Nine West exits Chapter 11 after settling Sycamore LBO dispute

US clothes retailer Nine West Holdings has emerged from Chapter 11 bankruptcy, having cut its debt by US$1 billion and settled a creditor dispute with its private equity sponsor Sycamore Partners.

Maybank fails in interest claim over vessel transferred for free

A Malaysian bank has failed to convince a Singaporean court that it had a superior security interest over a vessel transferred to a Saudi third party for free.

German wind turbine maker Senvion appoints London restructuring adviser

Hamburg wind turbine maker Senvion has hired a London-based restructuring adviser with credits on several cases that have seen centre of main interests and governing law shifts from Europe to the UK to help it seek a refinancing.

New York court approves pre-pack for Indonesian shipper

The SDNY bankruptcy court has approved a pre-packaged restructuring plan for Indonesian shipping company Arpeni’s Dutch note-issuing subsidiary, seven years on from the parent company’s first restructuring.
Singapore court refuses to extend CNA Group’s judicial management order

The judicial manager of Singapore-incorporated CNA Group has been refused a seventh request to extend a judicial management order originally issued in September 2015, after an agreement entered with Malaysian buyers fell through.
Ezra Holdings tries to claw back US$50 million in US as Singapore JM looms

Offshore oil and gas services group Ezra Holdings has sued a bank creditor to claw back US$50 million paid out before its Chapter 11 filing, as it awaits judicial management in Singapore following its abandonment of a local scheme.

Features

Divergent trends in COMI determination: Singapore’s position further drifts from European approach

Bob Wessels, professor emeritus of international insolvency law at Leiden University and expert counsel to the European Commission, and Ilya Kokorin, researcher/lecturer at Leiden University, discuss the consequences of the High Court of Singapore’s Zetta Jet decision earlier this month, previously reported by GRR.

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Community

Gabriel Moss QC: a titan and a gentleman

Gabriel Moss QC, an internationally recognised barrister, scholar and part-time judge described as a “titan of the insolvency and restructuring world” by his chambers, died unexpectedly on 15 March.

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Data & Surveys

GRR 100 2018

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Conference Reports

GRR Live, Offshore: Cooperation is key – Judge Carey on the state of modified universalism

Assessing the current state of modified universalism, Judge Kevin Carey from the Delaware bankruptcy court discussed how a new UNICTRAL Model Law could push the UK away from the territorialism of Rubin and Gibbs, and considered the potential impact on international comity of a recent US appeal court decision on extraterritorial avoidance.

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