Global Restructuring Review - Cross-border restructuring and insolvency legal news, features and events
Embattled South African retail conglomerate Steinhoff is planning to implement a restructuring of its European group in England, with two of its Austria-based subsidiaries having relocated their principal place of business to the UK.
Luxembourg-headquartered Pacific Drilling says a settlement has been reached with major shareholder Quantum Pacific following months of mediation overseen by a retired US bankruptcy judge, lining up its exit from Chapter 11 bankruptcy.
A Singapore court has ruled that creditors with debt secured against third party assets can vote in judicial management meetings with the full value of their claims and not only the unsecured portion, following an application from KPMG partners – the judicial managers of two companies in global oil and gas group Swiber.
A Singapore court has issued a freezing order against the ex-wife of insolvent China Medical Technologies founder Wu Xiaodong, finding a “real risk” she would dispose of assets in Singapore connected to an alleged US$520 million fraud.
Joint administrators have been appointed over African cement maker ARM Cement after Nigeria-headquartered UBA Bank led a charge of the company’s commercial lenders seeking to recover over Sh14.4 billion (US$140 million).
Skadden Arps Slate Meagher & Flom, Morgan Lewis & Bockius and Watson Farley & Williams have guided container company Danaos through an out-of-court refinancing of its US$2.2 billion debt.
In the second of our Worked Out series, GRR looks at Ukraine, where an economic, military and political crisis has spurred a wealth of restructuring work. So far, much of that work has gone overseas – can Ukraine bring it back, and what do outside practitioners need to know when they get there? By Declan Bush
Ukraine’s restructuring and insolvency market is a relatively small field, but that makes for concentrated expertise. Local firms adapted their banking and finance practices to advise on restructurings during the boom of 2015, and non-Ukrainian firms have worked since then to secure international financing for Ukrainian companies.
Looming questions about struggling retail companies, the use of company voluntary arrangements to help restructure them, and the accountability of the insolvency professionals at the helm dominated discussion at this year’s GRR Live London.
Takayuki Maruyama and Naoki Kondo
Low Poh Ling and Wilson Zhu