Regional news: Luxembourg

Historic buildings investor’s Luxembourg liquidator seeks Chapter 15 recognition

The Luxembourgish liquidator of a mutual investment fund that invests in historic buildings has applied for Chapter 15 recognition in New York to enlist the local courts’ cooperation, as he seeks to investigate transactions allegedly carried out by the debtor’s US sub-fund in contravention of Luxembourg law.

15 November 2022

Hellas bondholders allowed to bring New York fraud claims after decade-long pursuit

After 11 years of trying, an assignee of certain Hellas bondholders has finally been allowed to pursue claims against the group’s former private equity investors, who it claims forced the Greek telecoms company to “commit business suicide” by overleveraging itself to pay them billions in dividends.

28 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

Galapagos wound up in England

Updated: Senior creditors of the Galapagos group have obtained a winding up order against one of its entities in England, following a jurisdictional battle between English, German and Luxembourgish courts that was complicated by Brexit and a European Court of Justice case.

30 June 2022

Portuguese rig owner secures emergency financing in Texas Ch11

A drilling rig owner based in Madeira has won interim Chapter 11 relief in Texas after claiming it has likely over US$1 billion in secured debt and an uncertain path to realising value from its sole asset.

22 June 2022

Galapagos faces UK winding up following EU Insolvency Regulation judgment

Senior creditors of the Galapagos group have applied to wind it up in the UK despite ongoing insolvency proceedings in Germany, citing a European Court of Justice decision from March that interpreted the European Insolvency Regulation against the backdrop of two potential COMI shifts and Brexit.

24 May 2022

Ireland opts in to updated EU regulation annexes

Ireland has belatedly opted into the updated version of the recast European Insolvency Regulation, and will now automatically recognise the new Dutch and German schemes along with a host of other new and expected European restructuring tools in the regulation’s revised annexes.

16 May 2022

English scheme sanctioned for Germany’s Lowen Play

Arcade gaming group Lowen Play has secured sanction of an English scheme to restructure €350 million worth of senior secured notes, despite German tax authorities not yet providing approval.

05 May 2022

Germany’s Lowen Play secures English scheme meeting

Arcade gaming group Lowen Play has won approval for a single class of creditors to vote on its €350 million restructuring, after the English High Court found its scheme will likely be recognised in its native Germany.

04 April 2022

Galapagos jurisdictional battles reach EU Court of Justice

Jurisdictional battles surrounding the restructuring of the Galapagos group have reached the European Court of Justice, in a ruling on which courts have jurisdiction to open insolvency proceedings where there has been centre of main interests shift to the UK, then potentially to Germany, against the backdrop of Brexit.

25 March 2022

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