Regional news: Netherlands
US and Dutch courts approve HEMA’s English scheme restructuring
Low price homeware retailer HEMA’s restructuring through English, US and Dutch courts is a “perfect example” of how European brands with complex capital structures can restructure with minimal fallout, lawyers working on the case have told GRR – but it may be the last scheme of its kind.
17 September 2020
Hema scheme approved in England
The High Court in London has sanctioned Dutch retailer Hema’s English scheme of arrangement, allowing it to restructure €600 million of senior secured notes as part of a comprehensive, multi-jurisdictional financial restructuring.
24 August 2020
Hema seeks US recognition after creditors back UK scheme
Dutch retailer Hema has asked a New York court to recognise its UK scheme of arrangement, hours after a majority of scheme creditors voted to approve it.
21 August 2020
“Good forum shopping”: English court sanctions Flint Group schemes
An English court has sanctioned schemes for seven international subsidiaries of Luxembourg-headquartered Flint Group, finding a change of governing law in their debt agreements gave the companies sufficient connection to England.
30 July 2020
Brown Rudnick attorney negligence claim to go ahead in New York
The litigation trustee for bankrupt Dutch petrochemicals group LyondellBasell may pursue negligence claims against Brown Rudnick for the loss of a preference claim, a New York court has ruled.
30 July 2020
English court grants Dutch Hema single class scheme meeting
An English court has let Dutch retailer Hema hold a creditors’ vote on the English scheme that is key to its planned multi-jurisdictional restructuring in the UK, the US and the Netherlands.
29 July 2020
Dutch Hema plots €600 million debt for equity scheme in England
De Brauw Blackstone Westbroek and Slaughter and May are leading Dutch retailer Hema in a restructuring running through UK, US and Dutch courts, after the retailer converted its New York law-governed notes to English law via a trust deed to make use of a scheme.
20 July 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
Four more of Nortel’s EMEA arms set to end administrations
The joint administrators of Nortel Network entities in Slovakia, Austria, Germany and the Netherlands are set to end their decade-long administrations after securing termination and discharge orders in the High Court of England and Wales.
22 April 2020
Lebara completes restructuring
Six months after bondholders took control of the company through a “ground-breaking” coercive share pledge enforcement, UK telecoms group Lebara has completed its capital restructuring.
16 January 2020