Bankruptcy exit/ discharge

A year and a half since it entered bankruptcy, Purdue Pharma has submitted a U$10 billion Chapter 11 plan before a New York court that it says will shift it from opioid drug marketer to a company owned by a public trust dedicated to addressing addiction.

16 March 2021

Brazil’s BMA - Barbosa, Müssnich, Aragão has helped telecoms group Oi sell its mobile business to local subsidiaries of Claro, Telefónica and TIM – one of a series of assets sales envisaged as part of its judicial reorganisation plan.

17 February 2021

Business advisory firm Ankura has strengthened its turnaround and restructuring group in New York with a new senior managing director from Goldman Sachs.

10 December 2020

After persuading a New York judge to re-open the long-finished Eastman Kodak bankruptcy, a group of underwriters at Lloyd’s has failed to convince him the Chapter 11 case discharged their asbestos claims obligations for a company dissolved in 1971.

10 December 2020

A Delaware-registered arm of bankrupt Thai-owned upmarket grocer Dean & DeLuca has filed an adversary claim in New York against its former Japanese joint venture partner and an affiliate, arguing they took advantage of the grocer’s insolvency to buy shares at a steep discount.

04 December 2020

The US Court of Federal Claims has rejected claims from a group of Puerto Rico pension bondholders that the US government should compensate them for losses incurred during the territory’s US$120 billion bond and pension debt restructuring.

26 November 2020

Weil, Gotshal & Manges and Virginia-based Hunton Andrews Kurth have secured court approval for American retailer J Crew’s pre-packed debt-for-equity swap plan, despite a slew of objections.

01 September 2020

The Texan trustee of a discharged bankrupt now suspected of possible bankruptcy fraud with his brother, is using the UK’s cross-border insolvency law to try to access a London Thameside property.

28 July 2020

A former shareholder of oil services company Paragon, who failed repeatedly to challenge its Chapter 11 plan, has now failed to challenge its UK administration too.

22 July 2020

London-based company OneWeb is seeking approval of its Chapter 11 plan support agreement with a UK-Indian consortium, which has agreed to step in as DIP lender and buy it out of bankruptcy.

09 July 2020