Regional news: Netherlands
Lawyers react to “confused” European court judgment on Dutch pre-packs
Lawyers have criticised a recent Court of Justice of European Union decision that spells trouble for new Dutch legislation on pre-pack restructurings, telling GRR that the court’s interpretation of insolvency law is “flawed”.
29 June 2017
Dutch court denies recognition of “unlawful” Yukos Oil bankruptcy
After a decade in question, an Amsterdam appeals court has denied recognition of the insolvency proceedings of what was once Russia’s biggest oil producer, Yukos, finding that actions of the Russian government drove it into bankruptcy unlawfully.
12 May 2017
New York court throws out allegations against ex-Lyondell directors
After nearly 10 years of litigation, a New York court has thrown out fraudulent conveyance and breach of fiduciary duty allegations linked to the collapse of US-Luxembourg petrochemicals group LyondellBasell.
25 April 2017
Ukraine’s DTEK agrees deal with banks to finalise double English scheme restructuring
Ukrainian coal miner DTEK has reached an agreement with bank creditors to complement two English schemes of arrangement already approved by bondholders, allowing it to emerge from one of the region’s largest and most complex restructurings.
07 April 2017
ECJ Advocate General says employee protections apply to pre-pack sales
In the European Court of Justice’s first examination of the issue, an Advocate General of the court has said that the exceptions to certain employee protections afforded to companies in insolvency proceedings under EU law, do not extend to pre-pack insolvency sales.
03 April 2017
Isolux contractors demand clarification of Chapter 15 stay
US contractors to insolvent Spanish engineering group Isolux Corsán have asked a New York court to clarify the terms of a Chapter 15 stay, arguing that its terms are broader than the stay imposed in the company’s foreign main proceedings in Madrid.
16 March 2017
Fieldfisher opens in Amsterdam with insolvency partner hires
European law firm Fieldfisher has launched a new office in Amsterdam with five partners from Dutch firm Kennedy Van der Laan.
24 February 2017
Oi avoids official bankruptcy in Netherlands, shareholders reject plan proposals
Judges in the Netherlands have refused to convert preliminary insolvency proceedings for local affiliates of Brazilian telecoms company Oi into bankruptcy cases, while the company’s major shareholder has vowed to shun all alternative restructuring plans put forward by bondholders and third party investors in Brazil.
07 February 2017
UK court allows creditors' meetings for third Metinvest scheme
Ukranian steelmaker Metinvest has secured permission from an English court to host a creditor vote on what is its third scheme of arrangement for the implementation of a restructuring plan – and has made a parallel US Chapter 15 filing to protect its US assets while the final hurdles are cleared.
18 January 2017
Oi files bankruptcy proceedings in the Netherlands
The Dutch administrators of Brazilian telecoms company Oi have filed bankruptcy proceedings for the group's local arms in an Amsterdam court, as rifts between bondholders and intervention from government authorities delay its Brazilian judicial reorganisation.
07 December 2016