Chapman served as US counsel to the indenture trustee in the successful consummation of the Chapter 11 Plan of Reorganization for All Year Holdings Ltd., a British Virgin Islands company whose US subsidiaries were engaged in the acquisition and development of real estate projects located in New York. Mishmeret Trust Company Ltd., served as trustee for the Series B, C, D and E bonds issued by All Year, forming the largest creditor constituency in the case with more than $560 million of bonds traded on the Tel Aviv Stock Exchange.
The Plan represents the culmination of a 27-month restructuring and 15-month multi-jurisdictional insolvency proceedings including a Chapter 11 proceeding in the United States Bankruptcy Court for the Southern District of New York, and proceedings before the Eastern Caribbean Supreme Court in the High Court of Justice, Commercial Division Virgin Islands and the District Court of Tel Aviv – Yafo. All Year’s Chapter 11 Plan was also recognized by the Eastern Caribbean Supreme Court in the High Court of Justice, Commercial Division Virgin Islands and the District Court of Tel Aviv – Yafo. The proceeds of the plan sale transaction will go towards repayment of the holders of bond claims represented by Mishmeret.
Michael Friedman, Israel practice head and practice leader for the firm’s Special Situations and Restructuring Group, led the Chapman team with partners Dave Audley, Paul Carman, Heath Martin, Cathy Rossouw, Eric Silvestri, Stephen Tetro and associate Helena Honig.