Topic: Ad hoc committee
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
White & Case advising as Adler Group enters lock-up with bondholders
German real estate group Adler has reached an agreement with its bondholders to extend maturities on notes that were due in July next year and secure almost €1 billion of new financing, after it was rocked by fraud allegations last year.
30 November 2022
Simpson Thacher and Baker Botts advising as TPC Group files Ch11
Houston-headquartered petrochemical corporation TPC Group has filed Chapter 11 proceedings after entering an agreement with creditors to eliminate almost 75% of its secured debt and resolve claims arising from an explosion at one of its plants.
01 June 2022
Galapagos jurisdictional battles reach EU Court of Justice
Jurisdictional battles surrounding the restructuring of the Galapagos group have reached the European Court of Justice, in a ruling on which courts have jurisdiction to open insolvency proceedings where there has been centre of main interests shift to the UK, then potentially to Germany, against the backdrop of Brexit.
25 March 2022
Stoneway parent files Chapter 11 as group prepares new restructuring plan
Canadian power plant owner Stoneway Capital is preparing to announce a new restructuring plan after its British Virgin Islands-registered parent joined it in Chapter 11 proceedings in New York.
26 October 2021