Introduction

在全球市場資金成本不斷增加的背景下，過去12個月許多開曼群島上市公司已成功採取協商一致的重組措施，以管理其債務水平、現金流和融資需求。

開曼群島《公司法》中的工具，提供了快速且具成本效益的公司重組方式；《2024年公司（修訂）法案》將提出修訂，增強開曼群島金融服務產品，令這些工具今年將進一步簡化。

有爭議的重組

2022年8月31日，開曼群島引入備受期待的重組制度改革（重組修正案），使債務人公司能夠以已經或可能無法償還債務並打算向債權人提出妥協或安排，向法院請求委任重組官。

儘管重組修正案為債權人和債務人公司帶來了許多好處，但推出之際恰逢2008年金融危機以來全球央行最大幅度加息。

英國的利率從2021年12月的0.1%升至2023年8月的5.25%，而美聯儲亦將利率從2022年3月的0-0.25%上調至2023年7月的5.25-5.5% (parliament. uk)。因此，債務重組通常所需的資金成本使許多陷入困境的全球企業無法承受外部融資。

Domestic Procedures

In this article, partner Bertrand Géradin and managing associate David Al Mari from Ogier’s Restructuring and Insolvency team in Luxembourg provide a high level summary of the enforcement mechanisms related to share pledges in Luxembourg. This article first appeared in Chambers Expert Focus Guides.

A Court-approved reduction of capital is one of the corporate reorganisation tools that has been successfully deployed by listed companies domiciled in the Cayman Islands in order to manage debt and liquidity.

Usual Luxembourg security package

Luxembourg is one of the leading domiciles worldwide for international investment portfolio acquisition vehicles.

Acquisition financing are usually secured against the assets and cash flows of the target company as well as of the buyout vehicle.

In practice, given that a Luxembourg holding company generally does not have any operational activities, shares, receivables and cash on bank are the most important assets to cover.

Background

Luxembourg went into full Coronavirus lockdown on March 16. By the ministerial decree of 16 March 2020, the State narrowed down the movement of citizens to the essential activities (notably the procurement of food, medication and basic necessities and travel to health facilities) and has ordered to limit business activities and allow people to stay at home. For workers engaged in other (non) commercial activities, the state recommends using home office and reducing activities to tasks that are essential for the operation of the business.

In light of the COVID-19 crisis, a Grand Ducal Regulation was published on 25 March 2020 (the Regulation)[1] that suspends certain procedural deadlines applicable in civil and commercial matters during the Luxembourg state of crisis. The Ministry of Justice has clarified that this suspension also relates to insolvency matters.