Global Restructuring Review - Cross-border restructuring and insolvency legal news, features and events
The foreign representative of a Brazilian limestone mining group has applied for Chapter 15 recognition of its liquidation in Miami, after finding it had entered several “questionable” transactions and agreements.
A Singapore court has recognised engineering company CW Group Holdings’ Cayman court-appointed provisional liquidators, accepting for the first time that their appointment had shifted the company’s centre of main interests.
An alternative investment manager advised by Pachulski Stang Ziehl & Jones has filed for bankruptcy, seeking shelter from an arbitration award in favour of the creditors of one of its hedge funds, which collapsed during the global financial crisis.
In what has been described as a “yet another path-breaking development” for the country, a working group set up by the Insolvency and Bankruptcy Board of India has published its proposals for a new group insolvency law.
A New York bankruptcy court has sanctioned a US lawyer for “brazenly” violating a discovery order against his client, a Russian businesswoman jailed for embezzling US$2 billion from a now-bankrupt bank.
A Chinese billionaire technology investor has applied for Chapter 11 protection in Delaware, proposing to restructure one of his companies to deal with US$3.6 billion worth of personal debt.
“I’m a big believer in Sir Isaac Newton’s law that what goes up, must come down.” The long-time chair of Fried Frank’s restructuring and insolvency practice, Brad Eric Scheler, tells GRR about the “magic” of distressed investing, how his firm uses restructuring as a client gateway to other practice areas, and why he believes restructuring lawyers are the last of the Renaissance lawyers.
Spanish law firm Carles Cuesta has added to its Madrid office by hiring a lawyer from Uría Menéndez who specialises in insolvency and arbitration.
Panellists at the third GRR Live New York considered two sovereign debt restructurings where politics, humanitarian crises and uncharted legal territory are compelling practitioners to think creatively.