Global Restructuring Review - Cross-border restructuring and insolvency legal news, features and events
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.
Japanese car parts manufacturer Takata has received court approval for its Chapter 11 exit plan, after reaching a settlement with creditor groups and drivers injured by faulty airbags.
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.
New York restructuring partner Daniel Fliman has left Kasowitz Benson Torres to join Stroock & Stroock & Lavan.
Luxembourgish and Russian-backed companies have emerged as competing bidders for insolvent steelmaker Essar Steel India, in what counsel to one of the potential buyers says will be a “milestone, precedent-setting” auction for the country’s year-old insolvency law.
Business advisory firm Ankura has hired Alex Sorokin as senior managing director in its business and financing restructuring group.
A Singapore court has extended its moratorium blocking claims against oil-services provider Emas Offshore, an affiliate of the Singaporean investment holding company Ezra Holdings, which is in Chapter 11 proceedings.
Magic Circle firm Clifford Chance has acquired a legal services unit from insolvent construction services giant Carillion, in a move that will see some 60 paralegals take up new roles with the firm.
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.
The late Bruce Leonard, founder of the International Insolvency Institute (III), received posthumous honours at GRR's Charity Awards on 21 June, in the form of a poignant film tribute recorded a few days earlier at a meeting of the very organisation he helped found.
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