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Schemes of Arrangement

Restructuring and Insolvency Bulletin Issue 2 - 2017: Focus on schemes of arrangement: recent key judicial decisions

by Dechert LLP on

Schemes of arrangement remain a popular tool for companies to reach a compromise with their creditors and effect complex multi-jurisdictional restructurings. In this article, we highlight a number of recent judicial decisions...more

Singapore Enacts New Corporate Bankruptcy Law to Promote International Debt Restructuring

by Jones Day on

On March 10, 2017, Singapore's Parliament approved the Companies (Amendment) Bill 2017 ("Act") to enhance the country's corporate debt restructuring framework. The Act was assented to by President Tony Tan Keng Yam on March...more

Schemes of arrangement: splitting debts to sanction?

by DLA Piper on

In the first case of its kind, the High Court in England has prevented a shareholder from splitting its shareholding in an attempt to defeat the approval of a scheme of arrangement under section 895 of the Companies Act 2006...more

Asia Pacific Restructuring & Insolvency Guide: Hong Kong

by White & Case LLP on

This is the Hong Kong chapter of the second edition of the White & Case Asia Pacific Restructuring and Insolvency Guide... ..Introduction - On 1 July 1997, Hong Kong became a Special Administrative Region of the...more

MoFo Brexit Briefing: Flourishing by becoming familiar: how to attract restructuring investors to the post-Brexit UK

by Morrison & Foerster LLP on

The process of Brexit will take years, and the implications for our clients’ businesses will unfold over time. Our MoFo Brexit Task Force is coordinating Brexit-related legal analysis across all of our offices, and working...more

Orrick's Financial Industry Week in Review

FHFA Requests Input on Credit Risk Transfer Transactions - On June 29, 2016, the Federal Housing Finance Agency published a report outlining its perspective on the credit risk transfer programs of Fannie Mae and Freddie...more

Indah Kiat – A Scheme Pulped

On 12 February 2016 Snowden J handed down his judgment in Indah Kiat International Finance Company B.V. [2016] EWHC 246 (Ch). Indah Kiat International Finance Company B.V. ("Indah Kiat"), part of the global Asia Pulp & Paper...more

Orion and London and Overseas Scheme Administrators Announce Bar Date for Filing Claims Under Newly Approved Amending Scheme

by K&L Gates LLP on

Our Alert dated December 1, 2015 discussed the High Court of Justice of England and Wales’ approval of the proposed Amending Scheme of Arrangement for OIC Run-Off Limited (formerly the Orion Insurance Company limited)...more

Indah Kiat Scheme – Preparation is Key

by White & Case LLP on

The judgment of Snowden J. in the adjournment of the convening hearing relating to a scheme of arrangement (the “Scheme”) proposed by Indah Kiat International Finance Company B.V. (“Indah Kiat”) emphasises some important...more

Evolution and alternatives in the market - While fears of another downturn loom, the European financial markets have innovated,...

by White & Case LLP on

Following the collapse of Lehman Brothers and the period that followed, the markets have more understanding of the credit risk spectrum. This includes jurisdictional risk, available restructuring options and the complexity...more

English schemes of arrangement: some practical advice for proponents

by Reed Smith on

Van Gansewinkel Groep BV, Re [2015] EWHC 2151 (Ch) - In what appears to be a growing trend, the High Court in England has sanctioned another scheme of arrangement involving non-English companies. Last week’s judgment...more

The UK continues its objective stance on rescue procedures

by Reed Smith on

The High Court has considered whether a winding-up petition is permitted where the Petitioner has a collateral purpose for bringing the petition. The collateral purpose, also referred to as an ulterior motive, would result in...more

Schemes Of Arrangement And Why Loan Note Investors Should Be Wary Of Governing Law Amendment Mechanisms

by Allen & Overy LLP on

In the matter of DTEK Finance B.V. [2015] EWHC 1164 (Ch), 28 April 2015, a change in the governing law of loan notes from New York law to English law was sufficient to found jurisdiction for the English court to sanction a...more

Schemes of Arrangement for Distressed Shipping Companies – a viable (and cheaper) alternative to chapter 11?

by Reed Smith on

While it is clear that chapter 11 of the U.S. Bankruptcy Code can be an effective tool of reorganisation for distressed foreign shipping companies that are locked in an adversarial dispute with their creditors, should an...more

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

by Reed Smith on

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

Who needs New York law when you can have an English scheme of arrangement instead?

by Reed Smith on

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 the Dutch company DTEK Finance...more

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

by White & Case LLP on

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?

by Latham & Watkins LLP on

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

Combating pension scams

by DLA Piper on

For some time now, the issue of transfer requests and pension scams (often referred to as pension liberation) has been a difficult one for trustees of occupational pension schemes. On the one hand, members may have rights to...more

The Flawed Headcount Requirement on Schemes of Arrangement

by White & Case LLP on

A failed takeover of a Hong Kong-listed company has highlighted a weakness in English company law. On 16 June, a proposed take private by way of scheme of arrangement lapsed when the resolution to approve the scheme...more

Are Fairness Opinions Admissible on a Plan of Arrangement Hearing?

by Dentons on

Differing viewpoints have recently arisen in the Ontario Superior Court of Justice (Commercial List) as to whether fairness opinions are admissible during court approval of plans of arrangement. In Champion Iron Mines Limited...more

A Second Opinion on Fairness Opinions in Commercial Arrangements - Champion Iron Called Into Question by Bear Lake and Royal...

by Bennett Jones LLP on

Decisions on corporate plans of arrangement tend to be of two varieties. Most are fairly straightforward decisions, where the applicant proves that it complied with the interim order already issued by the court, shows that a...more

Orion and London & Overseas Announce Plan to Propose Amending Scheme that Will Include a Bar Date

by K&L Gates LLP on

On January 20, 2014, the scheme administrators (the “Scheme Administrators”) for two insolvent London Market Insurers, The Orion Insurance Company PLC (“Orion” ) and The London and Overseas Insurance Company Limited (“L&O”)...more

"English Schemes of Arrangement Expand to Continental Europe and Beyond"

A scheme of arrangement is a tool of English corporate law that has been used in M&A and restructurings for decades. A company implementing a scheme has complete freedom to choose with which groups of shareholders and...more

The effect of English schemes of arrangement in Germany

by DLA Piper on

English law schemes of arrangement have become an increasingly debated topic in German law following some prominent cases in recent years. As far as Germany is concerned, the key question is whether schemes of arrangement...more

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