Topic: Leases

Kirkland and Cole Schotz advising as WeWork files Ch11

Co-working start-up WeWork has sought Chapter 11 protection in New Jersey after weeks of speculation, announcing a plan to slash its debt by US$3 billion and secure funding from its majority shareholder, Japanese technology investment group SoftBank.

07 November 2023

Shareholders to recoup nothing under Bed Bath & Beyond’s Chapter 11

After entering Chapter 11 proceedings in April, US homeware retailer Bed Bath & Beyond has published a proposed wind down plan that will see shareholders wiped out, despite various equity offerings earlier this year that saw the group raise US$360 million.

25 July 2023

Dissenting landlords crammed down in Fitness First restructuring plan sanction

The most likely relevant comparator to UK gym chain Fitness First’s restructuring plan would be a pre-pack administration sale, and not, as dissenting landlords submitted, a continuation of the business until February 2024, the English High Court has found in a reasoned decision sanctioning the plan.

12 July 2023

Fitness First sanction hearing adjourned following landlord objections

The High Court in London has postponed a sanction hearing for UK-based gym group Fitness First, finding one day was not enough time to hear opposing arguments over its restructuring plan and an adjournment application brought by dissenting landlords.

12 June 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

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

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