Topic: Financial restructuring
Gernandt & Danielsson assists Swedish property manager as distress hits local real estate
Stockholm firm Gernandt & Danielsson has helped a local residential property manager complete a US$218 million equity restructuring to help it weather plummeting property prices in Sweden.
23 May 2023
Prezzo plan sanction hearing to consider “give and take” questions
The parent of UK casual dining chain Prezzo has been permitted to convene four meetings of creditors to vote on a Part 26A restructuring plan, after reaching an agreement with the UK tax authority to leave jurisdictional issues regarding “give and take” to the sanction stage.
22 May 2023
Peking University keepwell deeds have inherent shortcomings, Hong Kong court says
A Hong Kong court handed down a long-awaited judgment on what it termed the “first of their sort” keepwell deed actions brought against Peking University’s corporate arm.
22 May 2023
Portage Point picks up new turnaround co-head and managing director in New York
Chicago-headquartered boutique advisory firm Portage Point has added two new managing partners to its ranks in New York, and named one of them co-chair of its turnaround practice.
18 May 2023
Lander & Rogers hires Norton Rose partner in Sydney
A Sydney-based Norton Rose Fulbright partner who advised the administrators of Lehman Brothers’ main European arm in its landmark Waterfall litigation in the UK has joined Lander & Rogers, telling GRR he plans to grow the firm’s cross-border offering.
17 May 2023
HMRC pulls the plug on GAS’s restructuring plan
A British energy supply broker has entered administration after failing to convince an English court to sanction a Part 26A restructuring plan that would have wiped out £6 million in unpaid tax liabilities, marking the first case where a plan failed both the no worse off and fairness tests.
16 May 2023
Shipping group’s parallel English and Dutch sanction hearings steam ahead
After expressing concerns about “shutting out” shareholders opposed to Dutch shipping group Vroon’s English scheme and Dutch WHOA plan, the High Court in London has extended the group’s scheme sanction hearing by two days so it can decide whether they have standing to object.
16 May 2023
UK chemicals group Venator files Ch11 pre-pack in Texas
A British chemicals manufacturer has filed for bankruptcy in Texas, a day after it agreed a deal with most of its creditors to wipe out nearly US$1 billion in debt.
15 May 2023
Sullivan & Cromwell hires Kirkland partner
A Kirkland & Ellis partner who has been advising offshore bondholders in the restructurings of Chinese real estate developers Evergrande and Modern Land has moved to Sullivan & Cromwell in Hong Kong.
12 May 2023
Creditors to vote on Fitness First’s workout plan
UK-based gym group Fitness First has secured court approval to convene meetings for nine classes of creditors to vote on an English restructuring plan to slash its rental liabilities and extend the deadline on a half-million-pound payment owed to the UK tax office.
10 May 2023