Regional news: Luxembourg

ECB wins appeal over Banco Espírito disclosure

The European Central Bank gave sufficient reasons as to why it refused to disclose information on its suspension of credit flows to Portuguese “bad bank” Banco Espírito Santo ahead of the bank's resolution six years ago, the EU’s highest court has said, partially overturning a lower court’s ruling.

26 October 2020

Kirkland and Latham act on Swiss vending machine operator’s English scheme

Swiss snack machine operator Selecta is set to launch an English scheme of arrangement to restructure its New York law-governed notes, with Kirkland & Ellis guiding the company and Latham & Watkins advising noteholders.

18 September 2020

Ogier hires from NautaDutilh in Luxembourg

Offshore firm Ogier has appointed a former NautaDutilh partner in New York to its Luxembourg banking and finance team.

18 September 2020

New scheme notice requirements should not be bypassed, English court affirms

An English court has published its reasons for convening scheme of arrangement meetings for Luxembourg-incorporated Flint Group, after applying new creditor notice requirements for the first time.

14 July 2020

Swissport scheme becomes effective with US recognition

Chinese-owned aviation services company Swissport has won Chapter 15 recognition of its English scheme in Delaware, which has now become effective.

07 July 2020

Lecta scheme sanctioned in London

The High Court of Justice in London has sanctioned a scheme of arrangement for global paper manufacturer Lecta, after creditors voted overwhelmingly in favour of the plans last week.

28 January 2020

Galapagos announces restructuring as junior creditor disputes continue

Luxembourg-incorporated industrial group Galapagos has announced the completion of a €1 billion multi-jurisdictional financial restructuring – though “rival” insolvency proceedings in Germany and noteholder lawsuits in New York rumble on.

10 October 2019

Irish oil services group enters Chapter 11, with Irish and Bermudian proceedings to follow

Irish oilfield services group Weatherford International has filed for Chapter 11 protection in a Texas bankruptcy court aiming to cut down its US$8.35 billion debt through a pre-packaged plan that envisages parallel proceedings in Ireland and Bermuda.

04 July 2019

Advertising tech company’s bankruptcy gets Chapter 15 recognition

Ernst & Young has obtained Chapter 15 protection for a Toronto-based advertising technology company, which it said was hit by Facebook’s deletion of over a billion fake accounts.

21 June 2019

M&G’s Mexican arms file Chapter 15 petitions in New York

Two Mexican subsidiaries of Italian plastic manufacturer Mossi & Ghisolfi have filed for Chapter 15 protection in New York after their proposed foreign representative accused a US corporation of “ignoring” a Mexican injunction order.

23 April 2019

Get unlimited access to all Global Restructuring Review content