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Shareholders approve CGG restructuring plan despite bondholders’ warnings

Shareholders approve CGG restructuring plan despite bondholders’ warnings

14 November 2017

Shareholders of French geophysical services firm CGG have voted to approve its sauvegarde (safeguard) restructuring plan, despite protests from convertible bondholders who say it is “doomed to fail”.

IWIRC calls for feedback on Indian special situations financing regime

IWIRC calls for feedback on Indian special situations financing regime

13 November 2017

The Pacific Rim arm of the International Women’s Insolvency and Restructuring Confederation (IWIRC) is seeking comments on the effectiveness of India’s new bankruptcy regime for special situations financing.

Dana Gas adjournment plea dismissed, High Court will issue judgment imminently

Dana Gas adjournment plea dismissed, High Court will issue judgment imminently

13 November 2017

“One step too far” is how the England and Wales High Court described UAE-incorporated Dana Gas’s request to further adjourn a trial over the validity of a US$700 million Islamic bond, as it dismissed the application.

GRR’s 2018 Asia Pacific Restructuring Review is online now

GRR’s 2018 Asia Pacific Restructuring Review is online now

10 November 2017

The new restructuring regimes in India, Singapore and Malaysia have all been profiled in a yearbook of developments in Asia assembled by GRR’s co-publishing team, which features expert analysis from lawyers on the ground in each jurisdiction.

French court has jurisdiction to hear competition case arising out of German insolvency, ECJ says

French court has jurisdiction to hear competition case arising out of German insolvency, ECJ says

10 November 2017

A French auto parts company can bring a competition suit against the assignees of its insolvent former supplier in Paris, despite the supplier’s insolvency proceedings taking place in Germany, the European Court of Justice has ruled.

Chapter 7 trustee asks US court to freeze Weinstein company’s assets

Chapter 7 trustee asks US court to freeze Weinstein company’s assets

10 November 2017

The Chapter 7 trustee of bankrupt home video distributor Genius Products, which was partially owned by Harvey Weinstein’s former film studio The Weinstein Company, has asked a California bankruptcy court to freeze the studio’s assets, claiming “almost certainly” to be its largest unsecured creditor.

Sovereign debt column: Venezuela’s restructuring - a realistic framework

Sovereign debt column: Venezuela’s restructuring - a realistic framework

10 November 2017

Amid news that Venezuela has called foreign creditors to a meeting in Caracas on 13 November, Mark Walker, head of sovereign advisory at Millstein & Co, and senior restructuring partner Richard Cooper of Cleary Gottlieb Steen & Hamilton offer an in-depth analysis of the current situation in the state, and put forward the case for restructuring.

UK High Court recognises Agrokor’s foreign proceedings in landmark ruling

UK High Court recognises Agrokor’s foreign proceedings in landmark ruling

09 November 2017

In the first judgment of its kind, the High Court in London has approved an application to recognise Croatian conglomerate Agrokor’s “extraordinary administration proceedings” as a foreign proceeding under the UK’s Cross-Border Insolvency Regulations (CBIR).

Administrators plot to appeal Monarch slot ruling

Administrators plot to appeal Monarch slot ruling

09 November 2017

Monarch Airlines’ administrators have vowed to appeal a decision by the High Court of England and Wales refusing the insolvent carrier permission to sell its UK airport slots to former competitors.

Freezing order lifted against Azerbaijani bank, as creditor swaps arbitration for bankruptcy claim

Freezing order lifted against Azerbaijani bank, as creditor swaps arbitration for bankruptcy claim

09 November 2017

A New York court has vacated a freezing order attaching the funds of a now-bankrupt Azerbaijani bank pending an arbitration, after the claimant, a Bermuda-based investment company, swapped the case for a claim in the bank’s Baku-based insolvency proceedings.

Regulatory round-up: Slovakia follows German model on director liability

Regulatory round-up: Slovakia follows German model on director liability

08 November 2017

Slovakia is set to follow the German model on director liability, while a new protocol in the UK governing how businesses recover debt from individuals is set to make the process “more arduous” for creditors, according to commentators.

GRR Live, New York: Nortel and Kodak – barking up the wrong IP

GRR Live, New York: Nortel and Kodak – barking up the wrong IP

08 November 2017

In a multinational group insolvency, how do you safeguard and maximise the value of healthy parts of the business? Speakers at GRR Live New York compared the bankruptcies of telecoms group Nortel and imaging software company Kodak, concluding that Nortel benefited from selling the right kind of intellectual property, at the right time.