On 1 September 2017, Boart Longyear Limited (Boart), successfully implemented the reconstruction of its US law governed debt using Australian creditor schemes of arrangement (Schemes).
This is a landmark case that will influence Australian corporate reconstructions for years to come.
The case involved approval by the NSW Supreme Court and recognition by the US Bankrupcty Court under Chapter 15 of the US Bankruptcy Code, ensuring cross border effectiveness for the reconstruction.
Highlights
Australia, Capital Markets, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Piper Alderman, Corporations Act 2001 (Australia), New South Wales Supreme Court