houthoff and Mediation Kamer Amsterdam to act as observers in its recently announced WHOA restructuring.

06 April 2023

Adler plan sanction decision expected next week

The judge hearing German real estate group Adler’s restructuring plan is expected to hand down his decision without reasons next week, after a three-day sanction hearing in the English High Court ended with points of contention surrounding the plan’s fairness and whether creditors will receive a full return.

06 April 2023

German car parts maker Leoni to enter German StaRUG

In what looks set to be the first major restructuring to utilise Germany’s StaRUG restructuring tool, auto parts maker Leoni has entered a lock-up agreement with creditors for a deal that will see Austrian billionaire Stefan Pierer take it over.

05 April 2023

Bankruptcy protection sought as Virgin Orbit fails to take off

Latham & Watkins and Davis Polk & Wardwell have both landed roles as British entrepreneur Sir Richard Branson’s rocket launch company seeks Chapter 11 protection in Delaware to help it facilitate an asset sale.

04 April 2023

Unlock unlimited access to all Global Restructuring Review content