Regional news: Europe

African Minerals creditors back English scheme

Creditors of Bermuda-registered mining company African Minerals have voted to approve its English scheme to resolve a creditor conflict about claims the company may bring against China’s Shandong Iron and Steel Group.

21 July 2020

Dutch Hema plots €600 million debt for equity scheme in England

De Brauw Blackstone Westbroek and Slaughter and May are leading Dutch retailer Hema in a restructuring running through UK, US and Dutch courts, after the retailer converted its New York law-governed notes to English law via a trust deed to make use of a scheme.

20 July 2020

Community roundup: new recruits at Gordon Brothers, EY and Kirkland & Ellis

Gordon Brothers and EY have hired in Australia, Kirkland & Ellis and Thornton Grout Finnigan have recruited in Hong Kong and Toronto, and Quantuma and Freeths continue to expand in the UK.

20 July 2020

KPMG administrators complete another UK casual dining pre-pack

Travers Smith, Sidley Austin and Clifford Chance have all taken roles as restaurant owner Azzurri Group was transferred to a new investor in a pre-pack administration deal.

20 July 2020

Weil partner moves to Shearman & Sterling in London

Shearman & Sterling has hired Weil Gotshal & Manges partner Alex Wood in London, as firms around the globe continue to prepare for a coronavirus-induced wave of restructurings.

17 July 2020

Bermudian court terminates UK recognition order over litigation probe rules

A Bermudian court has discharged the recognition of a UK-appointed liquidator, affirming rules on gathering information for foreign lawsuits laid out by the Privy Council in its 2014 Singularis decision.

17 July 2020

Lecta completes another recapitalisation as covid-19 bites

Global paper manufacturer Lecta has completed another recapitalisation with Linklaters and Willkie Farr advising, six months after the High Court in London sanctioned a scheme of arrangement that saw it transfer most of its equity to noteholders.

17 July 2020

Europe column: consequences and positive take-aways of covid-19

Bob Wessels, professor emeritus of international insolvency law at Leiden University and expert counsel on restructuring and insolvency to the European Commission, gives his personal observations on the pandemic.

17 July 2020

Reflective loss rules only apply to shareholders, UK Supreme Court rules in Marex case

The UK Supreme Court has found the reflective loss doctrine only applies to some shareholders, overturning a lower court’s decision to bar an asset-stripping claim brought by UK foreign exchange broker Marex.

16 July 2020

UK govt argues appeal that insolvency law was misused for tax mitigation

The English Court of Appeal has heard the UK government’s second attempt at winding-up a pair of real estate management companies, which used liquidation processes to help landlords avoid property taxes.

16 July 2020

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