Topic: Debt for equity swap

Shipping group’s rescue plan buoyant after courts bless parallel English scheme and Dutch WHOA

Shareholders who hoped to block the restructuring of shipping group Vroon have failed in their attempt, after courts blessed the interlinked Dutch WHOA plan and English scheme within hours of each other today.

26 May 2023

Steinhoff publishes updated WHOA restructuring plan

South African retail conglomerate Steinhoff has released an updated WHOA restructuring plan that includes an offer of some equity interests to shareholders who rejected an out-of-court proposal in March.

05 May 2023

Kirkland, Uría Menéndez and Milbank advise as Spain's Food Delivery Brands restructures

UPDATED: Spanish pizza delivery and dine-in group Food Delivery Brands has agreed the key terms of a refinancing and recapitalisation agreement that will see its creditors take control.

04 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

Evergrande reaches deal with offshore bondholders

The Hong Kong High Court has adjourned a winding up petition against Chinese real estate giant Evergrande for the third time, after the group revealed it has reached a restructuring deal with its offshore bondholders.

20 March 2023

Energy brokerage secures creditor meetings for UK plan on second attempt

A week after the English High Court adjourned its convening hearing after flagging possible jurisdictional issues, an SME energy brokerage has obtained permission to hold meetings for 15 classes of creditors to vote on its restructuring plan.

17 February 2023

Health sensor SPAC files dual US-Cayman restructuring

A company that develops sensors used in smart watches has filed the second known application for restructuring officers in the Cayman Islands and entered a pre-packaged Chapter 11 in New York to equitise two sets of notes.

27 January 2023

Crypto lender Genesis outlines restructuring plans in Chapter 11

Following months of speculation, cryptocurrency lender Genesis has entered Chapter 11 in New York and already filed a plan contemplating a potential sale or equitisation transaction, after being charged by the US Securities and Exchange Commission with illegally selling crypto assets.

20 January 2023

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

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