Topic: Debt for equity swap

French care group presents turnaround plan as prosecutors raid homes

Disgraced international care home group Orpea has revealed a turnaround plan that it hopes to pursue in French conciliation proceedings, which could see it withdraw unprofitable locations globally and equitise around US$3.8 billion in unsecured debt.

21 November 2022

Dutch lighting group completes US pre-pack in 46 days

UPDATED: Netherlands-headquartered lighting group Lumileds has secured a New York court’s approval for its pre-packaged Chapter 11 plan that will see lenders take control of the company from US private equity firm Apollo Global Management.

24 October 2022

Shandong Ruyi subsidiary has no prospect of success in €250m bond claim, English court rules

Loan agency and bond trustee service provider GLAS was validly appointed trustee to bonds issued by a Luxembourg-based subsidiary of Chinese fashion conglomerate Shandong Ruyi and may pursue it for €250 million in debt, an English court has affirmed – the latest event in a two-year multi-jurisdictional dispute between bondholders and issuer over the shares in a French fashion house.

21 October 2022

Sidley, Admiralty Harbour advising as China Fortune Land reveals restructuring terms

Property developer China Fortune Land has revealed details of a proposed debt swap that it will offer to holders of eleven tranches of bonds issued by a Cayman subsidiary – with plans to pursue an English scheme of arrangement if a consent proposal fails.

16 September 2022

Hong Kong court threatens property developer’s directors with costs of winding up petition

Directors of a Chinese property developer who opposed its winding up in Hong Kong on the basis of a vague restructuring proposal that never moved forward, may now face paying the costs of the petition after a highly critical court decision.

06 September 2022

Singapore court sanctions Hiap Seng scheme

Oil and gas engineering group Hiap Seng has had its scheme of arrangement sanctioned by a Singapore court, more than two years after the company was first placed in judicial management.

31 August 2022

Kirkland advising as former Kodak x-ray unit files Ch11

X-ray imaging products supplier Carestream Health, which was sold to Canadian investor Onex by Eastman Kodak, has filed a pre-packaged bankruptcy plan in Delaware to halve its US$1 billion debt pile and hand its equity over to lenders.

24 August 2022

Lenders take control of Lycra with advice from Linklaters

Linklaters has helped junior creditors take full equity control of US stretchy fibre maker Lycra from defaulting Chinese fashion conglomerate Shandong Ruyi, in a transaction across Asia, the Netherlands, London and the US, which the firm described as “one of the most high profile and complex enforcement and restructurings implemented in the market in recent years”.

12 July 2022

Russia sanctions on creditors do not fracture scheme class, English court rules

Kazakhstan-focused hydrocarbons group Nostrum Oil & Gas has secured the right to convene a single meeting of creditors for its English scheme, after a court found that Russia sanctions preventing some creditors from being paid did not fracture the class.

20 June 2022

Swedish government rejects further capital injection in SAS

A week after Scandinavian Airlines revealed plans to convert US$2.1 billion of its debt into equity and raise almost US$1 billion of cash, the Swedish government announced it will not inject new capital into the struggling company.

08 June 2022

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