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Summary

Ireland, United Kingdom, Banking, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Bond (finance), Balance sheet, Subordinated debt, High Court of Justice (England & Wales)
Recognition of English schemes of arrangements in Germany: latest developments in the Equitable Life case

English schemes of arrangement under the Companies Act 2006 (Schemes) have been increasingly used by non-English companies as a powerful tool to restructure their financial indebtedness. Recent prominent examples of German companies that have utilized Schemes to cramdown non-consenting or “holdout” creditors in order to restructure the company’s balance sheet include TeleColumbus, Rodenstock and Primacom.

There are several reasons for this trend:

Germany, United Kingdom, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Debt, Companies Act 2006 (UK), Insolvency Act 1986 (UK)
Stern v. Marshall – Supreme Court limits the scope of bankruptcy courts’ core jurisdiction

Introduction

On June 23, 2011, after fifteen years of hugely acrimonious litigation, the Supreme Court of the United States (the “Court”) issued a decision on a narrow legal issue that may end up significantly limiting the scope of bankruptcy courts’ core jurisdiction.  

USA, Insolvency & Restructuring, Litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Punitive damages, Bankruptcy, Tortious interference, Defamation, Constitutionality, US Congress, Article III US Constitution, Supreme Court of the United States, Ninth Circuit, US District Court for Central District of California, United States bankruptcy court
The impact of CDS on restructurings

Restructuring companies in respect of which there exists a significant credit default swaps (CDS) market adds an additional level of complexity which the debtor and all stakeholders should consider and assess early on in the process, as it could determine the success or failure of a restructuring plan.

European Union, Global, USA, Derivatives, Insolvency & Restructuring, Latham & Watkins LLP, Bond (finance), Bankruptcy, Credit (finance), Debtor, Interest, Swap (finance), Credit risk, Maturity (finance), Balance sheet, Credit default swap
Fresh start, not so fresh: courts hold that environmental liabilities survive chapter 11 reorganization

Introduction

USA, Environment & Climate Change, Insolvency & Restructuring, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Contamination, Pollution, Bankruptcy, Debtor, Injunction, Breach of contract, Liability (financial accounting), Bankruptcy discharge, Supreme Court of the United States, Third Circuit, Sixth Circuit
European Directories — Court of Appeal decision intercreditor release clauses

Summary

In one of the most eagerly awaited appeals to affect the restructuring and insolvency community since MyTravel, the Court of Appeal in the European Directories case ruled on Friday 22 October that:

European Union, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Share (finance), Shareholder, Surety, Debt, Holding company, Court of Appeal of England & Wales
Restructuring Department Bulletin - December 2025
USA, Insolvency & Restructuring, Litigation, Paul Weiss Rifkind Wharton & Garrison LLP, Insolvency, Supreme Court of the United States