Extension of Restrictions on Statutory Demands, Winding Up and Suspension of Liability for Wrongful Trading to 30 June 2021

On Wednesday 24 March, the government confirmed that it will be extending the current temporary restrictions on statutory demands and winding-up petitions and the temporary suspension of directors’ liability for wrongful trading put in place under the Corporate Insolvency and Governance Act 2020, until 30 June 2021. The extensions, setRead the full article →

Weil Advises Floatel Group on its Debt Restructuring

International law firm Weil Gotshal & Manges LLP (“Weil”) has advised Floatel International Ltd. and its subsidiaries (the “Floatel Group”) on its comprehensive, fully consensual balance sheet restructuring. The transaction involved first lien bondholders converting USD400,000,000 first lien bonds into new USD230,000,000 first lien bonds and 40.08% equity and secondRead the full article →

Connected Party Pre-Packs: The New Rules

On 24 February, the Government published draft regulations that, if implemented, will impose new restrictions on pre-pack administration sales to connected parties. For all ‘substantial disposals’ (which will include ‘pre-pack’ sales) to connected parties, taking place within eight weeks of the administrators’ appointment, the administrators will either need creditor consentRead the full article →

Weil Advises Odeon Group on Securing New Financing

International law firm Weil Gotshal & Manges LLP (“Weil”) has advised Odeon Cinemas Group Limited and its subsidiaries (the “Odeon Group”) on its entry into a new c.£400,000,000 term loan facility agreement, which will enable it to refinance its existing revolving credit facility and provide further working capital. The OdeonRead the full article →