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

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Kasowitz boosts Houston restructuring practice

Kasowitz boosts Houston restructuring practice

17 September 2018

Kasowitz Benson Torres has hired oil and gas specialist Kyung Lee as a partner in its restructuring practice in Houston.

US$4.1 billion restructure draws nearer for Government Development Bank

US$4.1 billion restructure draws nearer for Government Development Bank

17 September 2018

Votes are being counted for what would mark the first consensual debt restructuring in Puerto Rico under the PROMESA Act, created in 2016 to rescue the island commonwealth from US$120 billion in debt and pension liabilities.

Cambridge Analytica lawyers’ withdrawal postponed as liquidation reps appointed

Cambridge Analytica lawyers’ withdrawal postponed as liquidation reps appointed

17 September 2018

Lawyers trying to exit the Chapter 7 bankruptcy of defunct political consultancy firm Cambridge Analytica because there’s nobody left to instruct them, have been told they need to wait until the court-appointed trustee selects a corporate representative to assist him with the controversial firm’s liquidation.

“Freefall”: A GRR Lehman special

“Freefall”: A GRR Lehman special

15 September 2018

A decade ago, on 15 September 2008, Lehman Brothers Holdings filed the biggest Chapter 11 filing in history, plunging the world into an economic vortex from which it has still not fully escaped. Douglas Thomson investigates the legacy that the collapsed bank left on cross-border insolvency law and what the next “Lehman” might look like.

Ukraine and Russia to have full English trial over disputed “tool of oppression” Eurobond

Ukraine and Russia to have full English trial over disputed “tool of oppression” Eurobond

14 September 2018

Russia and Ukraine, represented by Cleary Gottlieb and Quinn Emanuel, will play out a US$3 billion debt dispute in a full-blown English trial, the English Court of Appeal has ruled.

Delaware court dismisses Luxembourg companies’ Chapter 11 cases

Delaware court dismisses Luxembourg companies’ Chapter 11 cases

14 September 2018

A Delaware court has dismissed the Chapter 11 proceedings of three affiliates of plastics producer M&G on the grounds they wouldn’t be recognised in their native Luxembourg, overruling objections from Dutch and Belgian creditors.

UK government reveals “deeply concerning” cross-border insolvency guidance for no-deal Brexit

UK government reveals “deeply concerning” cross-border insolvency guidance for no-deal Brexit

14 September 2018

UK restructuring lawyers have warned of a “deleterious effect on creditor and debtor rights” after the British government issued its first bit of guidance on handling civil legal matters in the event of a “no deal” exit from the European Union.

Toys “R” Us Asia JV sale hits arbitration stumbling block

Toys “R” Us Asia JV sale hits arbitration stumbling block

13 September 2018

Toys “R” Us’s plans to sell off its valuable Asian joint venture have hit a snag, with a Hong Kong minority partner challenging the sales process in arbitration, filings in the company’s Chapter 11 docket show.

Ukraine’s Mriya completes three-year restructuring with sale to Saudi Salic

Ukraine’s Mriya completes three-year restructuring with sale to Saudi Salic

13 September 2018

One of Ukraine’s biggest agricultural holdings has finished its three-year, US$1.1 billion international debt restructuring with a sale to a Saudi state-owned investor.

“Holding” deeds of company arrangement are valid, confirms Australian court

“Holding” deeds of company arrangement are valid, confirms Australian court

13 September 2018

An Australian appeals court has confirmed the validity of so-called holding deeds of company arrangement that are used to buy time while a distressed company considers its options – rejecting a British Virgin Islands-based creditor’s application against an Australian mining company in administration.

Canadian carpet company gets provisional Chapter 15 protection

Canadian carpet company gets provisional Chapter 15 protection

12 September 2018

UPDATED: Carpet maker Kraus Group has been granted protection under the Companies’ Creditors Arrangement Act in Canada, as well as provisional relief in the Delaware bankruptcy court following a Chapter 15 application.

Corporate Restructuring Summit, Dubai: An “era of transformation” for the Gulf - reforms and warnings

Corporate Restructuring Summit, Dubai: An “era of transformation” for the Gulf - reforms and warnings

12 September 2018

While governments across the Middle East are modernising their bankruptcy laws, the region’s non-performing loans should “ring the bells” of banks and regulatory authorities, delegates heard on the opening day of the Gulf Cooperation Council’s first-ever debt restructuring and NPL summit in Dubai.