Regional news: United Kingdom

Paul Hastings hires European restructuring co-head in London

A managing director at global investment firm KKR is set to join Paul Hastings as the co-head of its European restructuring group, according to a source with knowledge of the move.

03 November 2023

“Good news” for administrators as UK Supreme Court decides they aren’t officers

An administrator is not an “officer” of a company and cannot be held criminally liable for making employees redundant without proper notice, the UK Supreme Court has clarified, in a decision that insolvency practitioners have described as “noteworthy” and reassuring.

03 November 2023

Barcelona-headquartered Lecta secures English scheme meeting

Global paper manufacturer Lecta has obtained permission to hold a single meeting for creditors to vote on its second English scheme of arrangement in three years, which is part of a wider group refinancing.

02 November 2023

Another German real estate group secures English plan meetings after COMI shift

UPDATED: An English High Court judge has convened three creditor meetings for a Part 26A restructuring plan for German real estate group Aggregate, but warned practitioners they need to give creditors proper notice and to stop pushing issues to sanction.

01 November 2023

Haynes Boone grows London insolvency offering

Texan-headquartered firm Haynes Boone has hired its first restructuring and insolvency partner in the UK, from London firm Kingsley Napley.

31 October 2023

Softbank deems Credit Suisse claim “incomprehensible” as sparring sides thrash out disclosure issues

Six entities in Japan’s Softbank group have described a claim brought by Credit Suisse against them over the restructuring of a former Greensill client as “hopeless” and “incomprehensible” as the two sides met before an English judge ahead of a trial expected to take place in March 2025.

30 October 2023

White & Case and Weil advising as Zambia strikes debt deal

The government of Zambia has reached an in-principle agreement with holders of its Eurobonds, who have agreed to take a US$700 million haircut on almost US$4 billion of claims.

27 October 2023

Part 26A hits the Court of Appeal as Adler noteholders vie to bin plan

The UK’s Part 26A restructuring mechanism has made its first foray into the English Court of Appeal, as bondholders of the German property developer Adler argued this week that a judge wrongly exercised his discretion to cram them down in April.

26 October 2023

ABI, New York: "we need a US equivalent to the scheme"

Former New York bankruptcy judge Allan Gropper has called for the US to adopt an English-style scheme of arrangement in comments made during the American Bankruptcy Institute’s cross-border insolvency program in New York.

25 October 2023

GÖRG advising as sports e-commerce group signals collapse

Cycling and tennis arms of a global sports e-commerce group ultimately owned by Austrian retail and real estate holding company Signa have entered insolvency in Germany as their parent indicated more filings are to come.

25 October 2023

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