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Canadian gold miner completes restructuring with Brazilian sale

Canadian gold miner completes restructuring with Brazilian sale

16 May 2016

Canadian mining company Carpathian Gold has sold a gold mine in south-eastern Brazil as part of a US$42 million restructuring deal.

Maritime liens are extendable to cargo already delivered finds US court

Maritime liens are extendable to cargo already delivered finds US court

13 May 2016

The Third Circuit Court of Appeals in the US has told a maritime carrier it can contractually extend its common law possessory liens over a bankrupt debtor’s cargo in its possession, to cover unpaid shipping charges - including for different shipments of cargo already delivered.

“Clear and convincing evidence” of tax fraud in Wyly brothers case according to Texas bankruptcy judge

“Clear and convincing evidence” of tax fraud in Wyly brothers case according to Texas bankruptcy judge

13 May 2016

A federal bankruptcy judge in Texas has ruled that former billionaire brothers Sam and the late Charles Wyly committed tax fraud when they created an extensive series of offshore trusts in the Isle of Man in the 1990s to shield more than US$1 billion.

Creditors to bring COMI challenge against miner’s Chapter 11 case

Creditors to bring COMI challenge against miner’s Chapter 11 case

13 May 2016

Counsel to creditors of phosphate miner Legend International Holdings say they will oppose the recognition of its recent Chapter 11 filing in Delaware as foreign main proceedings, because the company’s centre of main interest is in Australia.

UK Supreme Court rules ship owner must pay OW Bunker in "sale of goods" test case

UK Supreme Court rules ship owner must pay OW Bunker in "sale of goods" test case

12 May 2016

The UK Supreme Court has told the owner of a ship that received fuel from bankrupt ship oil supplier OW Bunker that it cannot withhold payment from the company, providing clarity for hundreds of pending cases arising from the bankruptcy - and numerous others unrelated to it.

Orrick poaches Parisian partners from Freshfields

Orrick poaches Parisian partners from Freshfields

12 May 2016

Orrick Herrington & Sutcliffe has added two Paris-based partners with restructuring backgrounds from Freshfields Bruckhaus Deringer.

Russia’s Worldview to gain control of troubled Irish oil and gas company Petroceltic

Russia’s Worldview to gain control of troubled Irish oil and gas company Petroceltic

12 May 2016

Irish oil producer Petroceltic International has announced that its court-appointed examiner Grant Thornton has selected Russian-owned hedge fund Worldview International Management to take over the group

English court terminates Dechert as counsel to protect privileged information

English court terminates Dechert as counsel to protect privileged information

11 May 2016

The High Court of England and Wales has told Dechert that it must cease acting for a major creditor of a bankrupt company in ongoing fraud litigation, because it is also acting for the trustees in the company’s bankruptcy proceedings and has benefited from access to privileged information.

III insolvency studies prize goes to Anglo-German duo

III insolvency studies prize goes to Anglo-German duo

11 May 2016

The International Insolvency Institute (III) has announced the winners of its 2016 prize in International Insolvency Studies, in the build up to its annual conference in Tokyo next month.

Phosphate miner files Chapter 11 case in Delaware as creditors seek winding-up in Melbourne

Phosphate miner files Chapter 11 case in Delaware as creditors seek winding-up in Melbourne

11 May 2016

Phosphate miner Legend International Holdings has filed for protection under Chapter 11 of the US Bankruptcy Code, ahead of a hearing for a winding-up order in Australia.

Community round-up: new hire at Robins Kaplan as Norton Rose Fulbright promotes globally

Community round-up: new hire at Robins Kaplan as Norton Rose Fulbright promotes globally

11 May 2016

Robins Kaplan has hired from Weil Gotshal & Manges in New York; eight partners have joined US firm LeClairRyan; Norton Rose Fulbright has announced a round of promotions across the globe; and a real estate lawyer with restructuring experience has joined Akerman's Los Angeles office.

Lawyers react to last week’s Nortel decisions in Canada

Lawyers react to last week’s Nortel decisions in Canada

10 May 2016

Lawyers for defunct telecoms company Nortel’s former employees and pensioners have praised two recent Canadian court decisions rejecting appeals through which the company’s bondholders and US arm were seeking to increase their share of US$7.3 billion in asset sales proceeds: but are Nortel’s creditors any closer to getting paid?