Global Restructuring Review - Cross-border restructuring and insolvency legal news, features and events
The United Nations Commission on International Trade Law (UNCITRAL) will consider a proposal to use international arbitration law to achieve greater enforcement powers in cross-border insolvencies when it convenes in Vienna in July.
A new advisory firm has launched in Asia and others have staffed up in the US and the UK, while law firms Meyer Brown and Taylor Wessing have made hires across Europe in recent weeks.
Creditors of French directories and communications agent SoLocal Group, formerly known as Pages Jaunes, have approved a restructuring plan that attempts to slash the company’s €1.1 billion debt for the second time in two years – this time using a lengthier process before the French courts.
A UK court has ordered creditors to Ukrainian miner DTEK to vote on the group’s second scheme of arrangement in less than two years, as it struggles to recover from physical and financial damage caused by ongoing war in its homeland.
A host of technical amendments to domestic insolvency laws are on the cards in Ukraine, Serbia and the Czech Republic.
A US appeals court has upheld a consent order clarifying the procedure for distributing a US silicone manufacturer’s US$3 billion Chapter 11 settlement fund for breast implant-related injuries, blocking objections from a group of Korean claimants.
GRR’s sister publication Who’s Who Legal has revealed its list of top restructuring and insolvency lawyers for 2017, including the 25 most highly regarded thought leaders.
For all of the reforms to insolvency frameworks currently in the works around the world, panellists at the first GRR Live in London said that simply bringing parties together around the negotiating table as early as possible must be a priority in improving efficiency in cross-border restructuring.
Judges in the US and Canada have approved disclosure statements and specified the voting procedure for Nortel’s long-awaited US$7.3 billion distribution plan, paving the way for a plan confirmation hearing in January.
UK firm Shoosmiths has opened its first office in Northern Ireland as it merges with Belfast insolvency boutique McManus Kearney.
Andrew Shutter, partner at Cleary Gottlieb Steen & Hamilton in London, considers the difficult issue of how to deal with the contingent liabilities of a distressed sovereign debtor.
US law firm McKool Smith has hired Nick Foley, an early cross-border insolvency enthusiast, as a partner in its Dallas office.