Topic: Leases
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
Supreme Court’s Sears lease ruling “restores integrity” of appeal process
The US Supreme Court’s decision last week, which found section 363(m) of the US Bankruptcy Code is not a jurisdictional provision, “restores integrity to the appellate process” and provides important protections for landlords, according to lawyers for the successful petitioner.
24 April 2023
Care home group’s shareholders blocked from participating in Part 26A sanction hearings
Shareholders of a British care home group may not participate in the sanction hearings for seven restructuring plans it is pursuing because the plans neither affect their rights nor the economic value of those rights, an English judge has ruled.
23 January 2023
Hong Kong Airlines secures scheme meetings in Hong Kong
Crossing the first hurdle in its dual UK-Hong Kong restructuring, Hong Kong Airlines has won approval to convene scheme meetings in Hong Kong ahead of a separate hearing for its UK restructuring plan next week.
13 October 2022
Nordic Aviation Capital obtains US plan approval
Aircraft lessor Nordic Aviation Capital has secured sanction of its third amended Chapter 11 plan in the US and aims to exit bankruptcy before the end of May, completing a multi-faceted post-pandemic restructuring that began with an Irish scheme of arrangement in 2020.
21 April 2022
Australia’s highest court interprets Cape Town Convention Protocol in airline’s favour
The Cape Town Convention Aircraft Protocol’s obligation on airline debtors to “give possession” of aircraft assets to lessors following an insolvency-related event means no more than to simply provide lessors with an opportunity to take control of them, Australia’s Highest Court has found.
16 March 2022
Deloitte, KWM on Australian Probuild administration
King & Wood Mallesons is advising administrators from Deloitte who were appointed over the Australian construction group Probuild last week, after its South African parent pulled the plug on funding.
03 March 2022
Promotions round-up: new year, new partners
Jones Day, Norton Rose Fulbright, Hughes Hubbard & Reed and Harneys have made partner promotions around the world, while Davis Polk & Wardwell has named a new counsel and Cole Schotz has announced new members in North America.
11 January 2022
Philippine Airlines exits US bankruptcy after country’s first Chapter 11 recognition
One of Asia’s oldest airlines has emerged from Chapter 11 after a court in the Philippines became the first in the country to recognise a US bankruptcy proceeding.
04 January 2022
Court keeps Bulb creditor details secret in UK’s first special energy administration
Power supplier Bulb Energy’s administrators have been allowed to keep its creditors’ details out of the public domain, weeks after it entered the UK’s first-ever energy supply company special administration.
15 December 2021