Mar 22, 21 · gategroup announced (19Mar21) that separate meetings of its bondholders and its senior lenders each approved the company's English law restructuring plan, a key part of the financial restructuring designed to position it for a post coronavirus future The company will now seek approval of the plan by the English Court at a hearing scheduled for 26Mar21Feb 11, 21 · Class fracture as gategroup secures plan meetings Ben Clarke 11 February 21 Print article Credit shutterstock/Ceri Breeze Swiss airline services provider gategroup has secured meetings for creditors to vote on its UK restructuring plan but the High Court has rejected its request to keep all the plan creditors in a single classMar 29, 21 · Airline catering company Gategroup Holding AG has announced that the English Court has approved the English law restructuring plan under Part 26A of the UK's Companies Act 06, a key part of the financial restructuring designed to position Gategroup for a postCOVID19 future The financial restructuring is expected to complete in April of 21
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Gategroup restructuring plan-Mar 31, 21 · Gategroup plan sanction reasons handed down Mr Justice Zacaroli has issued his reasons for sanctioning gategroup's UK restructuring plan, in the face of an "artificial" forum shopping structure and questions over whether English law could vary rights between nonassenting creditors and foreign third partiesMar 26, 21 · English court sanctions gategroup restructuring plan Ben Clarke 26 March 21 Print article Credit shutterstock/Ceri Breeze Swiss airlines services provider gategroup has secured sanction of its UK restructuring plan after adding an additional provision to help ensure it is effective in Switzerland
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In the recent Gategroup judgment, however, Mr Justice Zacaroli has signalled a divergence of Scheme and Plan case law on the issue of whether a Plan is an insolvency proceeding, and this has significant implications for the recognition of Plan judgments in the various member states of the European Union ("EU")Feb 17, 21 · Restructuring & Insolvency analysis This analysis looks at the recent convening hearing for the Gategroup restructuring plan and the decision of Judge Zacaroli requiring separate classes for Bondholders and Senior Lenders Written by David Ereira and Crispin Daly of Paul Hastings LLP Sign in or take a trial to read the full analysisJun 02, 21 · Gategroup then proposed a restructuring plan seeking to compromise the claims of the senior lenders and the bondholders against the English newco under the deed poll and the creditors' claims
Feb 12, 21 · Zacaroli J of the English High Court has handed down his decision in respect of the proposal to gategroup Guarantee Limited, part of the Swiss airline caterer gategroup toDec 11, · The Company and gategroup Finance (Luxembourg) SA (the " Issuer "), as issuer of the gategroup Finance (Luxembourg) SA CHF 350,000,000 3% bonds due 22 (the " Bonds "), are pleased to announce that, in order to implement certain aspects of the Transaction, gategroup Guarantee Limited (the " Plan Company "), a wholly owned subsidiary of theNov 18, · On 26 March 21, the English Court approved the Restructuring Plan of gategroup Gategroup is a global player in airline catering, retailonboard and hospitality products and services Headquartered in Zurich, Switzerland, gategroup delivers its services through its extensive catering network, serving more than 700 m passengers annually from
Today's announcement completes the Group's financial restructuring process which commenced in October gategroup CEO Xavier Rossinyol said "I would like to thank our Shareholders, Senior Lenders and Bondholders for their support throughoutMar 17, 21 · Gategroup Interplay Between the Lugano Convention and the Restructuring Plan In Re gategroup Guarantee Limited, Mr Justice Zacaroli of the High Court considered the interplay between (a) theFeb 17, 21 · gategroup has announced that two separate meetings of bondholders and senior lenders will be called for March 19 21 to consider and vote on parts of the company's financial restructuring plan designed to position the company for a postCOVID future As announced on November 26 , the group, its shareholders, RRJ Capital and Temasek (the
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Mar 18, 21 · The recent Gategroup decision has put a focus on recognition of UK insolvency tools, as the industry grapples with uncertainties as to EUwide treatment as an outsider We consider whether it matters that there may not be any uniform recognition treatment for Restructuring Plans, and whether that offers parties opportunity as well as uncertainty1May 03, 21 · gategroup completes restructuring plan gategroup announced (30Apr21) all conditions for the group's financial restructuring have been satisfied and the process has been completed The restructuring is designed to position the group for a postCOVID19 futureFeb 17, 21 · The Plan Company was incorporated on 8 December as a wholly owned subsidiary of gategroup Holding AG (the 'Parent', a company incorporated in Switzerland At 55 , if Lugano applies to applications under Part 26A, then the Plan Company accepts that by reason of 3(1) Lugano and the exclusive jurisdiction clause in favour of the
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Gategroup Holding AG (" gategroup ", the " Company " and together with its subsidiaries, the " Group "), is pleased to announce that the English Court has approved the English law restructuring plan under Part 26A of the United Kingdom's Companies Act 06, a key part of the financial restructuring designed to position the Group for a postCOVID futureGategroup then proposed a restructuring plan seeking to compromise the claims of the senior lenders and the bondholders against the English newco under the deed poll and the creditors' claims against the original obligors The COMI of the bond issuer has been moved to EnglandGategroup Holding AG ("gategroup", the "Company" and together with its subsidiaries, the "Group"), announces that the High Court of England and Wales (the "Court") today gave directions that the hearing in relation to the proposal by gategroup Guarantee Limited (the "Plan Company") to convene a meeting of its creditors for the purposes of voting on an English restructuring plan
