A U.K. court approved a debt restructuring at Spanish-based Codere SA, cementing Londons role as a legal hub for troubled companies worldwide.
Judge Guy Newey ruled that the case fell within the courts jurisdiction. A preliminary ruling questioned whether Codere could restructure 1.2 billion euros ($1.3 billion) of bonds issued under New York law in the British capital, as the gaming company historically had no U.K. operations.
The ruling supports a decade-long trend of judges relaxing rules on whether companies with few links to the U.K. can restructure in London. More than 30 overseas businesses, based in countries including Vietnam and Ukraine, have used U.K. courts for debt reorganizations since 2009, drawn by the stability of London …
Read the full article at: http://www.bloomberg.com/news/articles/2015-12-17/u-k-court-boosts-global-restructuring-role-with-codere-ruling