Topic: Financial restructuring

GenesisCare Chapter 11 plan confirmed in Texas

Global cancer care and radiotherapy specialist GenesisCare has secured confirmation of a Chapter 11 plan in Texas to shave off US$1.7 billion from its US$2 billion debt pile.

27 November 2023

Global paper manufacturer Lecta secures second scheme sanction

Barcelona-headquartered paper maker Lecta has won sanction of its second English scheme of arrangement in three years, after receiving overwhelming creditor support at voting.

24 November 2023

McDermott sanction hearing was adjourned over procedural fairness

An English judge has outlined the circumstances in which a court will be willing to adjourn a contested restructuring plan, in a previously unpublished decision postponing oil and gas group McDermott International’s plan sanction hearing to February.

24 November 2023

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

Retail borrowers’ crypto belongs to Celsius, AI valuation deemed unacceptable

On the same day it approved crypto brokerage Celsius’ Chapter 11 plan, a New York court confirmed that cryptocurrency transferred by retail borrowers to secure loans they received from the debtor, belongs to its estate – and excluded an AI-generated token valuation report as “unreliable”.

20 November 2023

StaRUG and Ch15 paired up to restructure online dating group

A group that develops mature-person and faith-led online dating apps including J-date and Christian Mingle, has launched a StaRUG and what will possibly be the first Chapter 15 recognition of the German process, to deal with a US$100 million debt liability.

20 November 2023

Atento wins sanction of English restructuring plans

New York-listed business process outsourcing group Atento has secured sanction of a pair of English restructuring plans after receiving almost unanimous support from its creditors.

17 November 2023

Valuation in restructuring contexts and the impact of ESG

Senior managing director Alexis Anaman and managing director Jonathan Dyer at FTI Consulting in London give a brief overview of the considerations for valuing businesses in distress, assess how valuation has been treated in real-life restructuring situations, and point to the emerging focus of ESG considerations in the valuation process.

15 November 2023

McDermott faces creditor challenges in UK, US and Dutch proceedings

UPDATED: Oil and gas group McDermott International has manage to preserve a Dutch court decision that found its centre of main interest is in the Netherlands, against increasing opposition from a Colombian oil refinery that has successfully delayed the sanction hearing for its English restructuring plan and sought relief from its Chapter 15 stay.

13 November 2023

White & Case advising Signa real estate subsidiaries

Austria’s largest privately-owned real estate group Signa has appointed White & Case partners Gernot Wagner and Rebecca Emory in Frankfurt to lead a team advising two of its property divisions, as further details emerge about the wider Signa group’s restructuring.

10 November 2023

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