Global Restructuring Review - Cross-border restructuring and insolvency legal news, features and events

English court refuses to recognise Chapter 11 on COMI grounds

English court refuses to recognise Chapter 11 on COMI grounds

The UK-headquartered subsidiary of a US advertising company has failed to have its Chapter 11 bankruptcy recognised as a foreign main proceeding by an English court, which found its centre of main interest to be in the UK rather than the United States.

Steinhoff to launch restructuring in England

Embattled South African retail conglomerate Steinhoff is planning to implement a restructuring of its European group in England, with two of its Austria-based subsidiaries having relocated their principal place of business to the UK.

Pacific Drilling shareholder rift resolved, hopes for quick Chapter 11 exit

Luxembourg-headquartered Pacific Drilling says a settlement has been reached with major shareholder Quantum Pacific following months of mediation overseen by a retired US bankruptcy judge, lining up its exit from Chapter 11 bankruptcy.

Swiber judicial managers win clarity on third-party secured debt

Swiber judicial managers win clarity on third-party secured debt

A Singapore court has ruled that creditors with debt secured against third party assets can vote in judicial management meetings with the full value of their claims and not only the unsecured portion, following an application from KPMG partners – the judicial managers of two companies in global oil and gas group Swiber.

Philosophers and streetfighters: Ukraine worked out

Philosophers and streetfighters: Ukraine worked out

In the second of our Worked Out series, GRR looks at Ukraine, where an economic, military and political crisis has spurred a wealth of restructuring work. So far, much of that work has gone overseas – can Ukraine bring it back, and what do outside practitioners need to know when they get there? By Declan Bush

Names to know in Ukraine

Names to know in Ukraine

Ukraine’s restructuring and insolvency market is a relatively small field, but that makes for concentrated expertise. Local firms adapted their banking and finance practices to advise on restructurings during the boom of 2015, and non-Ukrainian firms have worked since then to secure international financing for Ukrainian companies.

GRR Live London: Could Chapter 11 have saved Carillion? CVAs, pre-packs and accountability in restructuring

Looming questions about struggling retail companies, the use of company voluntary arrangements to help restructure them, and the accountability of the insolvency professionals at the helm dominated discussion at this year’s GRR Live London.