Allen & Overy’s (A&O) attempts to get the Commercial Court to rubber-stamp its decision to act for a number of competing creditors on the TXU Europe administration have been scuppered by one of its own clients.
A&O is acting for TXU joint administrator KPMG, TXU’s banks, TXU power company creditor Barking and the bankers for energy creditor AES Drax.
A Commercial Court hearing was planned for 18 March, where A&O planned to ask the court to approve a protocol outlining the Chinese walls it had put in place to stop sensitive information flowing between all the creditors it is acting for.
But at the last minute, Barking, along with AES Drax and another energy creditor International Power, rejected the protocol and forced the hearing to be adjourned.
The hearing has been set for next Friday (28 March). A&O is understood to have asked for the hearing to be held in private even though Ernst & Young, the other joint administrator of TXU Europe, wants it to be public.
DJ Freeman: the end of the road
On 30 April, DJ Freeman will shut its doors for the last time In its place will be a niche insurance and litigation firm named Kendall Freeman, while a large proportion of DJ Freeman’s property and media practice will have a new home in Olswang’s swanky new offices. The deal with Olswang, which saw it […]