Regional news: Netherlands
Centerbridge-linked investor urges English court to reject Steinhoff scheme
The terms of a global settlement of litigation claims against Steinhoff are “manifestly unfair”, according to a US investor that has urged the High Court in London not to sanction the South African conglomerate’s latest scheme.
27 January 2021
Brown Rudnick settles Lyondell trustee’s malpractice suit
Brown Rudnick has reached a settlement in principle with the litigation trust of bankrupt Dutch petrochemicals group LyondellBasell, which accused the firm of malpractice in failing to claw back US$300 million from Ukrainian-born billionaire Leonard Blavatnik.
27 January 2021
Steinhoff seeks UK scheme sanction as US investor files rival Dutch action
On the first day of a sanction hearing for Steinhoff’s latest English scheme it has emerged that an opposing party affiliated with distressed investor Centerbridge Partners has filed rival proceedings under the new Dutch WHOA process.
26 January 2021
Restructuring expert appointed in new first for Dutch scheme
Marking another first for the new Dutch scheme, a restructuring expert has been appointed over two struggling companies by a court in the Northern Netherlands.
21 January 2021
First Dutch scheme decision issued in The Hague
In what is believed to be the first decision relating to the new Dutch scheme, the Court of The Hague has ordered a two-month moratorium on creditor actions against an anonymised retail company.
15 January 2021
UK’s cross-class cram-down applied for first time
The cross-class cram-down mechanism introduced in the UK last year has been applied for the first time, after the English High Court sanctioned three restructuring plans for Dutch subsea services provider DeepOcean Group.
13 January 2021
Community roundup: IWIRC gets its first Hispanic chair amid new year hires and promotions
The International Women’s Insolvency and Restructuring Confederation will have its first Hispanic chair come 1 January, as a Dutch firm hires from Loyens & Loeff, and Vinson & Elkins and Cooley promote in New York.
16 December 2020
Dutch subsea services provider wins UK restructuring plan meetings
Netherlands-registered subsea services provider DeepOcean Group has secured meetings for four classes of creditors to vote on its UK restructuring plans, which could lead to the first cross-class cram down challenge at a sanction hearing next month.
15 December 2020
Restructuring and Insolvency in the Netherlands
Featured in Europe, Middle East and Africa Restructuring Review 2020
15 December 2020
Centerbridge-linked funds set to challenge Steinhoff’s UK scheme
South African retail conglomerate Steinhoff has won court approval to convene two meetings for creditors to vote on its latest English scheme of arrangement – but funds controlled by distressed investor Centerbridge Partners are preparing to oppose it.
26 November 2020