Global heat exchange group Arvos has won sanction of an English scheme of arrangement to restructure several loan facilities at a lightning-fast hearing, following unanimous support from creditors.
18 March 2024
A team from Norton Rose Fulbright offers a comparative analysis of the treatment of foreign and domestic tax debts across three different European restructuring processes, looking at whether they permit such debts to be compromised, and whether that may influence a debtor’s choice of restructuring jurisdiction. They also note that cross-border recognition of tax compromises has yet to be tested in the EU, leaving open the question of whether such compromises would be effective.
15 March 2024
Electric vehicle manufacturer Next.e.GO Mobile has entered insolvency in Germany for the second time in four years, months after it completed a deSPAC merger through which it was listed on the Nasdaq Stock Market.
13 March 2024
German property group Branicks has entered StaRUG proceedings before a court in Frankfurt, with Allen & Overy as counsel and Lucas Flöther of Flöther & Wissing appointed restructuring officer.
12 March 2024
German real estate group Aggregate has secured sanction of its amended restructuring plan after senior creditors supported it at a reconvened meeting that followed the disenfranchisement of out-of-the-money creditors who opposed the initial plan.
07 March 2024
A Kirkland & Ellis partner who worked on the standout English restructuring of German property group Adler and car parts manufacturer Leoni’s “historic” StaRUG has joined Milbank in Munich.
06 March 2024
Senior creditors of German real estate group Aggregate have approved an amended restructuring plan after an English judge declined to sanction its initial plan, finding its treatment of out-of-the-money creditors meant the plan did not constitute a “compromise or arrangement”.
04 March 2024
An Ontario court has approved a request by the Canadian arm of British cosmetic group The Body Shop for an extended stay after hearing it is facing an “immediate liquidity crisis” following a sweep of its bank accounts under a cash pooling arrangement with its UK parent company.
04 March 2024
UPDATED: German telecoms group Tele Columbus has persuaded an English court to sanction a scheme of arrangement for debt whose governing law was changed just two days before it launched the scheme, despite reservations from the convening judge over whether the group had a sufficient connection to England.
28 February 2024
German IT infrastructure group PlusHolding has obtained court approval of a modified version of its English scheme of arrangement after the German tax authority jeopardised a planned December sanction hearing when it refused to permit aspects of the restructuring.
21 February 2024
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