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Dutch company, New York law – an English scheme of arrangement?

DTEK Finance B.V., Re [2015] EWHC 1164 (Ch) - Following upon the November judgment in Re APCOA Parking Holdings GmbH, last week Mrs. Justice Rose sanctioned a scheme of arrangement between DTEK Finance B.V. (“DTEK“), a...more

DTEK Scheme sanctioned on the basis of a change of governing law of New York law bonds

On 27 April 2015, the English High Court sanctioned a scheme of arrangement (the “Scheme”) for the US$200 million 9.5% senior notes due 2015 (the “2015 Notes”) issued by DTEK Finance B.V. (the “Issuer”), a Dutch finance...more

The DTEK Scheme: A New Way to Restructure US Law Bonds?

Double First: A Ukrainian group of companies breaks ground — first by changing the governing law of its high yield bonds from US to English law and then by being the first Ukrainian-based group to restructure via an English...more

High yield bond restructurings across Europe

As the flood of capital into riskier deals continues to pour in at unprecedented rates, and economic and geopolitical risks evolve, the prospect of a surge of bond defaults in the years ahead is looming over high yield...more

The Macron Bill about to introduce a right to remove shareholders of distressed companies: a new threat for investors or new...

In its 2014 insolvency reforms, the French Government contemplated allowing a French Commercial Court (Tribunal de commerce), faced with a company under judicial reorganisation (redressement judiciaire), to remove that...more

New Thai insurance acts facilitate foreign ownership of insurers

The Life and Non-Life Insurance Acts (No. 3) were issued earlier this month. Their provisions make it substantially easier for permission for majority or total foreign ownership of insurers to be granted, and also regulate...more

Distressed Download - March 2015

What Happens in Delaware Does Not Always Stay in Delaware: Caesars Victorious in Venue Battle - On Wednesday, January 28, the Bankruptcy Court for the District of Delaware transferred venue for the involuntary bankruptcy...more

Membership Access Restricted

This article is addressed to clients and groups considering restructuring and aims to clarify one of the key obstacles in restructuring involving Cypriot companies, by explaining which structures are permitted and which...more

Amendments to Insolvency Law

In December 2014, amendments were introduced to the Federal Law “On Insolvency (Bankruptcy)” No. 127-FZ, dated 26 October 2002 (“Insolvency Law”). This alert analyses some of the amendments that are of crucial importance to...more

Acquisitive Reorganization Under Section 367(b)

This outline discusses, in plain English, the regulatory provisions called into play under IRC § 367(b) on acquisitive mergers and other non-divisive corporate reorganizations. A Section 367(b) acquisitive reorganization...more

Bennett Jones Spring 2014 Economic Outlook [Video]

Bennett Jones senior advisor David Dodge, OC, presents the Bennett Jones Spring 2014 Economic Outlook, written by himself and other firm advisors Richard Dion and John M. Weekes. In the Outlook, the authors describe the most...more

Statutory Exemption from U.S. Withholding Tax on Dividends Remains

Generally, a non-U.S. taxpayer that is not engaged in a U.S. trade or business is taxable in the United States only on U.S.-source “fixed determinable, annual or periodical” income (FDAP)....more

Cayman Liquidation Committees – What Prospective Members Need to Know

In this guide Harneys considers the role and function of a liquidation committee appointed under the Cayman Islands’ Companies Winding Up Rules. A vital component in the liquidation of a Cayman Islands company is the...more

Storm Cloud for Insolvency Practitioners?

Cloud and Insolvency - With the increasing popularity of cloud computing, more companies are taking advantage of cheap, efficient and globally available data storage options....more

German insolvency reforms (part III): Insolvency of group companies

In January 2012 the first step of the reform plans for German insolvency law came into effect, remodeling the restructuring opportunities for companies in insolvency proceedings and increasing the influence of creditors. The...more

July 2013: Russia Litigation Update - Case Study: Russian Courts Adopt Practical, Less Formalistic Analysis of Activities of...

In two recent cases, the Presidium of the Supreme Arbitrazh Court of the Russian Federation (the “Presidium”) addressed important issues concerning activities of representative offices of foreign companies in Russia and...more

"Central European Distribution Corporation’s Chapter 11 Plan Incorporates Dutch Auction"

On May 13, 2013, the U.S. Bankruptcy Court for the District of Delaware confirmed a prepackaged Chapter 11 plan of reorganization in the case of Central European Distribution Corporation (CEDC) that incorporated an unmodified...more

Global Insights - Issue 6, Q2 2013: News, Views and Analysis from DLA Piper’s Global Restructuring Group

In This Issue: - (UK) The Validity Of Exit Consents Under English Law - (UK) When A Charity Faces Financial Difficulty - (UK) Are You At Risk From Financial Distress In Your Supply Chain? - (Global Europe)...more

Second Circuit Determines the Relevant Date for Determining a Chapter 15 Debtor’s “COMI”

A. INTRODUCTION - Courts in the Southern District of New York and elsewhere have issued conflicting decisions regarding the appropriate time period to consider in determining a foreign debtor’s “center of its main...more

Can't You Hear Me Knocking? The Dreaded Preference Demand

You are in your office finishing your morning espresso when you receive an email from the CFO of your companies' U.S. subsidiary. Attached to the email is a letter from a U.S. law firm. Instinctively, you know this can't be...more

Vitro Update: “Savings Clause” Fails to Save Vitro Subsidiaries From Involuntary Bankruptcy

Shortly after the U.S. Court of Appeals for the Fifth Circuit refused to enforce Vitro SAB’s Mexican plan of reorganization in the United States (covered here), Judge Harlin D. Hale of the U.S. Bankruptcy Court for the...more

Supreme Court of Canada Upholds Priority for DIP Lenders in CCAA Proceedings

Overview - On February 1, 2013, the Supreme Court of Canada (the “SCC”) affirmed the priority granted to Debtor-In-Possession (“DIP”) lenders who provide capital to debtor companies undergoing the restructuring process...more

Skadden's 2013 Insights: Corporate Restructuring

The global reach of capital markets, financial difficulties in the eurozone and the multinational nature of many businesses and financial institutions have increased the importance of understanding legal, business and other...more

"Landmark UK Supreme Court Ruling Restricts Enforcement of Foreign Bankruptcy Judgments"

In a ruling disposing of two appeals, the U.K. Supreme Court has held that the enforcement of foreign bankruptcy rulings in England will in certain circumstances be more difficult than had previously been thought. The two...more

Enforcing orders made in foreign insolvency proceedings

The UK Supreme Court decision in Rubin v Eurofinance SA and what it means for BVI and Cayman - This article sets out the potential impact in the BVI and Cayman of the much anticipated Supreme Court decision in Rubin v....more

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