Regional news: Luxembourg

Intelsat re-submits plan after mediation, but challenges persist

After a multi-party mediation lasting four months, the world’s biggest satellite company Intelsat has submitted an amended Chapter 11 plan and disclosure statement before a Virginia bankruptcy court – but the group admits the plan is still at risk, including from litigation by disgruntled creditors.

25 August 2021

ArcelorMittal sues Essar over “fraudulent conveyance”

Luxembourg-headquartered steel producer ArcelorMittal is suing Indian conglomerate Essar Group in New York, accusing it of thwarting a US$1.4 billion arbitral award by causing a Mauritian subsidiary’s insolvency.

20 August 2021

Baccarat investors’ bankruptcy trustees seek recognition in the UK

The Hong Kong bankruptcy trustees of a Chinese mother and daughter who made a doomed investment in the luxury French crystal brand Baccarat, have sought recognition in the UK to claw back local assets including a property in London.

23 July 2021

A&O advises on controlled Dutch scheme liquidation

The former holding company of international outdoor clothing group AS Adventure has been liquidated after securing a cooling-off period under Dutch scheme proceedings, which allowed it to formulate a liquidation plan while the rest of the group was sold through a share pledge enforcement.

15 July 2021

Community round-up: partners move firms across Europe and the US

Advisory firm Alvarez & Marsal has hired a new leader for its Italian restructuring group, while law firms K&L Gates, MÖNIG and Eversheds Sutherland have added partners across Europe, and US firms CohnReznick and Fox Rothschild have bolstered their practices on the East Coast.

09 July 2021

Hogan Lovells leads on €4.5 billion restructuring of French hotel operator

A long list of law and advisory firms have helped international hotel operator AccorInvest Group secure additional financing and complete a multi-jurisdictional restructuring of its €4.5 billion debt pile.

07 April 2021

Gategroup plan sanction reasons handed down

Mr Justice Zacaroli has issued his reasons for sanctioning gategroup’s UK restructuring plan, in the face of an “artificial” forum shopping structure and questions over whether English law could vary rights between non-assenting creditors and foreign third parties.

31 March 2021

English court sanctions gategroup restructuring plan

Swiss airlines services provider gategroup has secured sanction of its UK restructuring plan after adding an additional provision to help ensure it is effective in Switzerland.

26 March 2021

Saudi-owned African telecoms group seals UK plan meetings

A pan-African telecoms group that shifted its COMI from Mauritius to England in January has filed restructuring plan proceedings in London to secure new money to tide it over while it completes a sales process.

19 February 2021

Lugano bankruptcy exclusion applies to UK restructuring plans, English court rules

One avenue for recognition of some English restructurings in Europe may have been lost after the High Court ruled that the UK’s new restructuring plan is an insolvency proceeding for the purposes of the Lugano Convention’s bankruptcy exclusion.

17 February 2021

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