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

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Community round-up: moving on up

Community round-up: moving on up

10 March 2016

In the past week, Freshfields Bruckhaus Deringer and Squire Patton Boggs have announced their spring promotions rounds, KPMG has appointed a new UK head of restructuring following the departure of three key faces, and US turnaround firm MorrisAnderson has promoted a new director.

Restructuring partner re-joins Jenner & Block in Chicago

Restructuring partner re-joins Jenner & Block in Chicago

09 March 2016

Randall Mehrberg has returned to Jenner & Block as a partner in Chicago after 16 years in-house at various companies.

Aman Resorts shareholders settle dispute in London, as acquisition vehicle faces liquidation in New York

Aman Resorts shareholders settle dispute in London, as acquisition vehicle faces liquidation in New York

09 March 2016

UPDATED: Russian billionaire Vladislav Doronin has announced the settlement of an acrimonious shareholders’ dispute over luxury hotels chain Aman Resorts with his former partner, American entrepreneur Omar Amanat, which was playing out in a UK court - as a vehicle used in acquiring the chain was made to consent to an involuntary Chapter 11 petition in New York.

Court in US Steel Canada bankruptcy says parent’s claims are debt not equity

Court in US Steel Canada bankruptcy says parent’s claims are debt not equity

09 March 2016

A Canadian court has ruled that more than US$2 billion invested in bankrupt steel producer US Steel Canada by its American parent company should be characterised as a debt, not equity, throwing out a raft of objections from unions and employees past and present.

Novo Banco debt transfer not a “successor event”, ISDA says

Novo Banco debt transfer not a “successor event”, ISDA says

08 March 2016

Former bondholders in Portugal’s Novo Banco who saw the value of their bonds fall by 90 per cent when they were transferred to a “bad bank” late last year are facing another hurdle in recouping their losses, after the International Swaps & Derivatives Association declined to give the transfer “successor event” status last week.

Fishing group appoints restructuring officer after deal ends Hong Kong and Cayman liquidations

Fishing group appoints restructuring officer after deal ends Hong Kong and Cayman liquidations

08 March 2016

Industrial fishing company China Fishery Group has appointed a new chief restructuring officer after reaching a deal with lenders to sell its Peruvian unit, bringing an end to liquidation proceedings in the Cayman Islands and Hong Kong.

Norwegian shipper liquidates after Japanese creditors veto restructuring plan

Norwegian shipper liquidates after Japanese creditors veto restructuring plan

08 March 2016

A Norwegian shipping company has entered liquidation after a group of Japanese creditors vetoed its restructuring plan and tried to reverse the sale of its subsidiary for an allegedly reduced price.

Vinson & Elkins boosts London practice with Freshfields hire

Vinson & Elkins boosts London practice with Freshfields hire

07 March 2016

Vinson & Elkins has added a partner from Freshfields Bruckhaus Deringer to its London office.

Chilean auto company restructures US$700 million debt

Chilean auto company restructures US$700 million debt

04 March 2016

Automotores Gildermeister, the main importer and distributor of Hyundai vehicles in Chile, last week sealed a deal with bondholders to restructure US$700 million worth of senior unsecured notes with help from an international cadre of law firms.

Australian court gives guidance on bankruptcies featuring foreign currency debts

Australian court gives guidance on bankruptcies featuring foreign currency debts

04 March 2016

In the decision that heralded the bankruptcy of Australian mining magnate Nathan Tinkler, the Federal Court of Australia ruled that creditors issuing bankruptcy notices over debts expressed in a foreign currency must lodge the notice within two days of ascertaining the relevant exchange rate.

ECJ settles 22-year wage dispute over insolvent Maltese ship

ECJ settles 22-year wage dispute over insolvent Maltese ship

04 March 2016

The European Court of Justice has found that seven Greek sailors who worked for a Maltese cruise ship company that went bankrupt before Malta entered the EU, are still protected by EU law - ending a 22-year wage dispute that pitched an EU directive against Greek domestic law and the UN Convention for the Law of the Sea.

White & Case poaches HSF China restructuring head

White & Case poaches HSF China restructuring head

04 March 2016

White & Case has hired Herbert Smith Freehills’ restructuring head for Greater China as a partner in its Hong Kong office.