Regional news: Netherlands

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

Stephenson Harwood adds partner in London

Bryan Cave Leighton Paisner partner Ian Benjamin has moved to Stephenson Harwood in London.

03 November 2020

KLM asks Dutch government to green-light restructuring plan

With help from Allen & Overy, the Dutch arm of airline group Air France-KLM has submitted a restructuring plan to the Netherlands Ministry of Finance in the hope of securing a rescue package worth €3.4 billion.

05 October 2020

Selecta to poll creditors and file Chapter 15 for English scheme

Switzerland-headquartered vending machine operator Selecta will hold a creditor vote on its English scheme of arrangement and seek recognition of it in the US, after winning permission to do so from a London court today.

02 October 2020

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

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