Global Restructuring Review - Cross-border restructuring and insolvency legal news, features and events
The Peruvian arm of embattled Spanish renewables company Abengoa is finalising the terms of a collateral package after reaching an agreement with its major creditors in October. Meanwhile, US-based Abengoa entities have submitted a liquidation plan to a court in Missouri.
The Turnaround Management Association in the UK has appointed a new president, while US and Australian firms have made lateral hires in recent weeks.
Courts in Hong Kong and Bermuda have sanctioned the transfer of an insolvency proceeding from one jurisdiction to the other, allowing an electronics group to make use of provisional liquidation as a restructuring mechanism in the Caribbean country.
An English court has allowed the Cayman liquidators of Singularis, a company belonging to Saudi billionaire Maan Al Sanea, to claw back US$150 million from a Japanese-owned stockbroker after it “negligently” handed Singularis funds to other Al Sanea entities at the businessman’s request.
European law firm Fieldfisher has launched a new office in Amsterdam with five partners from Dutch firm Kennedy Van der Laan.
The April 2017 issue of Global Restructuring Review will be given over to an in-depth survey on the women working at all levels of the restructuring industry. If you would like to be involved, read on.
The chief executive officer of the Royal Court of Jersey - known as Jersey's Viscount - has requested the assistance of the High Court of England and Wales in a £1.3 billion insolvency case.
Minter Ellison’s Australian head of restructuring Ian Walker has joined corporate boutique Brian Ward as a principal in Melbourne.
A Cayman Islands court has allowed directors of helicopter group CHC to appoint provisional liquidators over the group’s parent without shareholder authorisation, finding a way to get around the authority of the common law Emmadart principle.
The world’s fourth largest shipbuilder STX Offshore, which is currently in rehabilitation proceedings in its native Korea, has fended off a US$178 million claim for undelivered ships in the English High Court that was allowed to continue outside a moratorium in the UK applied upon recognition of the Korean proceedings.
Partners Rebecca Jarvis, Nick Le Masurier and Jo Windsor of Linklaters in London consider a recent landmark court ruling that poured cold water on the use of share or debt splitting strategies to block an English scheme of arrangement - and ask whether the time may have come to revisit the majority in number test in UK schemes.
Newly merged global law firm Eversheds Sutherland has hired Pinsent Masons’ Carl Allen as a partner in its finance and restructuring team in London.
The EU’s proposed pre-insolvency regime may deter the sale of distressed loans, even at a time when potential buyers have access to “unlimited funds”, argued panellists at TMA Europe’s East European Conference last week.
Takayuki Maruyama and Naoki Kondo
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