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

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Asbestos-related claims settled in US and Canada, as industrial group proposes restructuring

Asbestos-related claims settled in US and Canada, as industrial group proposes restructuring

18 March 2016

US industrial conglomerate EnPro Industries has reached a settlement worth nearly US$500 million to resolve asbestos-related claims in the US and Canada, which drove its indirect subsidiary to file for bankruptcy six years ago.

Chinese developer’s debt plan wins 80 per cent foreign creditor approval

Chinese developer’s debt plan wins 80 per cent foreign creditor approval

18 March 2016

Chinese property developer Kaisa Group Holdings has announced a deal with creditors holding more than 80 per cent of its offshore debt, after sweetening the terms of its restructuring agreement.

BCCI case put to bed as Luxembourg court denies creditors’ appeal

BCCI case put to bed as Luxembourg court denies creditors’ appeal

17 March 2016

The Luxembourg Court of Appeal has denied an appeal filed by creditors of the collapsed Bank of Credit and Commerce International (BCCI), potentially bringing an end to 25 years of liquidation proceedings.

Austrian bank creditors refuse haircut on bonds and sue for full repayment

Austrian bank creditors refuse haircut on bonds and sue for full repayment

17 March 2016

International creditors of a collapsed Austrian banking group have rejected a government proposal for a haircut on their bonds, hiring Kirkland & Ellis and local counsel to sue for their full value - in an act that leaves a debt-ridden Austrian province at risk of insolvency.

South African court recognises foreign bankruptcy assignee citing “exceptional circumstances”

South African court recognises foreign bankruptcy assignee citing “exceptional circumstances”

17 March 2016

South Africa’s Supreme Court of Appeal has recognised the authority of an assignee appointed by an Irish court to oversee the bankruptcy of property developer Sean Dunne, despite uncertainty over the current domicile of the insolvent party.

Nigeria holds hearing on internationalist insolvency reforms

Nigeria holds hearing on internationalist insolvency reforms

16 March 2016

The Nigerian Senate held a public hearing on Monday to discuss the repeal and re-enactment of Nigeria’s “outdated” bankruptcy laws, with a suggested new bill placing emphasis on attracting international investors.

US court denies motion for preliminary injunction to enjoin exchange offer

US court denies motion for preliminary injunction to enjoin exchange offer

16 March 2016

A US district court has cleared the way for a Norwegian paper company to restructure US$330million in debt, setting aside an earlier state court ruling.

Lazard hires KPMG restructuring head to run its London team

Lazard hires KPMG restructuring head to run its London team

16 March 2016

Financial services firm Lazard has hired KPMG’s global head of restructuring to lead its team in London.

GRR collects reactions to the Sabine oil and gas decision in New York

GRR collects reactions to the Sabine oil and gas decision in New York

15 March 2016

A New York Bankruptcy Court last week potentially allowed a US oil and gas company to reject certain midstream contracts as part of its Chapter 11 restructuring – but lawyers have warned against over-estimating the impact of the ruling and said that, at most, it creates uncertainty in the energy sector.

Community round-up: top firms poach partners and hire MDs

Community round-up: top firms poach partners and hire MDs

15 March 2016

Over the past week Norton Rose Fulbright and Debevoise & Plimpton have made lateral hires, while private equity firm HIG capital and consultancy Huron have recruited new managing directors.

MF Global bondholders reach last settlement in securities litigation

MF Global bondholders reach last settlement in securities litigation

15 March 2016

Investors in the bankrupt futures broker MF Global Holdings have reached a proposed settlement worth nearly US$30 million with five senior notes underwriters – and are awaiting a New York court’s approval to bring an end to a long-running securities litigation.

EU publishes results of first inquiry on harmonisation initiative

EU publishes results of first inquiry on harmonisation initiative

14 March 2016

The European Commission has published the results of a first inquiry into its initiative to harmonise member states’ insolvency laws.