Work Area: Loans and secured financing

Gernandt & Danielsson assists Swedish property manager as distress hits local real estate

Stockholm firm Gernandt & Danielsson has helped a local residential property manager complete a US$218 million equity restructuring to help it weather plummeting property prices in Sweden.

23 May 2023

UK chemicals group Venator files Ch11 pre-pack in Texas

A British chemicals manufacturer has filed for bankruptcy in Texas, a day after it agreed a deal with most of its creditors to wipe out nearly US$1 billion in debt.

15 May 2023

Creditors to vote on Fitness First’s workout plan

UK-based gym group Fitness First has secured court approval to convene meetings for nine classes of creditors to vote on an English restructuring plan to slash its rental liabilities and extend the deadline on a half-million-pound payment owed to the UK tax office.

10 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

Singapore court extends Babel’s worldwide moratorium and anonymises creditor names

Cash-strapped cryptocurrency lender and asset management group Babel Finance has secured an extension to a Singaporean moratorium it obtained last month, as well as permission to keep the names of its creditors confidential.

27 April 2023

German manufacturer secures English restructuring plan meetings

A mid-sized German manufacturer has cleared the first hurdle in its bid to restructure its English law-governed debt after the High Court in London allowed it to convene creditor meetings.

26 April 2023

Orrick bolsters Paris office with new restructuring head and team from Eversheds

Orrick Herrington & Sutcliffe has welcomed back one of its former associates as head of its restructuring group in Paris, after more than four years away.

18 April 2023

Judge Drain returns to private practice with Skadden

Less than a year after stepping down from the bench in New York, former bankruptcy judge Robert Drain has joined Skadden Arps Slate Meagher & Flom as of counsel.

13 April 2023

Rewind to the 80s: UK recognises Irish scheme via Insolvency Act’s Section 426

Using 1980s legislation that it last relied on more than quarter of a century ago, an English court has recognised an Irish scheme of arrangement that compromises English law debt, applying Irish law to bind creditors locally while avoiding the Gibbs rule.

11 April 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

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