Global Restructuring Review - Cross-border restructuring and insolvency legal news, features and events
A Delaware court has approved a US$925.6 million Chapter 11 asset sale for tinned seafood maker Bumble Bee Foods.
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.
Creditors of global paper manufacturer Lecta have voted to approve a scheme proposed by its English subsidiary in London.
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 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.
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.
GRR is happy to present the latest instalment in its Worked Out series, this time focusing on Spain - whose scheme mechanism in recent years has gained it a reputation as one of the 'best pupils' of international restructuring.
Global advisory firm Alvarez & Marsal has announced plans to open a new European debt advisory practice.
The UNCITRAL model law on recognition of insolvency-related judgments could “fix” the impact caused by the decisions in Rubin and Gibbs if enacted in the UK, panellists at the ABI’s international conference in Paris have said.