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

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The Nigerian Senate held a public hearing on Monday to discuss the repeal and re-enactment of Nigeria’s “outdated” bankruptcy laws, with a suggested new bill placing emphasis on attracting international investors.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

Portuguese companies lose bid to cancel swaps over “invalid” English law clause

Portuguese companies lose bid to cancel swaps over “invalid” English law clause

14 March 2016

Four Portuguese state-owned companies who entered into interest rate swaps to manage their debts have failed in their attempts to wriggle out of the contracts on the grounds that the English governing law was invalid.

EU court upholds state aid granted to liquidated company without competitor’s approval

EU court upholds state aid granted to liquidated company without competitor’s approval

11 March 2016

The General Court of the European Union has dismissed an appeal against a European Commission decision to provide state aid to an Italian company in liquidation without consulting an Austrian competitor.

Appeals court affirms mortgagees owe no duties towards unsecured creditors under English law

Appeals court affirms mortgagees owe no duties towards unsecured creditors under English law

11 March 2016

GRR takes a look back at a Court of Appeal of England and Wales decision affirming that mortgagees who sell property in the context of a bankruptcy are not obliged to consider the claims of unsecured creditors without a recognised interest in the property – even if the proceeds of the sale might affect their chances of getting paid.

Abengoa announces restructuring deal ahead of March-end deadline

Abengoa announces restructuring deal ahead of March-end deadline

11 March 2016

Spanish energy company Abengoa says it has come to an agreement with bank creditors and bondholders to refinance its debts, just over two weeks shy of a 28 March insolvency deadline.