In the March 2025 edition of the Restructuring Department Bulletin, we highlight recent decisions and developments impacting the restructuring arena and share the latest news on the Paul, Weiss Restructuring Department.

• In one of the most high-profile and hotly-watched cases in the London restructuring market, on 18 February 2025, the English High Court approved the restructuring plan proposed by Thames Water.
• The Court gave permission to appeal the Court’s order to a group of challenging junior creditors, a subordinated creditor and Liberal Democrat MP Charlie Maynard, with the Court of Appeal due to sit from 11 to 13 March 2025.

Bankruptcy-remote LLC Agreement Did Not Impermissibly Restrict

LLC’s Right to File Bankruptcy

In re 301 W. North Ave., LLC, Case No. 24-02741 (Bankr. N.D. Ill.

Jan. 6, 2025), the Bankruptcy Court dismissed the chapter 11 case

of a Delaware limited liability company for “cause” under section

1112(b) of the Bankruptcy Code because the company had not been

properly authorized to file for chapter 11 relief. The court found that

the underlying LLC agreement prohibited the company from filing a

Paul, Weiss Named Chapter 11 Firm of the Year in Global Restructuring Review Awards

Global Restructuring Review (GRR) recognized Paul, Weiss as the “Chapter 11 Firm of the Year” in its 2024 GRR Awards, which honor the most impressive restructuring practices and individuals of the past year. The firm was recognized for its role advising in several major chapter 11 matters, including the restructurings of Hornblower, Lumileds, Revlon and Rite Aid, among others

Brian Hermann Discusses Chapter 11 Trends at Bankruptcy Conference

Situations Partner Kai Zeng in London Kai Zeng, who advises on cross-border restructurings and special situations matters, has joined the firm in London as a partner in the Restructuring Department and Finance and Hybrid Capital & Special Situations groups.

Kai advises sponsors, debtors, creditors and strategic investors on restructurings of stressed and distressed businesses, as well as hedge and credit funds, investments banks and private equity firms on their review and diligence of European investment opportunities in par, stressed and distressed transactions.

As practitioners we pour over notices of intention to appoint (NOIA) and notices of appointment of administrators (NOA) to make sure every detail is accurate. Why? Because no one wants to risk an invalid appointment because there was a minor mistake or error that was overlooked. Understandably errors occur, particularly when the appointment of administrators often happens at speed, with all parties inevitably juggling many balls. Prescribed information may have been missed, or incorrectly stated and procedural steps may have been inadvertently forgotten.

The bankruptcy court presiding over the FTX Trading bankruptcy last month issued a memorandum opinion addressing valuation of cryptocurrency-based claims and how to “calculate a reasonable discount to be applied to the Petition Date market price” for certain cryptocurrency tokens.

重组上市交易（或称借壳上市）通常指收购方（或称借壳方）在取得上市公司控制权的同时或一定期间内，实施重大资产重组将外部资产注入上市公司，以使得上市公司主营业务、资产或收入发生根本变化，实现上市公司业务发展方向的转变，实现借壳方资产证券化的一种交易形式。上市公司作为交易主体参与此类交易，且该类交易的实施流程及审核流程与其他类型的上市公司控制权交易差别较大，本篇作为上市公司控制权收购专题系列文章的最后一篇，拟专题介绍A股重组上市的市场情况、交易架构，并进一步分析此类交易中的重点关注问题。

一、重组上市市场动态

经统计2011年至2024年6月30日期间成功完成的重组上市项目，各年度项目数量变化趋势、各板块占比及民营企业与国资企业占比情况如下：

For those that are that way inclined (which includes us at #SPBRestructuring!), the 500 plus page Wright v Chappell judgment which sets out the BHS wrongful trading claim against its former directors makes for an interesting read. It paints a colourful picture of the downfall of the BHS group, from the point that it was sold for £1 to its eventual demise into administration and then liquidation. You can make your own mind up about the characters involved, but the story is a sorry one, with creditors ultimately suffering the most.

File your proof of claim before the bar date. That’s a principle every creditor in a bankruptcy case should adhere by. But on June 7, 2024, the United States Bankruptcy Court for the Southern District of New York may have increased the degree of diligence parties need to conduct to determine whether they are a potential creditor in a case and therefore required to file a proof of claim.