Regional news: United Kingdom

Promotion roundup: Weil, Simpson Thacher, Cleary, White & Case and Interpath

Weil’s Houston office is gaining a new restructuring partner, Simpson Thacher is promoting in London, and Cleary is elevating a senior attorney in New York, as White & Case names four new partners across the US and Europe for 2024, and Interpath promotes two new directors.

28 November 2023

GenesisCare Chapter 11 plan confirmed in Texas

Global cancer care and radiotherapy specialist GenesisCare has secured confirmation of a Chapter 11 plan in Texas to shave off US$1.7 billion from its US$2 billion debt pile.

27 November 2023

Global paper manufacturer Lecta secures second scheme sanction

Barcelona-headquartered paper maker Lecta has won sanction of its second English scheme of arrangement in three years, after receiving overwhelming creditor support at voting.

24 November 2023

McDermott sanction hearing was adjourned over procedural fairness

An English judge has outlined the circumstances in which a court will be willing to adjourn a contested restructuring plan, in a previously unpublished decision postponing oil and gas group McDermott International’s plan sanction hearing to February.

24 November 2023

Security group wins English scheme with amendments for sanctioned entity

A UK security group has won sanction of a scheme of arrangement that had unanimous support from creditors, after a court allowed it to include a provision protecting a Luxembourg subsidiary of Russia’s Gazprombank from any targeted abusive voting against it.

23 November 2023

Russian trustee goes after London properties in the UK Supreme Court

The Russian bankruptcy trustee of former Vneshprombank owner Georgy Bedzhamov has spent the last two days trying to persuade the UK Supreme Court that her recognition under common law gives the English courts jurisdiction to assist her in realising his immovable property in London.

22 November 2023

Call failed: Phones 4U administrators’ antitrust claims rejected

The administrators of defunct mobile retailer Phones 4U have failed to persuade a UK court that network operators Vodafone, O2 and EE illegally colluded to force it into insolvency in 2014.

17 November 2023

Atento wins sanction of English restructuring plans

New York-listed business process outsourcing group Atento has secured sanction of a pair of English restructuring plans after receiving almost unanimous support from its creditors.

17 November 2023

German IT services group secures single class English scheme meeting

A German data centre operator has been allowed to convene a single class of creditors to vote on an English scheme of arrangement that will compromise two loan facilities totalling €265 million that are due to mature in August 2024.

15 November 2023

Valuation in restructuring contexts and the impact of ESG

Senior managing director Alexis Anaman and managing director Jonathan Dyer at FTI Consulting in London give a brief overview of the considerations for valuing businesses in distress, assess how valuation has been treated in real-life restructuring situations, and point to the emerging focus of ESG considerations in the valuation process.

15 November 2023

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