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

Dana Gas purchase undertaking is “valid and enforceable”, says High Court

After five months of legal wrangling, the High Court in London has ruled in favour of certificate holders following a trial over the validity of the purchase undertaking for an US$700 million Islamic bond issued by UAE-incorporated Dana Gas.

Kirkland partner joins Willkie Farr in New York

Pre-insolvency column: Ruling on Abengoa’s homologation challenges - case law breaks through the Spanish statutory mist

PwC made provisional liquidators of Hong Kong materials company in Cayman Islands

Luxembourg drilling company files for Chapter 11 protection ahead of London arbitration hearing

ABI International: America Now? Part two

What level of corruption is necessary to stop a US court granting Chapter 15 recognition to a foreign company? And do US avoidance provisions have international reach? A panel of four well-known names in the US tackled these questions in the context of Russian bankruptcies and courts split on extraterritoriality.

Kenya Airways closes debt-for-equity swap with Bowmans and White & Case advising

Kenya Airways has concluded a US$405 million debt-for-equity swap with its government and several other lenders, following a long-anticipated US$2 billion debt restructuring, which will see the state acquire a major stake in the troubled carrier.

Singapore court denies fund super priority status in first test of new Companies Act

The Singapore High Court has refused a request by a struggling media holding company to grant one of its creditors super priority status in the event of a winding up, in the first case to test new rescue financing provisions in the city state’s recently amended Companies Act.

Europe column: Public policy – a tight exception

Bob Wessels, professor emeritus of international insolvency law at Leiden University and expert counsel on restructuring and insolvency to the European Commission, explains the meaning of the public policy exception to automatic recognition of foreign insolvency judgments under the European Insolvency Regulation.

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.

ABI International: America Now? Part two

What level of corruption is necessary to stop a US court granting Chapter 15 recognition to a foreign company? And do US avoidance provisions have international reach? A panel of four well-known names in the US tackled these questions in the context of Russian bankruptcies and courts split on extraterritoriality.