Scheme of arrangement

Creditors approve KrisEnergy’s Singapore scheme

Cayman-incorporated oil and gas group KrisEnergy has secured creditor support for its Singaporean scheme of arrangement as part of a restructuring of its US$477 million debt pile.

19 January 2021

First Dutch scheme decision issued in The Hague

In what is believed to be the first decision relating to the new Dutch scheme, the Court of The Hague has ordered a two-month moratorium on creditor actions against an anonymised retail company.

15 January 2021

Lehman administrators seek directions on “continuing” events of default under ISDA

The administrators of Lehman Brothers’ European arm have sought directions on when events of default cease to continue under the International Swaps and Derivatives Association’s Master Agreement, in circumstances where two aerospace manufacturers have been using them to avoid paying out on interest rate swaps for over a decade.

15 January 2021

Petra Diamonds’ English scheme sanctioned after foreign recognition assured

A subsidiary of Bermuda-incorporated, Jersey-headquartered miner Petra Diamonds has had its English scheme sanctioned, with the judge assuming it could be recognised in the EU since the proceedings were commenced before the UK’s Brexit transition period closed.

12 January 2021

Chapter 15: Hertz seeks US recognition, as drain tech co secures stay

Car rental group Hertz has sought US recognition of an English scheme of arrangement with help from Richards Layton & Finger and White & Case; while the UK administrators of a drainage technology company have secured an emergency stay on US litigation.

07 January 2021

Hard Brexit for UK insolvencies

After over four years of negotiations, the UK and the European Union last week signed a trade agreement to help govern their future relationship – but lawyers have voiced concerns about the complete absence of insolvency cooperation provisions.

06 January 2021

Stephenson Harwood restructuring chair set to join Faegre Drinker in London

Faegre Drinker Biddle & Reath is continuing its rapid growth with the hire of Stephenson Harwood’s head of restructuring Sue Moore.

05 January 2021

Creditors block global oil group’s Singapore scheme

A global oil group has failed to secure creditor approval for a scheme of arrangement in Singapore, which would have helped it restructure over US$200 million of debt.

05 January 2021

Ashurst advising as Norwegian oil services group secures scheme meeting

The holding company for a Norwegian seismic imaging group has secured a single meeting for some of its creditors to vote on an English scheme restructuring US$872 million of debt.

21 December 2020

Swissport enters pre-pack administration as English court accepts COMI shift

AlixPartners directors have been appointed as administrators of Swissport’s Luxembourg-incorporated parent company, after the High Court in London accepted it had shifted its centre of main interests to England and Wales.

18 December 2020

Get unlimited access to all Global Restructuring Review content