Topic: Forum shopping
Adler noteholder lodges Frankfurt suit challenging note issuer substitution
A noteholder of German real estate group Adler has lodged a complaint in a Frankfurt regional court, challenging the group’s substitution of an English subsidiary as note issuer to pursue an English restructuring plan.
09 March 2023
Adler convening judgment sheds light on cross-border, cross-class questions left to sanction stage
Mr Justice Mann has issued his reasons for deciding to let German real estate group Adler convene six UK plan meetings while postponing certain key issues to the sanction stage – including a point about “artificiality” of voting classes that the judge confessed he did not really understand.
27 February 2023
Galapagos wound up in England
Updated: Senior creditors of the Galapagos group have obtained a winding up order against one of its entities in England, following a jurisdictional battle between English, German and Luxembourgish courts that was complicated by Brexit and a European Court of Justice case.
30 June 2022
English investor fails to throw out Japanese aircraft lessors’ Ch11s
New York’s Judge David Jones has allowed two Japanese aircraft lessors to continue their bankruptcies, dismissing an English creditor’s claim that the companies lack any meaningful ties to the US.
03 February 2022
Heads-Up: Joel Moss at Shearman & Sterling in New York
Featured in Heads-Up
Shearman & Sterling’s restructuring co-head Joel Moss speaks to GRR about changing sources of capital, a recent increase in creditor-on-creditor violence and a potential uptick in restructuring activity if central banks raise interest rates.
07 January 2022
Nordic Aviation files Chapter 11 after completing Irish scheme
After completing an Irish scheme of arrangement last year, aircraft leasing company Nordic Aviation Capital (NAC) has filed a pre-arranged Chapter 11 in the US that will see its largest creditors take it over.
21 December 2021
Garuda plans dual Indonesia-UK restructuring after creditor triggers first airline PKPU
Flag carrier Garuda Indonesia will become the first airline to attempt to restructure via an Indonesian suspension of payments process, as it also plans to launch a simultaneous scheme of arrangement in the English courts.
14 December 2021
New rules for New York’s “mega” bankruptcies
The Southern District of New York has announced changes to the way it assigns its judges to “mega” Chapter 11 cases, amid renewed debate over bankruptcy forum shopping by large corporations.
23 November 2021
Sir David Richards joins One Essex Court
Former English Court of Appeal judge Sir David Richards has joined One Essex Court in London with plans to take appointments as an arbitrator, as he says the growth in cross-border cases has led experts to see arbitration as a sensible way of resolving disputes in restructurings.
08 November 2021
Gategroup plan sanction reasons handed down
Mr Justice Zacaroli has issued his reasons for sanctioning gategroup’s UK restructuring plan, in the face of an “artificial” forum shopping structure and questions over whether English law could vary rights between non-assenting creditors and foreign third parties.
31 March 2021