Topic: Super-priority financing

Specialist insolvency judges, greater clarity on the priority status of new money and better understanding and cooperation between onshore and offshore regimes: speakers from law and advisory firms, funds and banks in the Middle East provided food for thought for future restructuring reforms in the UAE and Saudi Arabia.

16 March 2023

A British care home group has secured sanction of seven UK restructuring plans, each voted on by up to five classes of creditors, with the court cramming down landlords and other unsecured creditors who dissented against three of the plans.

22 February 2023

Citing last month’s Boardriders decision, a group of first lien lenders to US bedding group Serta Simmons have sued the company in the same New York state court, claiming a 2020 restructuring it executed “brazenly upended the priorities” in a pre-existing creditor agreement, stripping them of their bargained-for rights.

07 November 2022

Singapore’s freshly appointed official receiver, Francis Ng SC, reflected on the five years since the city-state declared its ambition to be a regional restructuring hub and looked to its future as a potential centre for restructuring troubled cryptocurrency platforms in his keynote at GRR Live.

25 August 2022

Lower costs of enforcement in the US, speedier, specialised courts in Europe with a “proper” cross-border recognition regime, and Asian regulators that understand distress: a panel of investors from around the world shared their wish lists for an ideal environment to encourage the development of a global rescue financing market fit for the future.

10 August 2022

An investor that is set to acquire a majority shareholding in a struggling Singaporean restaurant operator does not need to make a mandatory offer for the company, after a local regulator waived the obligation while the company pursues a restructuring scheme.

08 August 2022

A global software group with operations around the world has sought Chapter 11 protection in New York, blaming its former management for misstating revenues in 2018 and 2019.

18 May 2022

Freshfields Bruckhaus Deringer and Norton Rose Fulbright have helped agricultural commodities trader ED&F Man complete its restructuring featuring a Part 26A plan; while a court in Abu Dhabi’s financial free zone has sealed Middle Eastern healthcare group NMC’s US$7.6 billion restructuring, by affirming the first judicial reorganisation in the UAE through an administration.

01 April 2022

Agricultural commodities trader ED&F Man has secured court permission to convene five meetings of creditors and two meetings of shareholders for what it terms an “urgent” Part 26A restructuring plan, which noteholders say they may challenge.

24 February 2022

Funding provided by Omni Bridgeway to help a struggling commodity trader pursue an arbitration in Hong Kong has been granted super-priority status in the trader’s Singaporean scheme proceedings.

02 September 2021