Global Restructuring Review - Cross-border restructuring and insolvency legal news, features and events
The UAE’s Dana Gas must pay nearly US$600,000 towards BlackRock’s costs for an English trial over Dana’s unpaid US$700 million Islamic bond – but the ruling is only a portion of what BlackRock initially claimed.
French geoscience firm CGG has announced a successful end to its cross-border restructuring, after cutting its debt by almost US$2 billion in Paris-based safeguard proceedings and a Chapter 15 case.
A Singaporean court has allowed a guarantor of notes issued by two distressed Indonesian companies in the Berau Group to convene a creditors’ scheme meeting, but insisted the noteholders should be split into separate classes of voters.
Keith McGregor has joined FTI Consulting as a senior managing director in the firm’s New York corporate finance and restructuring segment.
Saudi Arabia's Council of Ministers has reportedly approved the kingdom's first bankruptcy law in a bid to draw business investment, according to Saudi counsel.
FTI Consulting has appointed financial adviser Iain Graham as a managing director of its London corporate finance and restructuring practice.
A US appeal court has found that claims against Swiss and Luxembourgish banks accused of supporting two feeder funds into Bernard Madoff’s Ponzi scheme belong in US federal rather than state courts, but ultimately rejected jurisdiction of the claims on the merits.
The British Virgin Islands liquidators of ship operator Sea Trucks have nearly halved its debt by selling four vessels to a new UAE-headquartered company, allowing them to pursue the recovery of assets in Nigeria.
A court in Guernsey has approved a US-owned slot machine manufacturer’s purchase of a recently-refinanced sports wagering company via a scheme of arrangement, saying it fulfilled the sanction criteria set out last year in the Puma Brandenburg case.
With the past year bringing new challenges to the EU’s Bank Resolution and Recovery Directive, GRR investigates why some bank restructurings appear to have followed the directive more closely than others – and what opposition to certain resolutions has demonstrated about the ability of European authorities to achieve their goals.
South African retail conglomerate Steinhoff has appointed former KPMG global restructuring head Richard Heis as chief restructuring officer as it attempts to stabilise following a potential accounting scandal.
Speakers at the ABI’s Cross-Border Insolvency Programme in New York discussed some recent jurisdictional dilemmas before Brazilian and US bankruptcy courts as regards the opening of proceedings for foreign-registered companies, the termination of contracts and third party releases.
Takayuki Maruyama and Naoki Kondo
Low Poh Ling and Wilson Zhu