Global Restructuring Review

German fibre optic provider Deutsche Glasfaser has won sanction of its English scheme through which it will deal with its €7 billion debt pile, after creditors unanimously backed it.

Bob Wessels, professor emeritus of international insolvency law at Leiden University and expert counsel on restructuring and insolvency to the European Commission, discusses the mystery surrounding whether EU member states can establish a creditors’ committee in preventive restructuring proceedings under the new “certain aspects” directive.

Argentine energy group Albanesi has hired Skadden, Arps, Slate, Meagher & Flom and Argentine firm Salaverri, Burgio & Wetzler Malbrán to restructure US$930 million worth of debt, through two concurrent exchange offers relating to its subsidiaries GEMSA and Central Térmica Roca.

US liquefied natural gas group New Fortress Energy has secured sanction of its UK restructuring plans after an English judge heard that the processes generated a US$1.44 billion restructuring surplus over the relevant alternative of a Chapter 11 – and opposition from interested parties had “disappeared into the ether”.

An historic Spanish engineering company has secured court approval of its complex restructuring plan, in what a former Perez-Llorca lawyer who advised the company tells GRR was an unprecedented restructuring and probably the mandate of his life.