Davis Polk advised Ballantyne Re plc and its foreign representative in connection with an Irish scheme of arrangement that successfully restructured over $1.6 billion of claims with over 98% credit support. The foreign representative sought chapter 15 recognition and enforcement of the scheme of arrangement (including the third party releases thereunder) before Judge James L. Garrity Jr. in the United States Bankruptcy Court for the Southern District of New York. At the recognition hearing on July 11, 2019, Judge Garrity overruled an objection from a sole dissenting creditor and granted all relief sought by the foreign representative.
Ballantyne is an Irish public limited company that provided reinsurance with respect to life insurance policies issued in the United States. Pursuant to the scheme of arrangement, Ballantyne effectuated the novation of its reinsurance obligations and distributed its assets to creditors after obtaining sanction of the scheme of arrangement before the Irish courts and chapter 15 recognition before the United States courts.
The Davis Polk restructuring team included partner Timothy Graulich and associates Angela M. Libby, Dylan A. Consla and Thomas S. Green. Partner Stephen Salmon provided capital markets advice. Partner James I. McClammy and associate Sushila Rao provided litigation advice. Members of the Davis Polk team are based in the New York and Northern California offices.
Ballantyne was also advised by William Fry and PwC Ireland.