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

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Air Berlin files for Chapter 15 protection to save US planes

Air Berlin files for Chapter 15 protection to save US planes

21 August 2017

Air Berlin has filed for Chapter 15 recognition of its German insolvency proceedings, saying that the seizure of "even one" of its planes in the US could send customers running to other carriers.

EIR recast: Who's in charge of Annex A?

EIR recast: Who's in charge of Annex A?

21 August 2017

Just a few weeks after the entry into force of the recast European Insolvency Regulation, the European Commission is inviting comments on a legislative proposal to change its Annex A - a list of all of the EU insolvency proceedings to which it applies - so that it includes newly-created Croatian legislation. GRR's editor Kyriaki Karadelis approached our columnist for Europe, professor Bob Wessels, for his views on the revised process for making sure that new national insolvency proceedings can receive automatic recognition.

Third Cayman Platinum Partners fund files Chapter 15 application in New York

Third Cayman Platinum Partners fund files Chapter 15 application in New York

18 August 2017

The liquidators of a third hedge fund belonging to Cayman Islands-based group Platinum Partners Value Arbitrage have filed for Chapter 15 recognition in New York, where executives of the funds' US parent are facing fraud charges.

New insolvency boutique Mehigan LLP launches in Hong Kong

New insolvency boutique Mehigan LLP launches in Hong Kong

18 August 2017

After spending less than a year at Hong Kong outfit Howse Williams Bowers (HWB), Bertie Mehigan has left to establish his own boutique firm.

US appeals court affirms bankruptcy court's ruling on airline layoffs class action

US appeals court affirms bankruptcy court's ruling on airline layoffs class action

18 August 2017

The US Court of Appeal for the Third Circuit has allowed a bankrupt airline that was taken on a "roller coaster ride of promises and assurances" by a Russian bank to claim the protection of the Worker Adjustment and Retraining Notification (WARN) Act in a lawsuit brought by its former employees.

Rivals circle Air Berlin after insolvency filing

Rivals circle Air Berlin after insolvency filing

17 August 2017

German airline Air Berlin has filed for insolvency after its main shareholder, Abu Dhabi's Etihad Airways, withdrew financial support, firing the start gun on a reported scramble for its more profitable assets.

DLA Piper adds partner in Minneapolis

DLA Piper adds partner in Minneapolis

17 August 2017

DLA Piper has added Minneapolis-based Michael Fisco as a partner in its finance group, from Feagre Baker Daniels.

Canadian court clarifies months-old extension decision - after debtor's proposal is approved

Canadian court clarifies months-old extension decision - after debtor's proposal is approved

17 August 2017

A court in Canada has issued a written clarification of a months-old decision extending time for an oil and gas equipment manufacturer to submit a refinancing proposal, after the company complained that news reports had "misinterpreted" the order "to cast doubt" on its business efficacy.

Community round-up: Trower joins the Insolvency Service

Community round-up: Trower joins the Insolvency Service

16 August 2017

Recent weeks have seen the arrival of new directors at the UK Insolvency Service, among them noted silk William Trower QC, as well as regional hires at firms on both sides of the Atlantic.

Cross-border cooperation: an interview with Judge Robert Drain in the US

Cross-border cooperation: an interview with Judge Robert Drain in the US

16 August 2017

GRR caught up with Judge Robert Drain from the US Bankruptcy Court for the Southern District of New York in April during the American Bankruptcy Institute's annual spring meeting in Washington, DC. There, he discussed historic and future cross-border cooperation against a backdrop of the newly minted Judicial Insolvency Network Guidelines, and the controversial property requirement for making a Chapter 15 application in the US.

Ocean rig wins Cayman schemes' approval after Highland objections overruled

Ocean rig wins Cayman schemes' approval after Highland objections overruled

15 August 2017

Submersible rig operator Ocean Rig has won approval from a majority of its creditors to restructure via four Cayman schemes of arrangement, after a court in Grand Cayman overruled initial objections to the classification of claims brought by noteholders.

Gibraltar court rejects Swiss law firm's fraud claim as abuse of insolvency law

Gibraltar court rejects Swiss law firm's fraud claim as abuse of insolvency law

15 August 2017

The Supreme Court of Gibraltar has set aside a statutory demand made by Swiss arbitration boutique Gentium Law Group against a fuel shipping company, calling the claim an abuse of process under the territory's insolvency law.