Regional news: United Kingdom

Creditors’ committee fails to reimpose automatic stay in Eletson Chapter 11

A committee of unsecured creditors in Greek shipping group Eletson’s Chapter 11 restructuring has failed to reinstate an automatic stay against the debtor, which was lifted last year to allow it to pursue an arbitration.

10 January 2024

Freshfields, Milbank and Houlihan advising on German telecom group’s English scheme

UPDATED: German telecommunications group Tele Columbus is gearing up for a hearing next week where it will ask an English court to allow it to convene a meeting for creditors to vote on a scheme through which it plans to extend its debt maturities and secure a new equity contribution.

09 January 2024

Global medical group agrees UK administration sale, faces Cayman liquidation

Four days after UK subsidiaries of Nasdaq-listed medical group LumiraDx entered administration in England and agreed to sell their assets to Swiss drugmaker Roche, creditor BioPharma Credit has filed winding up proceedings against the group's Cayman holding company.

08 January 2024

Moldovan group completes BVI scheme to fund enforcement actions against Kazakhstan

A Moldovan oil group has closed a contested British Virgin Islands scheme and obtained Chapter 15 recognition in a restructuring designed to help it fund enforcement of an arbitral award it won against Kazakhstan over a decade ago.

08 January 2024

New hires for Lazard, FTS Recovery, KPMG, FRP, Opus and Interpath

Lazard has brought in a new sovereign debt expert in Paris and two new managing directors in New York; UK insolvency practitioners’ firm FTS Recovery has a new head for its London office; and KPMG’s Montreal office has recruited a new senior manager; while Opus, FRP and Interpath have all made hires in Manchester.

05 January 2024

Freshfields advises Sharjah’s Invest Bank on capital restructuring

UAE-owned bank Invest Bank tapped Freshfields for a restructuring completed at the tail end of last year, which included a first-of-its-kind guarantee from the Sharjah government for a loan and asset portfolio.

04 January 2024

NMC-related litigations head for joint trial in ADGM

Separate, multibillion-dollar claims brought by the Abu Dhabi Commercial Bank and NMC group’s administrators against its former CFO are headed for a joint trial, following a pair of decisions from a court in Abu Dhabi’s financial freezone that show the extent of multijurisdictional litigation arising from the healthcare provider’s collapse.

02 January 2024

Endo files Chapter 11 plan, seeks to pursue ancillary Irish scheme

Troubled pharmaceuticals group Endo has submitted a Chapter 11 plan that envisages first lien debtholders acquiring the company, and has asked the New York bankruptcy court to let it to enter a deed of indemnity and contribution so it can pursue a parallel Irish scheme as a guarantor.

21 December 2023

UK’s highest court rejects Saad liquidators’ share clawback claim

The liquidators of Cayman fund Saad Investments will not be able to claw back more than US$300 million in shares transferred to a Saudi bank, after the UK Supreme Court found the fund’s equitable proprietary interest in the shares had been extinguished, which precluded it from making a “knowing receipt” claim.

20 December 2023

Greenberg Traurig continues expansion drive

Greenberg Traurig has hired US firm Seward & Kissel’s former global bank and institutional finance and restructuring head and two of the firm’s partners – a team that recently represented the indenture trustee for certain senior secured notes in the Chapter 11 proceedings of pharmaceuticals company Endo International.

20 December 2023

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