English Court accepts jurisdiction for an order sanctioning schemes of arrangement for debtors, including a Dutch entity, and where most of the creditors were based outside the UK
The applicant companies, one Dutch, one English, were part of the same logistics group operating in the automotive and technology industries. The group was significantly over-leveraged and was unlikely to continue to operate without restructuring its debt. The debts had arisen in relation to a parent credit facility (PCF) amounting to approximately US$680 million and pursuant to a notes indenture of approximately US$225 million.