Regional news: United Kingdom

Kirkland and Latham act on Swiss vending machine operator’s English scheme

Swiss snack machine operator Selecta is set to launch an English scheme of arrangement to restructure its New York law-governed notes, with Kirkland & Ellis guiding the company and Latham & Watkins advising noteholders.

18 September 2020

British reinsurer seeks US recognition of EY administrators

The English administrators of UK reinsurer CX Re have applied for Chapter 15 recognition to stay litigation brought against it by Maryland landlords caught up in lead paint exposure claims.

18 September 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

Radcliffe adds new silk in London

London-based Radcliffe Chambers has reinforced its litigation and appellate practice with the arrival of barrister David Mohyuddin QC.

17 September 2020

Landlords materially supported New Look CVA, GRR hears

A majority of landlords by value voted in favour of UK retailer New Look’s company voluntary arrangement, GRR has learned, after reports that some would oppose the deal imposing turn-over rents on a big scale.

16 September 2020

Covid-19 calls: Goodwin partner Simon Thomas in London

Featured in Covid-19 calls

Simon Thomas, a partner at Goodwin’s financial restructuring practice in London, compares the current covid-19 related crisis to the global financial crisis, and discusses the legacies it will leave behind: from debt and high taxation, to fraud, and innovation.

15 September 2020

Members should decide on liquidated group’s restoration, English appeal court rules

In the first reported case of minority shareholders restoring a company to investigate an earlier members’ voluntary liquidation, an English appeal court has found that the members of a group of venture capital trusts must collectively decide whether its restoration should stand.

15 September 2020

Codere seeks US recognition of English scheme compromising New York debt

Spain's Codere has requested Chapter 15 recognition of an English scheme for the second time in five years, looking to use the British tool to restructure New York law-governed notes once again.

15 September 2020

Spanish gamer to hold single-class scheme meeting despite fees dispute

An English court has allowed COMI-shifting Spanish gaming company Codere to convene a single creditors’ vote on its scheme of arrangement, rejecting arguments that a group of noteholders would receive benefits that fracture the creditor class.

14 September 2020

A balancing Act: the UK’s new corporate insolvency and governance law

When the clock struck midnight on 25 June, the UK’s restructuring and insolvency regime suddenly looked a lot friendlier for debtors, both temporarily pending the coronavirus’ havoc on the UK economy, and permanently. But does the new legislation rushed through parliament in under a month provide a serious contender to Chapter 11’s crown, or does it merely bring the UK up-to-date with the 1970s as one practitioner suggested?

11 September 2020

Get unlimited access to all Global Restructuring Review content