Topic: Scheme of arrangment

UK energy supplier secures single meeting for GDPR claims scheme

A British energy supplier that has been in administration for more than two years has secured the English High Court’s approval to convene a meeting for creditors to vote on a scheme that would help it deal with up to 300,000 customer claims for data breaches under the GDPR.

17 October 2023

Security group secures English scheme meeting against Gazprombank opposition

Gazprombank’s Luxembourg subsidiary has failed to stop a Birmingham security group from convening a scheme meeting, after an English court dismissed arguments that subsidiaries of sanctioned entities should be allowed to vote and participate in a lock-up agreement.

17 October 2023

‘Big milestone for the market’: Sunac wins sanction of Hong Kong scheme

Cayman-incorporated real estate developer Sunac has become the largest Chinese property developer to secure sanction of a scheme of arrangement in Hong Kong after Evergrande was forced to scrap creditor meetings in the face of faltering sales last week.

05 October 2023

Bermuda-incorporated metal miner secures Hong Kong scheme

A Chinese metal miner has secured sanction of a Hong Kong scheme that will see its unsecured creditors swap their debt for equity, three years after the group withdrew from a separate Bermudian provisional liquidation process.

03 October 2023

Chinese developer Skyfame plans parallel Bermudian-HK schemes

Hong Kong-listed Skyfame Realty has struck an agreement with creditors to restructure through parallel Bermudian and Hong Kong schemes.

02 October 2023

Evergrande scraps scheme meetings

Evergrande’s scheme meetings have been postponed indefinitely after the long-beleaguered Chinese property developer announced it needed to reassess the terms of its restructuring.

25 September 2023

Conyers, Davis Polk called back for second “mission-critical” Digicel restructuring

Three years after it completed a landmark Bermudian scheme of arrangement and Chapter 15 process, Caribbean telecoms and entertainment group Digicel is back in court for a repeat, blaming economic and political conditions in Haiti for the collapse of a refinancing deal.

15 September 2023

Canadian investor agrees DIP funding deal with Singapore’s New Silkroutes

Singapore-listed healthcare and energy holding company New Silkroutes has entered a debtor-in-possession facility agreement with Canadian real estate investment group Ontario, a week after launching a pre-packaged scheme.

14 September 2023

Second Singaporean crypto scheme sanctioned becomes first to take effect

The operator of Singaporean cryptocurrency platform Vauld has secured sanction of a scheme of arrangement that will be the first such scheme to take effect in the Lion City, after another crypto lender, Zipmex’s, fell through.

30 August 2023

Haya achieves second scheme sanction in England

A subsidiary of Spanish distressed real estate loans manager Haya Holdco has obtained sanction of its second English scheme of arrangement in as many years, allowing it to distribute the €136 million proceeds of sale of its main operating subsidiary to secured noteholders.

29 August 2023

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