Regional news: Netherlands
McDermott sanction hearing was adjourned over procedural fairness
An English judge has outlined the circumstances in which a court will be willing to adjourn a contested restructuring plan, in a previously unpublished decision postponing oil and gas group McDermott International’s plan sanction hearing to February.
24 November 2023
McDermott faces creditor challenges in UK, US and Dutch proceedings
UPDATED: Oil and gas group McDermott International has manage to preserve a Dutch court decision that found its centre of main interest is in the Netherlands, against increasing opposition from a Colombian oil refinery that has successfully delayed the sanction hearing for its English restructuring plan and sought relief from its Chapter 15 stay.
13 November 2023
Europe column: The Dutch WHOA as a successful tool in international restructurings
Bob Wessels, professor emeritus of international insolvency law at Leiden University and expert counsel on restructuring and insolvency to the European Commission, examines the Dutch leg of cash machine manufacturer Diebold Nixdorf’s Chapter 11 proceeding after two key decisions were finally published last month.
06 November 2023
GÖRG advising as sports e-commerce group signals collapse
Cycling and tennis arms of a global sports e-commerce group ultimately owned by Austrian retail and real estate holding company Signa have entered insolvency in Germany as their parent indicated more filings are to come.
25 October 2023
Dutch insurer’s bankruptcy trustees seek award enforcement in the US
The trustees of a bankrupt Dutch insurer have asked a federal court in North Carolina to enforce a Dutch arbitral award ordering its US-based former owner to pay €150 million.
24 October 2023
US courts recognise Canadian and Dutch proceedings
Texas Judge David Jones granted Chapter 15 recognition of energy drink manufacturer BioSteel Sports Nutrition’s Canadian bankruptcy proceedings last week, days before he resigned amid a new ethics enquiry; and a New York court has recognised e-bike manufacturer VanMoof’s Dutch proceedings.
16 October 2023
Europe Column: are the shares of a Sovereign Wealth Fund immune from execution?
Bob Wessels discusses a very recent case in which the Netherlands Supreme Court applied the 2004 UN Convention on Jurisdictional Immunities of States and Their Property to a claim brought by creditors against a state-owned wealth fund.
10 October 2023
McDermott International secures English plan meetings amid opposition
UPDATED: Creditors of Houston-headquartered oil and gas engineering group McDermott International have been allowed to challenge its subsidiary’s English restructuring plan at a three-day trial in December, after a judge at the High Court found they’d “had little time to digest” evidence before the convening hearing.
29 September 2023
Heads-up: Allen & Overy’s Katrina Buckley in London and Sigrid Jansen in Amsterdam
Featured in Heads-Up
The co-heads of Allen & Overy’s global restructuring practice, Katrina Buckley in London and Sigrid Jansen in Amsterdam, discuss the need for a workable stay to support the UK’s Part 26A plan, and how new restructuring procedures across Europe have decreased holdout creditors’ power.
21 September 2023
McDermott International to file parallel UK-Dutch restructurings with Ch15 in US
Three years since Houston-headquartered oil and gas engineering group McDermott International exited a pre-packaged Chapter 11, it has entered an agreement with creditors and bank lenders that will see its UK subsidiary launch an English restructuring plan and two Netherlands entities pursue WHOA proceedings.
11 September 2023