Topic: Pre-pack

Weeks after the commercial courts of Barcelona issued a set of basic guidelines for conducting pre-packaged sales, the Madrid courts have declined to follow suit – refusing to deviate “one iota” from Spain’s Insolvency Act.

02 March 2021

American department store chain Belk has secured the fastest ever confirmation of a pre-packaged Chapter 11 plan, with Kirkland & Ellis, Latham & Watkins, O’Melveny & Myers and Willkie Farr all taking instructions.

24 February 2021

Three months after approving Spain’s first pre-packaged asset sales, the commercial courts of Barcelona have issued a set of basic guidelines for conducting the process – and local lawyers tell GRR they expect other courts to follow suit.

01 February 2021

Debenhams’ old top company is set to be wound-up following a court hearing, while the administrators of the retailer’s current operating arms have confirmed the sale of its brand name and the closure of its stores.

25 January 2021

India’s Ministry of Corporate Affairs is inviting public comments on a pre-packaged insolvency framework to help deal with the fallout from the covid-19 pandemic – which local lawyers say could attract foreign investors.

12 January 2021

Months after it approved a restructuring plan for telecoms company Frontier Communications, a New York court has appointed Evercore Group as its financial adviser and set its fees at a “reasonable” level, after repeat objections from creditors that they were “excessive”.

04 November 2020

London-headquartered offshore drilling contractor Noble Corporation has settled a US$2.7 billion lawsuit with its former subsidiary, Paragon Offshore, clearing the way for its Chapter 11 restructuring.

19 October 2020

The UK government has revealed plans to introduce independent scrutiny of pre-pack administration sales to connected parties, after promising a review this summer: a move that lawyers and practitioners tell GRR will improve transparency, but requires balance.

08 October 2020

Partner Stephen Alexander and associate Max Galt at Mourant in Jersey set out why a traditionally creditor-friendly offshore jurisdiction like Jersey, with its commercially minded and flexible Royal Court, would still benefit from introducing a statutory reorganisation process.

24 September 2020

When the clock struck midnight on 25 June, the UK’s restructuring and insolvency regime suddenly looked a lot friendlier for debtors, both temporarily pending the coronavirus’ havoc on the UK economy, and permanently. But does the new legislation rushed through parliament in under a month provide a serious contender to Chapter 11’s crown, or does it merely bring the UK up-to-date with the 1970s as one practitioner suggested?

11 September 2020