Bumble Bee sale approved in Delaware

A Delaware court has approved a US$925.6 million Chapter 11 asset sale for tinned seafood maker Bumble Bee Foods.

Spain Worked Out: Spain’s reforms wish list

A new, consolidated Insolvency Act and the forthcoming transposition of the European preventive frameworks directive offer opportunities for change in Spain. But Spanish practitioners have other issues on their wish lists for reform too, including specific tweaks to the legislation to clarify points of contention, and broader desires, such as better resourcing of the Spanish courts.

Lecta noteholders approve scheme in London

Creditors of global paper manufacturer Lecta have voted to approve a scheme proposed by its English subsidiary in London.

Gibson Dunn advising interior designer on Singapore and Malaysia proceedings

Interior design company Design Studio Group has filed for restructuring proceedings in Malaysia and its native Singapore, with Gibson Dunn & Crutcher and three regional firms advising.
Spain Worked Out: The highs and lows of homologation

Spain had no pre-petition restructuring tool until 2009. Its first attempt to create one was rather limited. The legislation wasn’t clear on the requirements for the petition itself, and Spanish courts construed it in very different ways, with some interpreting it as granting a temporary moratorium during which the debtor could attempt to strike a deal, but after which it would still be required to enter insolvency proceedings at the end.
Oilfield company engineers pre-pack in Texas

Panama-incorporated engineering giant McDermott International has filed pre-packaged Chapter 11 proceedings in Texas, with a plan it says will eliminate over US$4.6 billion of debt.