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

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Chapter 11 update makes bank resolution in court “credible”, but doubts linger

21 April 2017

The US government recently approved changes to the Bankruptcy Code designed to enhance too-big-to-fail regulations - but practitioners still harbour doubts over whether the court system is an appropriate means of resolving systemically important banks.

McDermott poaches Simmons partner in London

McDermott poaches Simmons partner in London

21 April 2017

Simmons & Simmons partner Alan Gar has joined McDermott Will & Emery’s restructuring and insolvency team in London, becoming the firm’s second UK lateral in six months.

IWIRC’s Woman of the year: Carlyn Taylor

IWIRC’s Woman of the year: Carlyn Taylor

21 April 2017

Carlyn Taylor, global co-leader of FTI Consulting’s corporate finance and restructuring segment, was named Woman of the Year 2016 by the International Women’s Insolvency and Restructuring Confederation (IWIRC) late last year. In an interview complementing our Women in Restructuring survey, she talked to GRR about cutting her teeth in the telecoms restructuring boom of the late 1990s, mentoring younger women in the industry and balancing work with family life.

Women in Restructuring

Women in Restructuring

20 April 2017

Global Restructuring Review surveyed female practitioners from around the world at all levels of their careers, to hear their diverse experiences of working in cross-border restructuring and insolvency.

Dutch court sanctions full bankruptcy for local Oi subsidiaries

Dutch court sanctions full bankruptcy for local Oi subsidiaries

20 April 2017

An appeals court in the Netherlands has granted requests for two local affiliates of the embattled Brazilian telecoms company Oi to enter full bankruptcy, overturning a lower court’s earlier refusal to convert suspension of payments proceedings.

Regulatory round-up: Hungary snubs the Model Law

20 April 2017

Eastern European regulators have seen a slew of reforms over the last few weeks: Hungary has taken a novel approach to addressing cross-border insolvencies; Azerbaijan has introduced a new framework for resolving banks; and Ukraine’s restructuring regime enacted last year came into force.

Yulchon helps Daewoo reach debt-for-equity swap unlocking US$2.6bn bailout

Yulchon helps Daewoo reach debt-for-equity swap unlocking US$2.6bn bailout

19 April 2017

Korean firm Yulchon has been advising debt-ridden shipbuilder Daewoo Shipbuilding & Marine Engineering, which reached a restructuring agreement with bondholders this week as a condition of a US$2.6 billion state bank bailout.

US solar company looks to Trump for trade protections in bid to survive Chapter 11

US solar company looks to Trump for trade protections in bid to survive Chapter 11

19 April 2017

The US’s biggest manufacturer of solar power cells will seek assistance from the White House to protect its industry from foreign competition, according to the terms of a DIP financing agreement submitted in its Chapter 11 proceedings in Delaware.

Texas oil company ditches Argentine parent’s Chapter 11 plan for creditor-backed deal

Texas oil company ditches Argentine parent’s Chapter 11 plan for creditor-backed deal

19 April 2017

A US subsidiary of Argentine energy company YPF has abandoned a Chapter 11 plan proposed by its parent company in favour of a new agreement supported by its largest unsecured creditor, chemical manufacturer Occidental Chemical.

DLA veteran to head up Canada restructuring group after former chair defects to Cassels Brock

DLA veteran to head up Canada restructuring group after former chair defects to Cassels Brock

18 April 2017

DLA Piper has appointed Brian Davison QC as chair of its restructuring group in Canada following the departure of Mary Buttery for Cassels Brock & Blackwell.

Global coms group submits international debt restructuring plan in US

Global coms group submits international debt restructuring plan in US

18 April 2017

US entities belonging to global communications group Avaya have submitted a Chapter 11 plan in a New York court, with plans to restructure a US$6.4 billion international debt pile.

Marblegate: what does it mean for European restructurings?

Marblegate: what does it mean for European restructurings?

18 April 2017

The US Second Circuit Court of Appeal recently reversed a controversial district court decision on noteholder protections under the Trust Indenture Act, finding that a for-profit education provider’s restructuring did not violate the law. Keenly watched by noteholders in the US, the decision has various implications for overseas parties too, as Weil Gotshal & Manges partners Andrew Wilkinson, Alexander Wood, Patrick Bright and Nitin Konchady, and consultant Kate Stephenson, note.