Regional news: Luxembourg
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
RJ Gaito hires space mining start-up entrepreneur to head restructuring practice
Luxembourg law firm RJ Gaito has hired a new head for its finance and restructuring practice, who previously advised Abengoa through its second restructuring in 2019 and has recently helped found a space mining start-up.
24 March 2022
Amigo secures “landmark” scheme decision in London
English guarantor loan provider Amigo has won a ground-breaking order allowing it to convene meetings for creditors to vote on two alternative schemes of arrangement, while the UK financial watchdog continues an investigation into mis-selling.
15 March 2022
Amigo seeks creditor meetings for new schemes
Struggling subprime lender Amigo has all but secured approval to convene meetings for two separate schemes of arrangement that it says offer creditors substantially larger returns than were proposed under its failed scheme last year.
08 March 2022