South African flag carrier enters business rescue

South Africa’s struggling state-owned airline South African Airways (SAA) has entered business rescue proceedings under a US$1.3 billion debt burden.

Singapore court recognises Chapter 11 despite “serious concerns” over foreign rep

The High Court of Singapore has recognised the Chapter 11 bankruptcy of an American toy drone maker, despite raising “serious concerns” about the fitness to serve of its foreign representative, who is himself subject to Chapter 7 proceedings in Texas.

Sidley and nine other firms accused of helping Ponzi scheme

The liquidation trustee of collapsed Ponzi scheme The Woodbridge Group has sued Sidley Austin and nine other firms for allegedly helping the company defraud investors.

Home courts have exclusive jurisdiction over foreign property claims, CJEU says

The Court of Justice of the European Union has blocked an English-court appointed trustee from seeking a French court order invalidating the sale of an apartment complex, finding the claim belongs in England.
Drinker Biddle hires New York partner

US firm Drinker Biddle & Reath has recruited a new restructuring partner in New York.
UK Supreme Court rejects Scottish property sale as "not justified" under insolvency law

The UK Supreme Court has ruled that the off-market sale of an insolvent Scottish logistics company’s place of business was not justified on the ground of urgency.

Features

Heads-up: Stephen Moeller-Sally at Ropes & Gray in New York

“While India seems ripe with a lot of opportunity, there’s also a feeling that China is primed for a wave of restructurings": The co-head of Ropes & Gray’s restructuring practice Stephen Moeller-Sally talks to GRR about the professionalisation of distressed investing, the challenge of managing tensions in creditor groups, and why he believes foreign funds are going to be more active in US restructurings.

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