Regional news: Germany

Greensill’s German and UK administrators go head to head over €40 million fund

Administrators can make Part 36 settlement offers under the UK’s Civil Procedure Rules in the context of a directions application, an English judge has ruled, in a case that reveals a dispute between Greensill’s UK and German officeholders over a €40 million fund.

20 September 2023

VanMoof bought out of bankruptcy after securing Ch15 stay

A subsidiary of motorsport technology company McLaren Applied has agreed to buy Dutch e-bike manufacturer VanMoof out of bankruptcy, two days after the company secured a temporary Chapter 15 stay to halt an injury claim brought against a non-debtor subsidiary in New York.

31 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

Bondholders take over European fashion retailer Takko Fashion

Germany-headquartered retailer Takko Fashion has completed a debt-for-equity restructuring with Simpson Thacher, Gleiss Lutz, Clifford Chance, Loyens & Loeff, PJT Partners, Freshfields and Arendt all taking roles.

15 August 2023

Heuking Kühn Lüer Wojtek advising IT consultancy Softline on new StaRUG

A German district court has appointed Professor Lucas Flöther as restructuring officer to oversee a new StaRUG for the local arm of global IT consultancy Softline, which will see its majority shareholder take it over.

14 August 2023

Schultze & Braun’s cross-border restructuring head goes in-house

Annerose Tashiro, the former head of international resturcturings at Schultze & Braun and current INSOL International director, is moving in-house at German lithium producer AMG Lithium.

10 August 2023

Galapagos' 2019 restructuring was valid, English court finds

The Galapagos group’s internationally contested 2019 restructuring, which left its private equity shareholder in control and high yield noteholders with nothing, was valid under the group’s English law-governed intercreditor agreement, an English court has ruled.

28 July 2023

Taiwanese wind project company secures five UK plan creditor meetings

A German-owned Taiwanese offshore wind project company has secured permission to hold five meetings of creditors for a Part 26A plan in the UK that could give it access to at least €1.7 billion in new funding to complete a major wind farm in Taiwanese waters.

26 July 2023

French court approves first major cross-class cramdown in Orpea sanction

In the first major case in France to utilise a cross-class cramdown since the country adopted the EU's preventive frameworks directive, care home operator Orpea has obtained sanction of its accelerated safeguard plan, successfully cramming down a group of dissenting convertible bondholders known as the Support Club.

26 July 2023

Leoni StaRUG court deems shareholder objections inadmissible

Auto parts maker Leoni’s historic StaRUG plan is now legally binding, after a German court dismissed challenges against it from disgruntled shareholders, finding they failed to show they would be worse off under the plan than in the alternative scenario.

24 July 2023

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