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

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Trustee can’t “scoop the pot”, Jersey court says

Trustee can’t “scoop the pot”, Jersey court says

17 July 2018

A Jersey court has ruled that trustees of an insolvent trust rank alongside other creditors in a pari passu regime.

French Nortel entity wins deadline for expense claims

French Nortel entity wins deadline for expense claims

17 July 2018

Creditors of one of Nortel’s French entities will have until 29 January 2019 to submit post-petition claims for administration expenses, after an English court ruling.

English court finds “gateway” for claims out of jurisdiction

English court finds “gateway” for claims out of jurisdiction

16 July 2018

An English appeals court has dismissed a Maltese exporter’s attempt to set aside undervalue sales, but reversed a lower court’s finding that it lacked the “gateway” jurisdiction to make orders against parties outside England & Wales.

Pluta hires from dissolved Ringstmeier & Kollegen as founder starts afresh

Pluta hires from dissolved Ringstmeier & Kollegen as founder starts afresh

16 July 2018

European restructuring firm Pluta has hired a partner from dissolved German boutique Ringstmeier & Kollegen, as the latter’s founder reveals his new practice in Cologne.

UK includes cross-border insolvency in Brexit plans

UK includes cross-border insolvency in Brexit plans

13 July 2018

The UK wants to include rules on cross-border insolvency in a new bilateral agreement with the EU on civil judicial cooperation post-Brexit.

Cozen O’Connor expands in Wilmington

13 July 2018

Cozen O’Connor has hired a bankruptcy partner from Whiteford Taylor & Preston in Delaware.

Avaya fights US$23.5 million Chapter 11 claim

Avaya fights US$23.5 million Chapter 11 claim

13 July 2018

Global communications group Avaya is seeking the dismissal of a claim filed in its Chapter 11 proceedings by rival Charter Communications, seven months after restructuring its US$6.4 billion international debt pile.

Agrokor goes to New York

Agrokor goes to New York

13 July 2018

One week after creditors voted to accept its settlement plan, Croatian conglomerate Agrokor has filed for Chapter 15 protection in New York.

Coal miner emerges from CCAA depths

Coal miner emerges from CCAA depths

12 July 2018

Multinational coal miner Walter Energy’s Canadian business has emerged from two-and-a-half years of insolvency proceedings able to pay “the vast majority” of its creditors in full.

Debt storm sends cloud storage company into bankruptcy

Debt storm sends cloud storage company into bankruptcy

12 July 2018

Flash storage company Tintri has filed for Chapter 11 protection in Delaware after shutting its entire European operation.

Guggenheim Securities to acquire US advisory firm Millstein & Co

Guggenheim Securities to acquire US advisory firm Millstein & Co

12 July 2018

Global financial services group Guggenheim Partners has agreed to acquire former Cleary Gottlieb restructuring head Jim Millstein’s eponymous US restructuring advisory firm.

Puerto Rican lawmakers challenge oversight board austerity budget

Puerto Rican lawmakers challenge oversight board austerity budget

11 July 2018

Two Puerto Rican legislators have joined the island’s governor Ricardo Rossello in challenging a 2019 austerity budget imposed by the US Congress-appointed Puerto Rico oversight board, accusing the board of overreach.