Regional news: Netherlands
Netherlands' highest court clarifies bankruptcy’s effect on contracts
The Netherlands’ Supreme Court has revised its earlier jurisprudence on how bankruptcy proceedings affect contractual obligations, saying only claims “already inherent” in a creditor’s legal position at the time of bankruptcy can go ahead.
17 April 2018
Brazilian court approves Oi restructuring plan
The Rio de Janeiro court supervising the high-profile restructuring of Brazilian telecoms group Oi has approved a US$20 billion restructuring plan that was agreed by creditors last month.
09 January 2018
US court declines to recognise Chapter 15 case lodged by Oi Dutch affiliate
A New York bankruptcy court has declined to recognise Dutch insolvency proceedings launched by an affiliate of Brazilian telecoms company Oi, accusing Aurelius Capital Management, one of the group’s major creditors, of weaponising the Chapter 15 process to attack Oi’s Brazilian restructuring plan.
06 December 2017
Trustee of Oi's Dutch arm takes battle with Brazilian parent to New York
The trustee of the Dutch arm of Brazilian telecoms group Oi has filed for Chapter 15 protection in a New York Court, seeking recognition of his authority to act for the subsidiary - and to reject the restructuring plan that Oi is attempting to pass in Brazil.
12 July 2017
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