Global Restructuring Review - Cross-border restructuring and insolvency legal news, features and events
The US Senate passed a controversial restructuring bill to address Puerto Rico’s ongoing debt crisis, a day before its potential default on more than US$1 billion in bond payments.
The High Court of England and Wales has recognised the Seoul-based restructuring of Korea’s STX Offshore, the world’s fourth largest shipbuilder.
In recent weeks, US law firms have added talent on both coasts while a regional UK firm has added a new head of insolvency.
A London executive at US distressed-debt firm Oaktree Capital risks extradition to the United Arab Emirates after being accused of stealing part of the proceeds of a US$644 million arbitral award against Venezuelan state entity PDVSA.
A Dutch creditor of Brazilian telecoms company Oi has commenced involuntary bankruptcy proceedings against one of its affiliates in an Amsterdam court, as Oi confirmed it had received provisional relief from a UK court.
Akin Gump is advising Russia-focused railcar leasing company Brunswick Rail, which has announced the terms of a recapitalisation for US$600 million worth of guaranteed notes after negotiations with Eurobond holders reached an impasse earlier this month.
Newly proposed intercompany debt regulations in the US could result in many debt instruments between related parties being characterised as equity, lawyers warned at a recent seminar, as they explored the impact of the potential changes on cross-border transactions.
The Court of Justice of the European Union (CJEU) has dismissed a complaint by Dutch appliance maker Whirlpool against the European Commission, over its handling of the French government’s 2007 rescue of troubled competitor FagorBrandt.
Litigation finance firm Burford Capital has added a new managing director in its New York office, soon after announcing an insolvency portfolio financing arrangement with accounting firm Grant Thornton in the UK.
Sterling and stocks plunged in value as the UK announced its decision to leave the EU in the early hours of Friday – but lawyers in the insolvency and restructuring sphere are keeping calm, for now.
Nick Lister, a senior associate at Allen & Overy in London, discusses how the Ukrainian steel and mining business Metinvest imposed a moratorium on noteholder action through an English scheme of arrangement – and ponders some of the jurisdictional issues that could face other scheme users in future.
Bracewell & Giuliani’s former aerospace and defence chair Andrew Schoulder has joined Bryan Cave’s bankruptcy team in New York.