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

News

Chapter 11 claim dismissed against Aman Resorts ex-holding company

Chapter 11 claim dismissed against Aman Resorts ex-holding company

29 March 2016

A New York court has dismissed involuntary Chapter 11 proceedings brought against a BVI holding company that formerly owned the luxury hotel chain Aman Resorts – and has reportedly asked a US federal watchdog to look into the “improperly” filed case.

Abengoa reaches “standstill” deal with creditors

Abengoa reaches “standstill” deal with creditors

29 March 2016

Renewable energy multinational Abengoa has reached an eleventh hour deal with creditors, avoiding becoming Spain’s largest-ever bankruptcy for the time being.

Florida litigator appointed US federal bankruptcy judge

Florida litigator appointed US federal bankruptcy judge

29 March 2016

Roberta Colton, Tampa-based shareholder of Florida firm Trenam, has been appointed to a bankruptcy seat in the Middle District of Florida, with a duty station in Orlando.

Guernsey court rejects contempt claim against Grant Thornton restructuring partner

Guernsey court rejects contempt claim against Grant Thornton restructuring partner

24 March 2016

The Royal Court of Guernsey has dismissed a contempt of court claim against restructuring partner Stephen Akers of accountancy firm Grant Thornton, brought by property mogul Robert Tchenguiz over an alleged breach of confidentiality that the mogul claims led to his arrest in 2011.

White & Case hires Bracewell restructuring partner

White & Case hires Bracewell restructuring partner

24 March 2016

White & Case has hired Robert Burns as a partner in its global financial restructuring and insolvency practice in New York.

EU launches public consultation on common insolvency framework

EU launches public consultation on common insolvency framework

24 March 2016

The European Commission yesterday kicked off a 12-week consultation on the establishment of an EU-wide insolvency framework, following the publication of an initial inquiry into insolvency law harmonisation earlier this month.

French tech plant sold to “insolvent” entity appeals forum non conveniens ruling in US

French tech plant sold to “insolvent” entity appeals forum non conveniens ruling in US

23 March 2016

A French manufacturing plant that claims its US former owner sold it off to an insolvent entity to avoid restructuring costs, has asked a US appeals court to reopen its case previously dismissed from New York on grounds of forum non conveniens, in light of new evidence arising in French courts.

Community round-up: US domestic hires and promotions

Community round-up: US domestic hires and promotions

23 March 2016

US firm Shipman and Goodwin has hired a new partner with cross-border restructuring experience in its newly-opened New York City office, Detroit-based Miller Canfield Paddock and Stone has added new and returning talent across its Michigan and Chicago offices, and Fried Frank Harris Shriver & Jacobson has announced its spring promotions round.

FSB calls for faster progress to harmonise resolution regimes

FSB calls for faster progress to harmonise resolution regimes

22 March 2016

A report by the Financial Stability Board (FSB) has highlighted the need for consistency and reform across different jurisdictions' resolution regimes to reduce risks associated with “too-big-to-fail” financial institutions.

UK Court waves through subsidiary’s repayments to Lehman Luxembourg

UK Court waves through subsidiary’s repayments to Lehman Luxembourg

22 March 2016

Repayments from insolvent Lehman Brothers UK Holdings to its Luxembourg parent should be at the latter’s free disposal and should not be held in trust, the UK High Court has ruled.

German court finds Greek debt claims inadmissible

German court finds Greek debt claims inadmissible

22 March 2016

The German Federal Supreme Court has found claims by German bondholders seeking damages as a result of the 2012 Greek debt restructuring inadmissible under German law, on the grounds that Greece has sovereign immunity.

New York court dismisses Madoff trustee’s fraud claims against investment funds

New York court dismisses Madoff trustee’s fraud claims against investment funds

21 March 2016

The bankruptcy court for the Southern District of New York has dismissed the majority of claims by the trustee overseeing the liquidation of Bernard L Madoff Investment Securities against a British Virgin Islands investment fund.