Regional news: Netherlands
First Dutch schemes sanctioned
A Netherlands-based events production company has secured the first order sanctioning Dutch schemes of arrangement, in a decision hailed as a “step-by-step” guide to approval.
22 February 2021
Centerbridge withdraws Dutch proceedings after reaching Steinhoff agreement
A US investor linked to Centerbridge Partners has agreed to withdraw its application to appoint a Dutch restructuring expert over South African conglomerate Steinhoff, while the group’s former auditor Deloitte has pledged €70 million to support a global settlement of litigation claims.
15 February 2021
Steinhoff scheme sanctioned
South African conglomerate Steinhoff has secured sanction of its latest English scheme after the High Court dismissed objections made by a US fund linked to distressed investor Centerbridge Partners.
05 February 2021
DeepOcean cross-class cram-down reasons published
The High Court in London has issued its reasons for applying the UK’s cross-class cram-down mechanism for the first time earlier this month, with local lawyers describing the decision as a “game-changer”.
28 January 2021
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