Update - Waterfall II Application (the "Application") – Part C Appeal – 31 May 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. 

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, the following applications to amend Appellant’s Notices and Grounds of Appeal were filed and served, copies of which can be found below:

• CVI GVF (LUX) Master SARL’s application to amend its Appellant’s Notice sealed on 18 May 2017; 
• Burlington Loan Management Ltd’s application to amend its Appellant’s Notice sealed on 19 May 2017; and 
• Hutchinson Investors, LLC’s application to amend its Appellant’s Notice sealed on 18 May 2017.

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