Update - Waterfall II Application (the “Application”) – Third Tranche – Supplemental Written Submissions in respect of German Law Issues – 4 August 2016

On 22 June 2016, Wentworth wrote to the Court drawing its attention to a decision of the German Federal Court dated 9 June 2016 (IX ZR 314/14) (the “BGH Decision”) and suggested that it is relevant to Issue 20. At the oral hearing in respect of Supplemental Issue 1(a) on 24 June 2016, Mr Justice Hildyard sought Wentworth’s and the Senior Creditor Group’s views on how they wished to proceed as regards the BGH Decision and whether they envisaged the need for an oral hearing. 

On 21 July 2016, the Senior Creditor Group and Wentworth filed supplemental written submissions setting out their respective positions on the BGH Decision and its potential relevance to Issue 20. The parties subsequently wrote to the Court to indicate that they did not intend to make further submissions or provide further evidence and, accordingly, that an oral hearing would not be required. The Judge's decision on the relevance of the BGH Decision to Issue 20 will be reflected in the Tranche C judgment when it is handed down.

Copies of the supplemental written submissions in respect of the BGH Decision filed on 21 July 2016 can be found below: 

• Supplemental written submissions of the Senior Creditor Group
• Supplemental written submissions of Wentworth

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