Topic: Scheme of arrangment

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

Century Sunshine secures Hong Kong and Singaporean schemes

Chinese fertiliser group Century Sunshine has secured sanction of parallel schemes in Hong Kong and Singapore, one year after one of its key Bermudian subsidiaries successfully restructured its debt using a Hong Kong scheme.

11 August 2023

Yuzhou Group proposal drafted by Linklaters and Alvarez faces early opposition

Chinese property developer Yuzhou Group Holdings has announced a restructuring proposal devised by Linklaters and Alvarez & Marsal through which it hopes to target a US$5.5 billion offshore debt pile – but it already faces opposition from an ad hoc group of senior bondholders.

07 August 2023

Chinese property developer schemes move ahead across key jurisdictions

UPDATED: Sidley Austin-advised property developers Sunac and Evergrande have been allowed to convene creditors’ meetings for schemes across Hong Kong, the British Virgin Islands and the Cayman Islands; while E-House, which is relying on Skadden and Maples, has finally re-opened scheme proceedings in the Cayman Islands, this time with a parallel scheme in Hong Kong.

01 August 2023

Spanish distressed real estate group allowed to convene second English scheme

A group that invested in distressed real estate has been permitted to convene a single class meeting for its second English scheme in as many years, in order to distribute proceeds from the sale of its wholly-owned Spanish-registered operating subsidiary.

28 July 2023

Swedish mattress maker's schemes sanctioned in London

Hilding Anders has completed its second restructuring in less than a year after an English court sanctioned inter-conditional schemes for the mattress maker’s Swedish and Luxembourgish subsidiaries.

12 July 2023

Vroon: sanctioning court “struggled” with slicing through seven years of restructuring efforts

An English court has explained it would still have sanctioned shipping group Vroon’s seven-years-in-the-making scheme of arrangement, even if objecting shareholders had persuaded it that the relevant comparator was an orderly and solvent wind-down, not an insolvent liquidation.

26 June 2023

Singapore commodities trader secures novel CRO-managed scheme’s sanction

Commodity trader Antanium Resources has secured sanction of the first Singaporean scheme of arrangement to include a class of insured creditors, a year after its creditors obtained a novel order for the compulsory appointment of a chief restructuring officer.

23 June 2023

Everyday Lending scheme sanctioned with no objections

A UK payday lender’s scheme of arrangement that will compromise an estimated £20 million worth of redress claims against it has been sanctioned by the English High Court.

22 June 2023

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