Topic: Multinational corporate groups
No take-up of EIR’s group insolvency rules
Not a single significant cross-border case has successfully gone through the EU’s group coordination proceedings, a new study has found, four years after the recast European Insolvency Regulation came into force.
30 June 2021
Steinhoff investors’ consortium drops claims, but settlement still faces hostility
A consortium of shareholders seeking to disrupt South African conglomerate Steinhoff’s global settlement has withdrawn its opposition to the group’s Dutch suspension of payments proceedings – but other claimant groups remain hostile in the Netherlands and South Africa.
08 June 2021
Valaris completes restructuring with UK administration
Two months after a Texas court confirmed its Chapter 11 plan, UK-incorporated offshore drilling contractor Valaris has completed a US$7.1 billion restructuring through a complementary pre-pack administration sale in the UK.
04 May 2021
Weil loses third restructuring partner in London
Akin Gump has hired Weil Gotshal & Manges partner Clare Cottle in London – marking the third exit from Weil’s restructuring team since July.
16 April 2021
English scheme sanctioned for Spanish construction group
Spanish construction and engineering group Obrascón Huarte Laín has secured sanction of its English scheme of arrangement after the High Court found it would likely be recognised in foreign jurisdictions.
15 April 2021
Abu Dhabi-based NMC Healthcare secures interim English protection
The administrators of NMC Healthcare in Abu Dhabi’s financial free zone have obtained interim protection in the UK, blocking creditors from attaching sale proceeds they plan to place in a London bank account.
09 April 2021
English court sanctions gategroup restructuring plan
Swiss airlines services provider gategroup has secured sanction of its UK restructuring plan after adding an additional provision to help ensure it is effective in Switzerland.
26 March 2021
Spanish construction group wins English scheme meeting citing Gibbs
The Spain-incorporated holding company for an international construction and engineering group has secured a scheme meeting in London after failing to make €15.1 million of coupon payments on two sets of notes earlier this week.
18 March 2021
Avianca secures milestone court orders in New York
Latin American airline Avianca has reached two major milestones in its restructuring after settling disputes relating to a pre-petition sale of credit card receivables and getting the green light to enter new aircraft leases to redevelop its fleet.
17 March 2021
Norwegian Air files plans in Dublin and Oslo, seeks US recognition
Oslo-listed Norwegian Air and one of its Irish subsidiaries are seeking Chapter 15 protection for their US assets while the group's creditors are set to vote on restructuring plans filed in Dublin and Oslo last week.
15 March 2021