Topic: Ad hoc committee
Evergrande finally unveils restructuring plan with support from ad-hoc group
Chinese real estate behemoth Evergrande has unveiled a long-awaited restructuring plan targeting offshore notes worth around US$19 billion, which has secured the support of an ad hoc group of creditors advised by Harneys and Kirkland & Ellis.
23 March 2023
Evergrande reaches deal with offshore bondholders
The Hong Kong High Court has adjourned a winding up petition against Chinese real estate giant Evergrande for the third time, after the group revealed it has reached a restructuring deal with its offshore bondholders.
20 March 2023
Galapagos declaratory trial kicks off in London
A two-week trial is under way in London to consider the validity of the Galapagos group’s heavily contested 2019 restructuring, which left its private equity shareholder in place and high yield noteholders with nothing – and a German insolvency administrator has already asked the court not to make any findings of fact because they could result in inconsistent rulings across Europe.
10 March 2023
Adler noteholder lodges Frankfurt suit challenging note issuer substitution
A noteholder of German real estate group Adler has lodged a complaint in a Frankfurt regional court, challenging the group’s substitution of an English subsidiary as note issuer to pursue an English restructuring plan.
09 March 2023
Adler convening judgment sheds light on cross-border, cross-class questions left to sanction stage
Mr Justice Mann has issued his reasons for deciding to let German real estate group Adler convene six UK plan meetings while postponing certain key issues to the sanction stage – including a point about “artificiality” of voting classes that the judge confessed he did not really understand.
27 February 2023
Adler secures UK plan meetings for six creditor classes
German real estate group Adler has persuaded an English judge to let it hold plan meetings for six creditor classes next month, leaving complaints over the substitution of the notes’ issuer for a UK subsidiary to the sanction stage – but a bondholder has already stated it will “imminently” pursue similar complaints in a German court.
24 February 2023
Adler ad hoc noteholder group proposes alternative restructuring
UPDATED: A noteholder group that blocked a consensual agreement that would have seen German real estate group Adler receive US$1 billion in fresh funding has published an alternative to the company’s English restructuring plan, which it claims would provide the group with more stability.
31 January 2023
Weil and Gibson Dunn advising as Serta Simmons files Ch11
North American bedding group Serta Simmons has sought bankruptcy protection in Texas, automatically staying a claim brought against it in New York last year by lenders who claim they were robbed of their rights during a refinancing in 2020.
25 January 2023
FTX and Bahamas securities regulator spar over crypto asset seizures
The Bahamas securities regulator and the team overseeing bankrupt cryptocurrency platform FTX’s Chapter 11 proceedings are fighting over a US$3.5 billion valuation of digital assets seized after the group entered provisional liquidation – the latest wrangle in a fraught relationship between the proceedings in the two jurisdictions.
03 January 2023
Adler changes restructuring plans as bondholders block proposals
An ad hoc group of bondholders has voted against proposed changes to the terms of their notes in German real estate group Adler’s US$1 billion restructuring, but sources tell GRR the company plans to move forward with a risky alternative implementation process.
20 December 2022