Scheme of arrangement

Latham hires from Linklaters again

Following its hire of Bruce Bell in London, Latham & Watkins is adding a second Linklaters partner in as many months, this time in Madrid.

13 April 2021

Argentine power provider enters Chapter 11

Power plant operator Stoneway Capital Corporation has applied for Chapter 11 protection in the US and is likely to abandon its Canadian restructuring, after environmental claims filed against it in Argentina prevented the extension of a standstill agreement with creditors.

08 April 2021

ABLI & INSOL: Is Singapore a good alternative for Indonesian companies?

Lawyers from Singapore and Indonesia compared the pros and cons of their jurisdictions for international restructurings featuring Indonesian companies, at a webinar organised by the Asian Business Law Institute and INSOL International.

30 March 2021

Norwegian Air schemes approved in Ireland

An Irish court has sanctioned schemes of arrangement for Norwegian Air, paving the way for the airline to exit examinership as it awaits a creditor vote on its restructuring in Norway.

29 March 2021

Luckin Coffee wins New York recognition but objections remain

China’s Luckin Coffee has secured US recognition of its Cayman liquidation – but a New York court has asked for more information before it decides the scope of further Chapter 15 relief, in light of objections lodged over a stay on claims against non-debtor parties.

24 March 2021

Spanish construction group wins English scheme meeting citing Gibbs

The Spain-incorporated holding company for an international construction and engineering group has secured a scheme meeting in London after failing to make €15.1 million of coupon payments on two sets of notes earlier this week.

18 March 2021

New Look CVA trial opens with focus on differential treatment

New Look’s “ambitious” company voluntary arrangement seeks to adjust landlords’ rights on a permanent basis and is not a “normal” retail CVA, counsel to landlords of the fashion chain have told a court as they opened a six-day trial with points on differential treatment and fairness.

17 March 2021

Norwegian Air files plans in Dublin and Oslo, seeks US recognition

Oslo-listed Norwegian Air and one of its Irish subsidiaries are seeking Chapter 15 protection for their US assets while the group's creditors are set to vote on restructuring plans filed in Dublin and Oslo last week.

15 March 2021

Impact of the recent Gategroup decision on aviation restructurings

Allen & Overy partner Jennifer Marshall and associate Harini Viswanathan consider what the Gategroup convening judgment that found UK restructuring plans to be an “insolvency proceeding” for the purposes of the Lugano Convention means for the aviation sector – especially creditors with registered interests under the Cape Town Convention.

12 March 2021

Dutch scheme approved despite “forgotten” creditor missing plan vote

In another first for the new Dutch scheme, a court has approved a farm operator’s restructuring even though an unsecured creditor was mistakenly left out of the vote and there were indications that the creditor class divisions were incorrect.

11 March 2021

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