Topic: Debt for equity swap
Security group wins English scheme with amendments for sanctioned entity
A UK security group has won sanction of a scheme of arrangement that had unanimous support from creditors, after a court allowed it to include a provision protecting a Luxembourg subsidiary of Russia’s Gazprombank from any targeted abusive voting against it.
23 November 2023
Kirkland and Cole Schotz advising as WeWork files Ch11
Co-working start-up WeWork has sought Chapter 11 protection in New Jersey after weeks of speculation, announcing a plan to slash its debt by US$3 billion and secure funding from its majority shareholder, Japanese technology investment group SoftBank.
07 November 2023
Atento secures meetings for English restructuring plans
English and Luxembourg subsidiaries of New York-listed business process outsourcing group Atento have won approval to convene eight meetings for creditors to vote on a pair of English plans that will facilitate a wider restructuring for the group.
20 October 2023
Security group secures English scheme meeting against Gazprombank opposition
Gazprombank’s Luxembourg subsidiary has failed to stop a Birmingham security group from convening a scheme meeting, after an English court dismissed arguments that subsidiaries of sanctioned entities should be allowed to vote and participate in a lock-up agreement.
17 October 2023
Milbank, Vinge and Houlihan advise as Nordics’ largest taxi group restructures
Teams from Milbank, Houlihan Lokey and Swedish law firm Vinge have helped holders of sustainability-linked notes take over the largest taxi firm in the Nordic region from HIG Capital in an out of court restructuring under Swedish law.
29 September 2023
Shareholder asset sales and a debt-for-equity swap: a closer look at the KBBO restructuring
Documents seen by GRR have shed further light on the first major restructuring in the UAE under its 2016 Bankruptcy Law – a case that local practitioners say shows the Emirates’ onshore courts are just as competent at handling complex group restructurings as their offshore courts.
28 September 2023
Card retailer Clintons wins plan sanction as unsecured creditors crammed down
British greetings card retailer Clintons has obtained sanction of a “debt-for-equity” restructuring plan after the English High Court crammed down two classes that did not vote and another that rejected the plan.
24 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
Chinese property developer schemes move ahead across key jurisdictions
UPDATED: Sidley Austin-advised property developers Sunac and Evergrande have been allowed to convene creditors’ meetings for schemes across Hong Kong, the British Virgin Islands and the Cayman Islands; while E-House, which is relying on Skadden and Maples, has finally re-opened scheme proceedings in the Cayman Islands, this time with a parallel scheme in Hong Kong.
01 August 2023
French court approves first major cross-class cramdown in Orpea sanction
In the first major case in France to utilise a cross-class cramdown since the country adopted the EU's preventive frameworks directive, care home operator Orpea has obtained sanction of its accelerated safeguard plan, successfully cramming down a group of dissenting convertible bondholders known as the Support Club.
26 July 2023