Global Restructuring Review - Cross-border restructuring and insolvency legal news, features and events

Air Berlin files for Chapter 15 protection to save US planes

Air Berlin has filed for Chapter 15 recognition of its German insolvency proceedings, saying that the seizure of "even one" of its planes in the US could send customers running to other carriers.

EIR recast: Who's in charge of Annex A?

New insolvency boutique Mehigan LLP launches in Hong Kong

US appeals court affirms bankruptcy court's ruling on airline layoffs class action

Third Cayman Platinum Partners fund files Chapter 15 application in New York

Rivals circle Air Berlin after insolvency filing

German airline Air Berlin has filed for insolvency after its main shareholder, Abu Dhabi's Etihad Airways, withdrew financial support, firing the start gun on a reported scramble for its more profitable assets.

DLA Piper adds partner in Minneapolis

DLA Piper has added Minneapolis-based Michael Fisco as a partner in its finance group, from Feagre Baker Daniels.

Canadian court clarifies months-old extension decision - after debtor's proposal is approved

A court in Canada has issued a written clarification of a months-old decision extending time for an oil and gas equipment manufacturer to submit a refinancing proposal, after the company complained that news reports had "misinterpreted" the order "to cast doubt" on its business efficacy.

  • Cross-border cooperation: an interview with Judge Robert Drain in the US

    GRR caught up with Judge Robert Drain from the US Bankruptcy Court for the Southern District of New York in April during the American Bankruptcy Institute's annual spring meeting in Washington, DC. There, he discussed historic and future cross-border cooperation against a backdrop of the newly minted Judicial Insolvency Network Guidelines, and the controversial property requirement for making a Chapter 15 application in the US.

  • Community round-up: Trower joins the Insolvency Service

    Recent weeks have seen the arrival of new directors at the UK Insolvency Service, among them noted silk William Trower QC, as well as regional hires at firms on both sides of the Atlantic.

  • Ocean rig wins Cayman schemes' approval after Highland objections overruled

    Submersible rig operator Ocean Rig has won approval from a majority of its creditors to restructure via four Cayman schemes of arrangement, after a court in Grand Cayman overruled initial objections to the classification of claims brought by noteholders.

A "palliative" approach to insolvency in the retail world?

The retail sector is in the midst of a deeply disruptive shift as online shopping increasingly puts its long-term future in peril. Howard Morris, head of the business restructuring and insolvency group at Morrison & Foerster in London, argues that instead of liquidating speedily, retailers should take a leaf out of the insurance industry's book and continue to make profits as they are run down slowly.

VIDEO: GRR lifetime achievement award - Bruce Leonard 1944-2017

The late Bruce Leonard, founder of the International Insolvency Institute (III), received posthumous honours at GRR's Charity Awards on 21 June, in the form of a poignant film tribute recorded a few days earlier at a meeting of the very organisation he helped found.

German Bar Association Congress: Are EU harmonisation efforts "using a sledgehammer to crack a nut"?

The European Commission is conducting its harmonisation of restructuring law across the EU by "using a sledgehammer to crack a nut" according to a speaker at the German Bar Association's sixth European Insolvency and Restructuring congress in Belgium.