News
Lehman on the hook for $1 billion over failed Intel share deal
16 November 2015
A US bankruptcy court has held that Lehman Brothers owes over US$1 billion to Intel Corporation after a failed share repurchase deal.
One in, one out at Morgan Lewis
13 November 2015
Morgan Lewis & Bockius has hired Renée Dailey as a partner in its Hartford, Connecticut office, and said goodbye to Allan Reiss in New York.
Boeing trial begins against Russia’s “alter egos” over bankrupt satellite launcher
13 November 2015
A trial is under way in a US court to decide whether aircraft manufacturer Boeing can seek compensation from US subsidiaries of Russia’s state space vehicle company as its “alter-egos”, in a US$350 million dispute over the bankruptcy of a failed satellite joint venture.
Mexico’s Homex completes restructuring under new insolvency law
13 November 2015
Mexican real estate developer Desarrolladora Homex has become the first major company with US investors to successfully restructure under Mexico’s reformed insolvency law, coming out of its restructuring within the mandated one-year period.
Appleby rehires funds partner in the Caymans
13 November 2015
Offshore firm Appleby has rehired a partner in its Cayman Islands funds team.
Germany mulls changes to insolvency laws as EU neighbours amend theirs
13 November 2015
Several European countries have passed changes to their insolvency laws in recent months, with France, Italy and the UK introducing new measures that give courts greater powers and expand the role of creditors, while the German legislature considers a bill to reform the regime’s clawback provisions – but harmonisation of laws across the EU still seems a distant prospect.
US court says NY law bonds count as property in Chapter 15 case
11 November 2015
Widening the door for more non-US companies to seek recognition of cross-border bankruptcies in New York, a US bankruptcy court has found that New York choice of law and forum selection clauses in a Singaporean company’s indentures satisfied the Second Circuit’s much-criticised US property requirement for a Chapter 15 filing.
Chinese lender appoints receiver in Baha Mar foreclosure
10 November 2015
Export-Import Bank of China has appointed a receiver in the foreclosure of a US$3.5 billion Bahamian resort, weeks after it was denied bankruptcy protection in the United States.
Linklaters hires new practice head
10 November 2015
Linklaters has hired a new head of restructuring and insolvency in New York from Willkie Farr & Gallagher.
India publishes new restructuring bill to streamline insolvency
10 November 2015
An Indian law reform committee has published recommendations and a draft bill to modernise the country’s bankruptcy laws – but the new bill says little about cross-border insolvencies.
UK court examines impact of new EU laws on jurisdiction
06 November 2015
Two decisions over the summer examined the impact of new EU legislation on the jurisdiction of the UK courts over the approval of a Dutch and Belgian group’s English scheme of arrangement, and a claim for the recovery of a debt where there were parallel administrative proceedings in Portugal.
Setbacks in court for secondary investors in Madoff claims
06 November 2015
Secondary market investors who bought claims related to the Madoff fraud suffered two setbacks last month, as a court in New York reversed the sale of one claim, and a court in Dublin dismissed attempts to enforce another against a third party on grounds that it violated Irish champerty rules.