Topic: Cramdown

SME engineering group secures plan meetings at contested hearing

An SME that provides engineering services in the aerospace sector has been permitted to convene meetings for six creditor classes as part of a contested restructuring plan, with issues raised by the UK tax authority and two of its former directors being postponed to the sanction stage.

15 February 2023

GRR Live, Singapore: the hub, five years on

Singapore’s freshly appointed official receiver, Francis Ng SC, reflected on the five years since the city-state declared its ambition to be a regional restructuring hub and looked to its future as a potential centre for restructuring troubled cryptocurrency platforms in his keynote at GRR Live.

25 August 2022

UK tax authority crammed down in Houst SME restructuring plan

Holiday lettings SME Houst’s Part 26A restructuring plan has been sanctioned, with the UK tax authority becoming the subject of a cross-class cram down for the first time since the new tool was introduced in June 2020.

22 July 2022

Houst plan sanction delayed amid call for more valuation info

An English court has reserved judgment on sanctioning a holiday lettings SME’s part 26A restructuring plan, requesting more information on the valuation work that underpinned it in light of the UK tax authority rejecting the plan.

15 July 2022

The new Austrian Restructuring Code in the light of Germany’s StaRUG and the Dutch WHOA

Matthias Stipanitz and Stephanie Rendl at Preslmayr Attorneys at Law in Vienna assess Austria’s implementation of the EU’s preventive restructuring frameworks directive, giving a quick comparison with the implementation in Germany and the Netherlands.

17 May 2022

Second time lucky for Smile Telecoms’ groundbreaking restructuring plan

Partner Mark Fine and senior associate Nicholas Jupp at McDermott Will & Emery in London examine two novel aspects to the restructuring plan that the English High Court sanctioned for African telecoms group Smile earlier this year: its exclusion of out-of-the-money creditors, and the fact it varied the rights of a foreign company’s shareholders.

11 May 2022

Latham & Watkins and Linklaters close Spanish ferry operator’s restructuring

Teams from Latham & Watkins, Linklaters and Spanish firm Garrigues have completed the year-long restructuring of Mediterranean ferry group Naviera Armas, implemented by a Spanish scheme in the Canary Islands that was turned around in three weeks.

20 January 2022

Modernland seeks US recognition to cement Singaporean schemes

Indonesian real estate group Modernland Realty has sought New York recognition of its Singaporean schemes of arrangement to block potential lawsuits against the group in the US.

28 September 2021

Amicus creditor denied disclosure ahead of cramdown hearing

A disgruntled creditor of UK lender Amicus Finance has failed to secure information on a share sale carried out when it entered administration, ahead of a sanction hearing on a restructuring plan requiring cross-class cramdown.

02 August 2021

The EU Restructuring Directive: how member states are progressing with transposition

With the deadline for domestic transposition of the European Restructuring Directive having passed this weekend, McDermott Will & Emery partner Timothée Gagnepain and associate Lucille Madariaga in Paris discuss how it has been eagerly awaited – and yet is likely to be postponed for at least a year – in most EU member states.

19 July 2021

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