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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.

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.

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.

Shipping alliance proposes bankruptcy safety net on back of Hanjin

Shipping alliance proposes bankruptcy safety net on back of Hanjin

15 August 2017

A Japanese-led global shipping alliance has drafted proposals for a type of rescue trust that aims to prevent another "Hanjin debacle" from taking place - and it is inviting comments from interested parties.

GRR Live is coming to America

GRR Live is coming to America

14 August 2017

Following the success of our first two international conferences in London, GRR is bringing its Live format to New York this September - with Chief Judge Cecelia Morris from the US Bankruptcy Court for the Southern District of New York already secured as our keynote speaker.

Manx court permits sale of Lime Petroleum assets to Singapore shareholder

Manx court permits sale of Lime Petroleum assets to Singapore shareholder

14 August 2017

The Isle of Man High Court has ruled that liquidators of joint venture oil company Lime Petroleum can sell some of its assets, including rights of action in lawsuits against its former directors, to its Singaporean majority shareholder - rejecting public interest concerns that the sale would extinguish the suits.

Gibraltar court dismisses Singaporean shipper's winding-up petition

Gibraltar court dismisses Singaporean shipper's winding-up petition

14 August 2017

In what appears to be the first decision of its kind, a Gibraltar court has dismissed a winding-up petition brought by a Singaporean gas shipper against a Gibraltar-based trading company following repeated adjournments.