News & Analysis as of

United Kingdom Chapter 11 Insolvency

Ropes & Gray LLP

Petrofac Restructuring Plans Overturned: When Considering Restructuring Surplus’ Allocation, Sharing is Caring

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In a much-anticipated judgment (Saipem SPA & Ors v Petrofac Limited & Anor [2025] EWCA Civ 821), the English Court of Appeal overturned the High Court’s sanction of Petrofac’s restructuring plans (the Plans). Petrofac was...more

Latham & Watkins LLP

Redressing the Balance of Power in Restructuring Plans Petrofac in the Court of Appeal

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The Court of Appeal has reversed the sanction of the Petrofac group’s restructuring plans and allowed the appeal of two dissenting unsecured creditors.Re Petrofac Limited and Petrofac International (UAE) LLC [2025] EWCA Civ...more

A&O Shearman

Petrofac restructuring plan overturned by the Court of Appeal

A&O Shearman on

In this alert, we consider the Court of Appeal’s judgment setting aside Petrofac’s restructuring plan sanction order, which marks the second occasion on which the Court of Appeal has overturned a previously sanctioned plan...more

Akin Gump Strauss Hauer & Feld LLP

Case Comment: Petrofac Restructuring Plans

The Petrofac group, a leading international service provider to the energy and infrastructure industries, has successfully obtained an order sanctioning two inter-conditional restructuring plans (Plans). We explore here the...more

Conyers

Schemes of Arrangement: Restructuring in the Cayman Islands

Conyers on

These continue to be challenging times and we recognize that the need for cross-border advice on insolvency and restructuring matters may be required at short notice. Conyers’ attorneys are insolvency and restructuring...more

Katten Muchin Rosenman LLP

Debtors Must Continue to Consider English Restructuring Processes to Secure a Global Solution

Key Point The - UK government's proposals to only partially implement a new UNCITRAL Model Law means that creditors of English law debts who do not consent to a foreign restructuring proceeding will still have recourse to...more

Latham & Watkins LLP

Schemes and Restructuring Plans: Where Are We Now?

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The forecast for the English scheme and plan looks set fair despite concerns around Brexit turbulence. The restructuring market’s appetite for Part 26 schemes of arrangement and Part 26A restructuring plans shows no...more

Jones Day

Legislative Update: Enactment of the UK Corporate Insolvency and Governance Act

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On June 25, 2020, the new UK Corporate Insolvency and Governance Act ("Act") became law after it was given Royal Assent by Queen Elizabeth II. The changes introduced by the Act will have a significant impact on the future...more

Morgan Lewis

‘Germany’s Chapter 11’: Protective Shield Proceedings Increase with COVID-19 Insolvencies

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As the economic effects of the coronavirus (COVID-19) pandemic continue to be felt, Germany’s protective shield proceeding under Section 270b of the Insolvency Code is a way for companies to restructure under the direction of...more

Morrison & Foerster LLP

A Clear Or Cloudy Flight Path? The UK’s Future Airline Insolvency Regime

Currently, when a UK airline enters insolvency, its operations cease, aeroplanes are grounded and passengers are stranded – in part due to the heavy industry regulation and, in part, because of complex aeroplane financing...more

Shumaker, Loop & Kendrick, LLP

Cross-Border Insolvency: English High Court ruling impacts Delaware Chapter 11 case

David Conaway reports on a ruling by the English High Court in late 2018 that impacted the US Chapter 11 proceedings in Delaware. Originally published in Eurofenix, Spring 2019. ...more

Jones Day

UK's Proposed Corporate Restructuring Regime Follows European-Style Chapter 11 and Debtor-in-Possession Trend

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The UK Government has announced proposals to introduce a new UK restructuring plan and moratorium, together with certain other changes to the corporate governance regime relevant to companies in distress. In addition,...more

Jones Day

EuroResource—Deals and Debt | December 2017

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For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments. Recent Developments - The Netherlands—On 5 September 2017, the...more

Morrison & Foerster LLP

Not Chapter 11 but Chapter 11-ish

Parents, headmasters, hoteliers, restauranteurs, insurers and countries love them or hate them, depending on how their school or restaurant, company or nation is ranked. I’m referring to the World Bank’s annual Doing...more

Orrick, Herrington & Sutcliffe LLP

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

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