Topic: Operational restructuring

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

German fashion chain returns to Allen & Overy for StaRUG

Following in the steps of car parts manufacturer Leoni, German fashion chain Gerry Weber has applied to enter StarRUG proceedings and a self-administration process for an operational restructuring – the first time a combination of the two has been tried out, according to its counsel.

24 April 2023

Guernsey group’s administrators denied conditional order based on Lehman precedent

The administrators of a Guernsey property developer, who cited a Lehman precedent in a bid to obtain an “innovative” discharge order conditional on the group exiting a company voluntary arrangement solvent, have had their request denied.

19 April 2023

Europe column: Observing the WHOA observer

Bob Wessels, professor emeritus of international insolvency law at Leiden University and expert counsel on restructuring and insolvency to the European Commission, discusses the “observer”: a new role under Dutch restructuring law.

10 March 2023

Lifeways plan judge clarifies meeting requirements for cramdown

Dissenting classes do not need to attend meetings for an English court to use the UK restructuring plan’s cross-class cramdown powers, a judge has explained in his written reasons for sanctioning seven plans for British care home group Lifeways.

06 March 2023

Oi taps BMA Advogados as it secures protection in Rio

Lawyers from BMA Advogados have helped Brazil’s Oi and two of its Dutch affiliates obtain provisional protection from creditors in a Rio court, less than two months after the telecoms company formally exited a six-year-long judicial reorganisation process before the same court.

03 February 2023

French care group presents turnaround plan as prosecutors raid homes

Disgraced international care home group Orpea has revealed a turnaround plan that it hopes to pursue in French conciliation proceedings, which could see it withdraw unprofitable locations globally and equitise around US$3.8 billion in unsecured debt.

21 November 2022

Fuelling distress: Europe’s €500 billion energy crisis

Europe is facing an energy price crisis that has the potential to cause a flurry of restructuring and insolvency activity across the continent’s corporate sector. GRR spoke to insolvency practitioners across six key European jurisdictions to see which sectors are already showing distress, what policy makers are doing to try to counter it, and whether they think the policy-makers will be successful.

30 September 2022

Japan’s Anderson Mori & Tomotsune launches in London with restructuring work on the agenda

“I want to enhance our recognition in London, the UK and Europe,” Anderson Mori & Tomotsune’s new London office head - who worked on the Virgin Australia airline restructuring at the height of the covid-19 pandemic - tells GRR.

05 September 2022

Cayman Islands restructuring: recent common law insights for directors when entering the zone of insolvency

Conyers Dill & Pearman partner Jonathon Milne and associate Rowana-Kay Campbell in the Cayman Islands, and partner Anna Lin in Hong Kong, explain why the new Cayman restructuring regime is likely to be a welcome addition to the legislative landscape for prudent directors – particularly in light of current macro-economic conditions and the difficulties many companies are facing.

26 July 2022

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