Topic: Scheme of arrangment
Morses Club’s scheme gets the greenlight
The UK’s largest door-to-door pay day lender has secured sanction of its English scheme to deal with redress claims from 636,000 potential claimants.
30 May 2023
Shipping group’s rescue plan buoyant after courts bless parallel English scheme and Dutch WHOA
Shareholders who hoped to block the restructuring of shipping group Vroon have failed in their attempt, after courts blessed the interlinked Dutch WHOA plan and English scheme within hours of each other today.
26 May 2023
Another payday lender secures scheme meeting for redress claim creditors
A second UK payday lender in the space of a month has persuaded the English High Court to convene a single class meeting of creditors for a scheme of arrangement through which it hopes facilitate a wider £95 million restructuring.
28 April 2023
Zipmex secures scheme sanction as court permits “administrative convenience” class
Zipmex has become the first crypto platform to persuade a court to sanction a scheme restructuring its debts, having secured a landmark ruling in Singapore allowing it to exclude small retail creditors from voting on the scheme for “administrative convenience”.
06 April 2023
RSAs for real estate groups: E-House and Evergrande enter new deals with creditors
Chinese real estate services group E-House has clinched a new deal with certain offshore noteholders after failing to consummate a Cayman scheme approved last November, on the same day that Evergrande entered restructuring support agreements with a key creditor group.
04 April 2023
Morses Club secures UK scheme meetings at second strike
English “doorstep” lender Morses Club has been permitted to convene a single class meeting of scheme creditors to help it tackle thousands of customer redress claims, after using an initial convening hearing earlier this month to address concerns from the UK’s Financial Conduct Authority about its explanatory statement and meeting advertisement.
29 March 2023
Sidley and Linklaters take roles as Sunac strikes deal with creditors
Chinese real estate developer Sunac China Holdings has entered a restructuring support agreement with an ad hoc group of offshore creditors to deal with US$9 billion of debt.
29 March 2023
Evergrande finally unveils restructuring plan with support from ad-hoc group
Chinese real estate behemoth Evergrande has unveiled a long-awaited restructuring plan targeting offshore notes worth around US$19 billion, which has secured the support of an ad hoc group of creditors advised by Harneys and Kirkland & Ellis.
23 March 2023
UK lender’s convening hearing adjourned after FCA raises concerns
English doorstep lender Morses Club and the UK Financial Conduct Authority have agreed on a 17 March deadline to reach a deal on the contents of an explanatory statement and meeting advertisement to be sent to scheme creditors, or face a second convening hearing in a process the lender is using to deal with thousands of redress claims.
08 March 2023
Singapore scheme dependent on English damages award “fell short” of moratoria test
A Singapore court has explained why it declined to extend moratoria for four companies in an international social media app start-up that are pursuing a British property tycoon for damages over revoked freezing orders they say drove them to distress.
10 February 2023