Regional news: Luxembourg

Intelsat kicks off contested Ch11 hearing

Global satellite group Intelsat said it has reached settlements with all objecting creditors and shareholders apart from one group of convertible noteholders, which claims advisers that signed off on its amended Chapter 11 plan were conflicted.

06 December 2021

Swissport administration comes to an end

The administrators of Swissport’s Luxembourg-incorporated former parent have secured discharge orders from the High Court in London, despite there being no process available for them to dissolve the company in its home jurisdiction.

29 November 2021

Intelsat shareholder group fails to secure examiner

Global satellite group Intelsat has seen off a shareholder group’s attempt to appoint an examiner to investigate potential mismanagement claims ahead of a confirmation hearing on its Chapter 11 plan.

30 September 2021

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

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