Landmark Galapagos restructuring to set ‘forum shopping’ precedent
Companies could be stopped from picking their favourite jurisdiction for restructurings, if a crucial ruling over the fate of troubled heat exchanger firm Galapagos SA goes in favour of a group of high yield bondholders.
The company, which is incorporated in Luxembourg, and has most of its operations in Germany, moved its headquarters to a small industrial estate in the UK, in June.This was part of a restructuring plan which would have crammed down bondholders in the company’s €250m 7% bond to ...
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