Topic: Ad hoc committee
Samarco plan sanction ends years of "high-stakes" negotiations
Eight years since its fatal dam accident in the Brazilian state of Minas Gerais, a local court has approved a reorganisation plan for miner Samarco that was supported by a majority of its creditors and shareholders.
06 September 2023
Singapore court recognises Genesis subsidiary as foreign rep; creditors mount objections in the US
A wholly-owned subsidiary of cryptocurrency lender Genesis has obtained recognition as the lender’s foreign representative in Singapore under the UNCITRAL Model Law, as creditors mount objections to a recently-published restructuring agreement-in-principle in the US.
04 September 2023
Haya achieves second scheme sanction in England
A subsidiary of Spanish distressed real estate loans manager Haya Holdco has obtained sanction of its second English scheme of arrangement in as many years, allowing it to distribute the €136 million proceeds of sale of its main operating subsidiary to secured noteholders.
29 August 2023
Yuzhou Group proposal drafted by Linklaters and Alvarez faces early opposition
Chinese property developer Yuzhou Group Holdings has announced a restructuring proposal devised by Linklaters and Alvarez & Marsal through which it hopes to target a US$5.5 billion offshore debt pile – but it already faces opposition from an ad hoc group of senior bondholders.
07 August 2023
Gibson Dunn hires O’Melveny & Myers’ US co-head
O’Melveny & Myers’ former US restructuring co-chair has joined Gibson Dunn & Crutcher in New York, just over a month after O’Melveny recruited one of Gibson Dunn’s partners in London.
31 May 2023
Milbank and Weil advise as Frigoglass completes second restructuring
Greek glass and refrigeration group Frigoglass has completed its second restructuring in six years with a deal that will see noteholders take majority control of the group.
03 May 2023
German manufacturer secures English restructuring plan meetings
A mid-sized German manufacturer has cleared the first hurdle in its bid to restructure its English law-governed debt after the High Court in London allowed it to convene creditor meetings.
26 April 2023
Adler’s English plan sanctioned, noteholders to appeal
German real estate group Adler has secured sanction of its English restructuring plan – but a dissenting ad hoc group of 2029 noteholders that was crammed down via the so-called “liquidation plan” has already indicated it will appeal.
12 April 2023
Adler plan sanction decision expected next week
The judge hearing German real estate group Adler’s restructuring plan is expected to hand down his decision without reasons next week, after a three-day sanction hearing in the English High Court ended with points of contention surrounding the plan’s fairness and whether creditors will receive a full return.
06 April 2023
Ad hoc group challenges alleged “liquidation plan” as Adler sanction hearing opens
Noteholders objecting to German real estate group Adler’s UK restructuring plan argued that Adler is pursuing a “liquidation plan” rather than seeking to save the business as a going concern, on day one of a much-anticipated sanction hearing that is expected to raise novel jurisdictional questions.
03 April 2023