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Germany’s Phoenix Solar files insolvency case in Munich after US customer demands payment

Germany’s Phoenix Solar files insolvency case in Munich after US customer demands payment

14 December 2017

German solar energy developer Phoenix Solar has filed insolvency proceedings in a Munich court, after an unidentified American customer called in an US$8 million payment.

Canadian environmental company files second Chapter 11 petition amid fraud saga

Canadian environmental company files second Chapter 11 petition amid fraud saga

14 December 2017

A Canadian energy and wastewater company has filed for Chapter 11 protection in Arizona, 18 months after its earlier bankruptcy petition was dismissed by the same court, while its former CEO fights fraud allegations brought by a major creditor in New York.

Brazilian oil group secures Chapter 15 recognition

Brazilian oil group secures Chapter 15 recognition

14 December 2017

Offshore oil drilling group Odebrecht Óleo e Gás (OOG) has secured Chapter 15 recognition of its Brazilian debt restructuring proceedings, with a New York court issuing an injunction to prevent any actions against the debtors and their assets in the US.

Temporary shelters group sells US subsidiary after noteholders settlement

Temporary shelters group sells US subsidiary after noteholders settlement

13 December 2017

Temporary buildings provider Algeco Scotsman Global has sold a valuable North American subsidiary as part of efforts to restructure its debt obligations, days after reaching a settlement with senior unsecured noteholders who claimed in court that the sale breached indenture covenants and constituted a fraudulent conveyance.

Pre-insolvency column: Crisis management under Italy’s new Rordorf law

Pre-insolvency column: Crisis management under Italy’s new Rordorf law

13 December 2017

Partner Enrica Maria Ghia and associate Filippo Bosazzi of Studio Legale Ghia in Milan summarise the new Rordorf Law passed in Italy in October, in the latest edition of GRR’s pre-insolvency column in association with TMA Europe.

US Supreme Court declines appeal by alleged alter egos of bankrupt steel group

US Supreme Court declines appeal by alleged alter egos of bankrupt steel group

13 December 2017

A group of Brazilian mining companies will be able to pursue enforcement of a US$48 million arbitral award against the alleged alter egos of a bankrupt Swiss steel group, after the US Supreme Court refused to consider an appeal.

Malpractice claim proceeds not collateral for litigation funders, says California court

Malpractice claim proceeds not collateral for litigation funders, says California court

12 December 2017

Debtors in a Chapter 7 case in California have been barred from using proceeds from malpractice claims as collateral for litigation funders that bankrolled an “entirely unsuccessful” intellectual property lawsuit against multinational telecoms company Qualcomm.

Exelco’s Chapter 11 cases tossed by Delaware judge

Exelco’s Chapter 11 cases tossed by Delaware judge

12 December 2017

A judge in Delaware has dismissed the Chapter 11 cases of Belgian diamond wholesale group Exelco, finding they would be more properly administered in Belgium.

BVI company's bid for US vitamin seller approved in Delaware Chapter 11 case

BVI company's bid for US vitamin seller approved in Delaware Chapter 11 case

11 December 2017

The Delaware Bankruptcy Court has approved a US$28 million stalking horse bid for Long Island-based retailer Vitamin World, made by an offshore affiliate of a Chinese dairy company, after an earlier offer by a UK-US investor fell through.

Namibian court throws out Zimbabwean shareholders’ objections to bank winding up

Namibian court throws out Zimbabwean shareholders’ objections to bank winding up

11 December 2017

The High Court of Namibia in southwest Africa has issued a final winding-up order for a commercial bank in the country, despite objections from two of its Zimbabwean shareholders.

BNP Paribas breached duty of care in US$650m sukuk dispute, High Court finds

BNP Paribas breached duty of care in US$650m sukuk dispute, High Court finds

08 December 2017

International bank BNP Paribas breached the duty of care it owed to hedge fund investors in a US$650 million Islamic bond when it failed, as arranger, to ensure a promissory note issued under Saudi Arabian law was properly executed, the High Court in London has ruled.

Creditors and US trustee attack Italian plastics company’s post-petition financing plan

Creditors and US trustee attack Italian plastics company’s post-petition financing plan

08 December 2017

Creditors of Italian plastics company M&G have said its proposed US$100 million post-petition financing package will “cripple” the bankruptcy estate and leave its unsecured creditors “in a far worse position than if no financing were approved at all”.