Regional news: Europe
Mallinckrodt files for bankruptcy again, subpoenaed over "suspicious orders"
Beleaguered Irish pharmaceutical group Mallinckrodt has secured several first day orders in its prepackaged Chapter 11 proceedings in Delaware, two days after it disclosed it has been subpoenaed over its sale of controlled substances.
30 August 2023
Dutch court issues reasons for unprecedented Ch11-style stay
A Dutch court has issued its reasons for granting shipping group Vroon an unprecedented worldwide stay on enforcement, which had a similarly far-reaching effect to the Chapter 11 automatic stay and helped the shipping group complete its parallel English scheme and WHOA restructuring.
29 August 2023
Haya achieves second scheme sanction in England
A subsidiary of Spanish distressed real estate loans manager Haya Holdco has obtained sanction of its second English scheme of arrangement in as many years, allowing it to distribute the €136 million proceeds of sale of its main operating subsidiary to secured noteholders.
29 August 2023
Cimolai plans sanctioned as settlement sweeps away questions
An Italian construction group has secured sanction of two Part 26A restructuring plans that it is using to bind English creditors to its Italian concordato proceedings, after the High Court in London found that dissenting classes would be no worse off in any one of multiple relevant alternative scenarios.
25 August 2023
Card retailer Clintons wins plan sanction as unsecured creditors crammed down
British greetings card retailer Clintons has obtained sanction of a “debt-for-equity” restructuring plan after the English High Court crammed down two classes that did not vote and another that rejected the plan.
24 August 2023
Opioid producer Mallinckrodt set to file Chapter 22
Irish pharmaceuticals company Mallinckrodt has announced it will initiate Chapter 11 proceedings for the second time in three years, after entering a restructuring support agreement with creditors and a trust for opioid victims set up in the course of its last bankruptcy.
24 August 2023
Restructuring experts cannot settle valuation disputes, Dutch court says
A Dutch court has issued its reasons for rejecting a German shareholder’s request to appoint a restructuring expert in South African retail conglomerate Steinhoff’s WHOA restructuring plan, noting that such experts cannot settle valuations disputes.
23 August 2023
VanMoof seeks Ch15 recognition to stay New York personal injury suit
A global bicycle manufacturer is seeking US recognition of its Dutch bankruptcy and an emergency order to stay a personal injury lawsuit brought against it in New York.
23 August 2023
English court sanctions Taiwanese energy group’s restructuring plan
UPDATED: German-owned Taiwanese offshore wind project company Yunneng Wind Power has secured sanction of an English restructuring plan that will give it access to €1.7 billion in new money.
22 August 2023
Chilean wind project companies seek Ch11 protection amid “global litigation campaign”
The Irish founder of a Chilean renewable energy group has moved to dismiss an “unusual” Chapter 11 petition filed by administrators purportedly appointed by its US lenders, in an escalation of an ownership dispute that has been playing out in the US, Chile, Ireland and Spain.
22 August 2023