Global Restructuring Review - Cross-border restructuring and insolvency legal news, features and events
Carey Olsen has hired new counsel from offshore competitor Harneys in Hong Kong, as Windells Marx, Seyfarth Shaw, Shoosmiths and Casner & Edwards add to their roster of bankruptcy partners in the US and London.
Certain US creditors of the Korean shipper Hanjin will need to make their case before a Seoul court for the sake of convenience, a New Jersey judge has said after conferring with his Korean counterpart, in a decision allowing the hotly contested sale of a key US shipping terminal operator.
The new government of Puerto Rico has reached an agreement on collateral with a set of pension bondholders, five days after they became the only claimants to be granted a hearing against a statutory moratorium.
Central and Eastern Europe-focused firm Schönherr has promoted restructuring specialist Miriam Simsa to partner in Vienna.
Ukranian steelmaker Metinvest has secured permission from an English court to host a creditor vote on what is its third scheme of arrangement for the implementation of a restructuring plan – and has made a parallel US Chapter 15 filing to protect its US assets while the final hurdles are cleared.
Speakers at the recent GRR Live in London emphasised a real need for innovative reforms in the restructuring of pension schemes to avoid the downfall of otherwise healthy UK companies. This week, a think tank in partnership with Ince & Co held a discussion in the upper house of the UK’s parliament to begin to address pension fund deficits.
Salla Suominen, who was listed in Global Restructuring Review’s “40 under 40” survey last year, has left Finnish firm Castren & Snellman to join a smaller outfit, Avance, as a partner.
After weeks of speculation, King & Wood Mallesons UK has entered administration on 17 January, with CMS Cameron McKenna and Pinsent Masons retained to help devise a pre-pack administration plan.
A Gibraltarian court has granted permission for the service of a statutory demand on a Scottish businessman residing in Spain, saying it may claim jurisdiction to declare the recipient bankrupt if the demand is ignored.
Former Mintz Levin Cohn Ferris Glovsky & Popeo insolvency partner John Bae has joined Baker Botts in New York.
Andrew Shutter, partner at Cleary Gottlieb Steen & Hamilton in London, considers the future of sovereign debt restructuring in the face of pari passu injunctions – that is, court orders preventing certain creditors from receiving payments if other creditors have not been paid in full.
Sidley Austin’s London restructuring group has recruited its second new partner from Linklaters in recent months, continuing a period of growth for the firm that began with a host of senior hires in 2016.
May 2017, London, United Kingdom
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