Regional news: Europe
Not every difference in creditors’ rights requires class separation, Dutch court rules
A Dutch court has heavily criticised an international banana trader’s WHOA plan, finding that its valuation report lacked information and saying it shouldn’t place creditors in different classes for the sole reason that some of them had contested claims.
27 October 2022
Garuda wins Ch15 recognition but Irish lessors prepare for fight
Indonesia’s national airline has secured US recognition of its US$9.5 billion restructuring plan, but two Irish lessors said they will resist attempts by the company to seek enforcement orders.
27 October 2022
Hong Kong Airlines secures English plan meetings despite creditor opposition
Less than two weeks after it was allowed to proceed with meetings for a Hong Kong scheme, Hong Kong Airlines has won approval to convene creditor meetings for its UK restructuring plan – but the English court has left questions over class composition for the sanction hearing after noteholders complained over a lack of time to review evidence.
25 October 2022
Latham lawyer joins Kirkland in London
Kirkland & Ellis has added another partner to its restructuring and special situations group in London after recruiting Sarah Ullathorne from Milbank earlier this month.
25 October 2022
McDermott advising as VW and Daimler supplier enters administration in Germany
A supplier to German automotive giants Volkswagen and Daimler has placed its German affiliates into insolvency, blaming increased energy and material costs.
25 October 2022
Dutch lighting group completes US pre-pack in 46 days
UPDATED: Netherlands-headquartered lighting group Lumileds has secured a New York court’s approval for its pre-packaged Chapter 11 plan that will see lenders take control of the company from US private equity firm Apollo Global Management.
24 October 2022
Shandong Ruyi subsidiary has no prospect of success in €250m bond claim, English court rules
Loan agency and bond trustee service provider GLAS was validly appointed trustee to bonds issued by a Luxembourg-based subsidiary of Chinese fashion conglomerate Shandong Ruyi and may pursue it for €250 million in debt, an English court has affirmed – the latest event in a two-year multi-jurisdictional dispute between bondholders and issuer over the shares in a French fashion house.
21 October 2022
Privy Council makes “far-reaching” ruling on insolvent offshore trusts
In a decision that lawyers say will have a “far-reaching and long-lasting” impact on the offshore trusts industry, the UK Privy Council has found that trustees have a proprietary interest in trust property in relation to their rights of indemnity, which survives when a successor takes over – and that successive trustees should be ranked pari passu in respect of that interest if there aren’t enough trust assets to go round.
17 October 2022
A&M continues European expansion with rehire in Paris
Roland Berger partner Benoît Hochet has returned to Alvarez & Marsal as a managing director in Paris after six years away from the firm, during which time he helped guide Swiss vending machine company Selecta through its international restructuring.
17 October 2022
Hong Kong Airlines secures scheme meetings in Hong Kong
Crossing the first hurdle in its dual UK-Hong Kong restructuring, Hong Kong Airlines has won approval to convene scheme meetings in Hong Kong ahead of a separate hearing for its UK restructuring plan next week.
13 October 2022