Bankruptcy exit/ discharge

Singapore regulator rebukes crypto hedge fund as liquidators appointed in BVI

Two Teneo senior directors have been appointed as the joint liquidators of cryptocurrency hedge fund Three Arrows Capital in the British Virgin Islands, while Singapore’s financial regulator has accused its manager of providing false information.

30 June 2022

Alto Maipo receives court approval of Chapter 11 plan

Chilean hydroelectric project operator Alto Maipo has had its Chapter 11 plan approved by a Delaware court, after the company modified language related to third party releases in response to an objection by the US trustee.

20 May 2022

Scotsman’s bankruptcy discharge allowed after five years of inaction in Gibraltar

Gibraltarian bankruptcy trustees from Begbies Traynor and PwC have failed to stop a Scottish former hedge fund manager’s automatic discharge, after a local court found they didn’t engage with the bankrupt during the relevant statutory period.

22 March 2022

Aeroméxico exits Chapter 11 bankruptcy

Mexican flag carrier airline Aeroméxico has successfully emerged from its Chapter 11 restructuring, almost two years after it first entered the process.

22 March 2022

Seadrill subsidiary completes pre-pack in 24 hours

Offshore rig operator Seadrill has come a step closer to completing its restructuring, after a group of its subsidiaries received court approval for a Chapter 11 pre-pack plan in just 24 hours, despite objections from the US trustee.

13 January 2022

CWT completes cross-border pre-pack Ch11 in 18 hours

Travel management company CWT and 37 international affiliates have secured confirmation of a pre-packaged Chapter 11 plan within 18 hours of filing for bankruptcy, in what is believed to be the first speedy Chapter 11 with a cross-border element.

17 November 2021

New York’s Judge Drain announces retirement

Judge Robert Drain of the United States Bankruptcy Court for the Southern District of New York, who presided over the Purdue Pharma and Sears bankruptcies, is set to retire next year.

29 September 2021

Alvarez & Marsal appointed as UK energy market feels the heat

Alvarez & Marsal partners have been appointed administrators to two UK energy groups in 24 hours and the firm is understood to be in talks with other suppliers too, as the UK faces a string of bankruptcies in the retail energy sector.

24 September 2021

Alvarez & Marsal moves into Indonesia

Alvarez & Marsal has launched a new restructuring and turnaround practice in Jakarta, making its expansion into Indonesia with an appointment from financial services and leasing group ORIX Corporation.

21 September 2021

Maples taps insolvency partner for British Virgin Islands role

Maples and Calder has hired a new British Virgin Islands partner with experience advising on the cross-border restructurings of China’s Luckin Coffee and Brazilian oil group Constellation.

15 September 2021

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