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Mar 02, 21 · The restructuring plan in this case was proposed by gategroup Guarantee Limited (the "Plan Company"), a UK incorporated subsidiary of gategroup Holding AG (the "Parent")May 04, 21 · The completed restructuring provides a firm foundation for gategroup's immediate and longterm future The new financial structure will allow us to deliver on our business plan over the next five years, which will benefit all the Group's stakeholders including, Bondholders, Senior Lenders, Shareholders, our customers, suppliers and ourThe Gategroup restructuring plan did not involve an airline or creditors with registered interests under the Cape Town Convention Instead, the judge in the Gategroup case had to consider whether a restructuring plan under Part 26A of the Companies Act 06 was an "insolvency proceeding" for the purposes of the Lugano Convention;
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Mar 02, 21 · gategroup Guarantee Limited – UK restructuring plans are insolvency proceedings On 11 February 21, the English High Court confirmed in gategroup Guarantee Limited that restructuring plans are insolvency proceedings so are not covered by the Lugano Convention One of the debt instruments subject to the gategroup restructuring plan containsRestructuring Plans were only introduced last June under the CIGA reforms Analysis T he Court's decision arose out of an application by gategroup Guarantee Limited for the Court's permission to convene meetings of its creditors to vote on and, if thought fit, approve a Restructuring Plan that would amend certain debt instruments issued byFeb 12, 21 · Zacaroli J of the English High Court has handed down his decision in respect of the proposal to gategroup Guarantee Limited, part of the Swiss airline caterer gategroup to restructure its debts by way of a restructuring plan under Part 26A of the Companies Act 06
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Mar 08, 21 · As part of a wider restructuring and recapitalisation, the Plan of Gategroup Guarantee Limited (the "Company") will "amend and extend" its senior debt and bond liabilities by pushing out theirJan , 21 · gategroup's restructuring plan has been put on pause until February 3 21 The High Court of England and Wales gave directions that the hearing in relation to the proposal by gategroup to convene a meeting of its creditors for the purposes of voting on an English restructuring plan under Part 26A of the United Kingdom's Companies Act 06 is to beMar 29, 21 · The English court decided in February 21 that gategroup's restructuring plan qualifies as an insolvency matter and hence the English court accepted jurisdiction to allow the involved stakeholders to amend the terms of the Swiss law governed bonds
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Mar 16, 21 · A Restructuring Plan requires the consent of a number representing 75% in value of the creditors (or class of creditors) or members (or class of members), as the case may be, present and voting at the convening hearingDevelopments in Restructuring Plans Gategroup On 26 March 21, Mr Justice Zacaroli of the English High Court sanctioned a restructuring plan (the Plan ) proposed by gategroup Guarantee Limited ( Gategroup ), following approval at two creditors' meetings convened pursuant to a judgment handed down by Mr Justice Zacaroli on 17 February 21Mar 18, 21 · The judgment of Mr Justice Zacaroli in Re Gategroup Guarantee Limited has shone the spotlight on the requirement under the Restructuring Plan mechanism that the debtor be facing "financial
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Feb 23, 21 · As part of a wide ranging debt restructuring and recapitalisation exercise, gategroup 1 launched a Restructuring Plan on 30 December to amend and extend the maturity of its senior debt and bond liabilities in order to afford itself some further breathing space to trade through the pandemicMar 15, 21 · Gategroup In the Gategroup judgment, Zacaroli J held that a Part 26A plan comes within the remit of Article 1 (1) of the Recast Insolvency Regulation (RIR) meaning it does not fall under the Recast Brussels Regulation (RBR) and, by extension, under the Lugano Convention or Hague ConventionA London judge granted Gategroup permission to take its restructuring plan to creditors for approval on Wednesday, after the airline catering company said it
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Mar 18, 21 · c) Gategroup argued that the Restructuring Plan proceedings did indeed fall outside the scope of the Convention, since they fell within the "bankruptcy exception" Zacaroli J agreed, finding that the bankruptcy exception under the Convention would be satisfied if theGategroup Restructuring Plan Meetings Convened with Separate Class for Bondholders By David Ereira & Crispin Daly Summary Zacaroli J of the English High Court has handed down his decision in respect of the proposal to gategroup Guarantee Limited, part of the Swiss airline caterer gategroup to restructureFeb 17, 21 · The Plan Company was incorporated on 8 December as a wholly owned subsidiary of gategroup Holding AG (the 'Parent', a company incorporated in Switzerland At 55 , if Lugano applies to applications under Part 26A, then the Plan Company accepts that by reason of 3(1) Lugano and the exclusive jurisdiction clause in favour of the
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Jan 13, 21 · On 25 February 21, gategroup Finance (Luxembourg) SA and the gategroup Guarantee Limited held a call for Bondholders for the purpose of providing information on the restructuring and the Restructuring Plan, and the next steps and actions for Bondholders, including voting on the Restructuring Plan at the Bondholder Plan MeetingMar 16, 21 · Gategroup Interplay Between the Lugano Convention and the Restructuring Plan In Re gategroup Guarantee Limited, Mr Justice Zacaroli of the High Court considered the interplay between (a) theInformation Agent GLAS Specialist Services Limited 45 Ludgate Hill London EC4M 7JU Email LM@glasagency Telephone 44 (0) 3597 2940 Website https//glas
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