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Chapter 15 court again denies interim stay for alleged Platinum Partners co-conspirator

Chapter 15 court again denies interim stay for alleged Platinum Partners co-conspirator

11 July 2019

A Cayman Islands reinsurance company implicated in the alleged Platinum Partners fraud has failed in a second attempt to get provisional Chapter 15 relief in New York.

Bondholders respond to Venezuelan opposition debt plan

Bondholders respond to Venezuelan opposition debt plan

11 July 2019

Holders of Venezuelan sovereign bonds have responded to the Guaidó opposition’s guidelines for a US$150 billion debt restructuring, warning that a workout must be fair and transparent to creditors.

Community roundup: Duff & Phelps hires KPMG director

Community roundup: Duff & Phelps hires KPMG director

10 July 2019

In recent weeks, a host of firms have witnessed the reorganisation of their own restructuring divisions, with new partners hired for London and regional practices in the UK, and a new counsel announcement in New York.

IWIRC London celebrates successful first year

IWIRC London celebrates successful first year

10 July 2019

The London network of the International Women’s Restructuring and Insolvency Confederation has recognised four members with awards as part of its one-year anniversary celebrations.

Belgian zinc smelter restructures in London and New York

Belgian zinc smelter restructures in London and New York

10 July 2019

Advised by Freshfields Bruckhaus Deringer and Alvarez & Marsal, Belgian zinc smelting company Nyrstar is restructuring its €2.6 billion debt through an English scheme of arrangement and recognition in New York.

GÖRG partner appointed administrator of German spacecraft developer

GÖRG partner appointed administrator of German spacecraft developer

10 July 2019

A Berlin court has appointed a partner from German firm GÖRG as administrator of a space exploration company, which has experienced difficulties over a planned mission to the Moon.

Lawyers welcome Venezuelan opposition’s early debt restructuring plans

Lawyers welcome Venezuelan opposition’s early debt restructuring plans

09 July 2019

Lawyers have welcomed a policy paper issued by the restructuring team for Venezuela’s opposition, which suggests treating diverse creditors equally to prevent Argentina-style holdout disputes.

New Dutch scheme bill hailed as “perfect”

New Dutch scheme bill hailed as “perfect”

09 July 2019

UPDATED: The Dutch government has published a bill for a new pre-insolvency tool similar to an English scheme of arrangement and with features reminiscent of Chapter 11, which local practitioners say could make the Netherlands a major restructuring hub.

Chapter 15 court rejects “unclear” petition for relief citing confusion over debtor

Chapter 15 court rejects “unclear” petition for relief citing confusion over debtor

09 July 2019

A California court has denied a South Korean bankruptcy trustee’s request to speed up a Chapter 15 case for what appears to be a lithium battery maker, saying it was unclear from the application who the debtor was and what relief the trustee was after.

Deutsche announces ECB-backed bad bank restructuring plan

Deutsche announces ECB-backed bad bank restructuring plan

08 July 2019

The European Central Bank (ECB) is understood to be supporting the restructuring of Germany’s Deutsche Bank, which announced plans to create a bad bank for its non-performing assets as part of a “radical transformation” over the weekend.

Dentons hires former bankruptcy judge in Berlin

Dentons hires former bankruptcy judge in Berlin

08 July 2019

Martin Horstkotte, a German bankruptcy judge who worked on the Niki airline insolvency, has joined Dentons as an of counsel in Berlin.

Appellate tribunal dismisses Essar Steel takeover challenge

Appellate tribunal dismisses Essar Steel takeover challenge

08 July 2019

An Indian appellate tribunal has dismissed a challenge to ArcelorMittal’s US$6.2 billion bid for Essar Steel India but adjusted the company’s distribution plan to correct a “huge discrimination” against operational creditors.