Update - Waterfall II Application (the "Application") – Part C Appeal – 31 July 2017

On 22 May 2017, the Joint Administrators notified creditors that the Senior Creditor Group (the “SCG”) and Goldman Sachs International – having been given permission to appeal by Mr Justice Hildyard against certain declarations made in his Lordship’s Order sealed on 16 December 2016 – filed and served their respective Appellant’s Notices and Grounds of Appeal, copies of which can be found here. 

On 31 May 2017, the Joint Administrators notified creditors that when serving the SCG’s skeleton argument, the solicitors representing the SCG confirmed that: (a) the SCG will no longer be pursuing the appeal against declaration (i) of the Order; and (b) the two SCG members (Hutchinson Investors, LLC and Burlington Loan Management Limited) who were appealing against declarations (xxiii), (xxiv) and (xxv) of the Order will no longer be pursuing their appeal against those three declarations.  Accordingly, certain applications to amend Appellant’s Notices and Grounds of Appeal were filed and served, copies of which can be found here.

In accordance with the agreed timetable the SCG’s and Goldman Sachs International’s appeal skeleton arguments were filed and served upon the LBIE Administrators on 12 May 2017, and the following respondent’s appeal skeleton arguments were filed and served on 28 July 2017:

• The Joint Administrators’ appeal skeleton argument dated 28 July 2017; and

• Wentworth’s appeal skeleton argument dated 28 July 2017.

Should you have any queries regarding this update, please contact LBIE’s Communications and Counterparty Management team at generalqueries@lbia-eu.com.