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
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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.