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Lawyers welcome US Supreme Court’s Jevic decision

Lawyers welcome US Supreme Court’s Jevic decision

23 March 2017

Lawyers are welcoming a “narrow” US Supreme Court ruling that bankruptcy courts cannot ignore priority rules for the distribution of assets when they order the structured dismissal of a case.

Ukraine’s Metinvest completes US$2.3bn restructuring

Ukraine’s Metinvest completes US$2.3bn restructuring

23 March 2017

Ukrainian steelmaker Metinvest has completed the restructuring of US$2.3 billion in debt, drawing to a close negotiations that started in early 2015 and saw the group draft three schemes of arrangement in the UK, with three parallel Chapter 15 filings in the US.

International bamboo fund wound up in Isle of Man

International bamboo fund wound up in Isle of Man

23 March 2017

The Isle of Man High Court has wound up a fund established to invest in Latin American and South African bamboo plantations, denying applications to adjourn the liquidation and rescue the company through a scheme of arrangement.

Ernst & Young gains partners from PPB Advisory in Australia

Ernst & Young gains partners from PPB Advisory in Australia

22 March 2017

Ernst & Young’s Australian arm has announced the hire of two partners who left professional services firm PPB Advisory in Sydney last month.

Swiss company buys insolvent German cocoa producer

Swiss company buys insolvent German cocoa producer

22 March 2017

A Swiss buyer has stepped in to purchase collapsed German cocoa producer Euromar, as secured creditors in a sister company’s US proceedings fight attempts to subpoena various parties in a search for assets.

Receiver in 15-year Canadian fraud case ordered to disclose Swiss counsel fees

Receiver in 15-year Canadian fraud case ordered to disclose Swiss counsel fees

21 March 2017

An Ontario court has ordered an interim receiver working to track down assets in a collapsed fraud scheme to disclose invoices for fees owed to counsel in related litigation in Switzerland, noting “palpable hostility” from scheme claimants worried about the dissipation of the estate.

Regulatory round-up: Swiss and German law changes, new bills introduced in US and Egypt

Regulatory round-up: Swiss and German law changes, new bills introduced in US and Egypt

21 March 2017

Switzerland and Germany have made changes to their bank recovery legislation and clawback rules respectively, while legislators in Egypt and the US have introduced new bankruptcy bills before lawmakers.

Debt investor seeks bankruptcy protection in New York and Ontario

Debt investor seeks bankruptcy protection in New York and Ontario

21 March 2017

US-Canadian consumer debt investor SquareTwo has filed for bankruptcy protection in New York, with recognition of the proceeding to be sought in Ontario.

Client retainer not sufficient for Chapter 15 jurisdiction, says California court

Client retainer not sufficient for Chapter 15 jurisdiction, says California court

20 March 2017

A California court has dismissed Australian coal miner Forge Group’s Chapter 15 case, ruling that a “dwindling” retainer held by its counsel was insufficient property in the US to justify a stay of proceedings.

Singaporean investment group follows its UK JV in filing Chapter 11 case

Singaporean investment group follows its UK JV in filing Chapter 11 case

20 March 2017

Faced with a cluster of threatened and pending litigation, Singaporean investment holding company Ezra Holdings has filed a Chapter 11 action in New York, less than one month after its UK joint venture, EMAS Chiyoda Subsea, sought relief in Texas.

UK court breaks new ground in enforcing New York “judgment by confession”

UK court breaks new ground in enforcing New York “judgment by confession”

20 March 2017

An English court has for the first time upheld the enforceability of a US judgment that was not preceded by active proceedings between the parties, ruling that a US$172 million judgment debt against international metalworking group Essar Steel is enforceable in the UK.

Sovereign debt column: The Greek debt restructuring of 2012

20 March 2017

Athens was recently back in the headlines following a public disagreement between the Eurozone and the International Monetary Fund on future bailouts. In this edition of the sovereign debt column, Lee C Buchheit, a partner at Cleary Gottlieb Steen & Hamilton in New York, reflects back on Greece’s landmark 2012 debt restructuring, which he helped to craft.