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

News

Weil and Willkie advise as Toshiba divests Westinghouse interests to Brookfield

Weil and Willkie advise as Toshiba divests Westinghouse interests to Brookfield

09 January 2018

Canada’s Brookfield Business Partners will buy beleaguered US nuclear supplier Westinghouse Electric Company and all of its affiliated Chapter 11 debtors from Japanese parent Toshiba, following a deal advised on by Weil Gotshal & Manges and Willkie Farr & Gallagher.

Berlin appeals court finds Niki insolvency belongs in Austria

Berlin appeals court finds Niki insolvency belongs in Austria

09 January 2018

In a reversal of last week’s order by a German district court, the Regional Court of Berlin has found that Air Berlin subsidiary Niki’s insolvency proceedings should be heard in Vienna.

Brazilian court approves Oi restructuring plan

Brazilian court approves Oi restructuring plan

09 January 2018

The Rio de Janeiro court supervising the high-profile restructuring of Brazilian telecoms group Oi has approved a US$20 billion restructuring plan that was agreed by creditors last month.

Dispute over insolvent company will proceed in Hong Kong after court rejects claim it was heard in Israel

Dispute over insolvent company will proceed in Hong Kong after court rejects claim it was heard in Israel

09 January 2018

A Hong Kong court has refused to strike out a claim by a local businessman who alleges that his Israeli former business partner breached his fiduciary duty by failing to tell him that an Israeli company they held shares in had become insolvent.

SunEdison exits bankruptcy after implementing “remarkable” restructuring plan

SunEdison exits bankruptcy after implementing “remarkable” restructuring plan

08 January 2018

SunEdison, once the largest renewable energy company in the world, has emerged from Chapter 11 bankruptcy after implementing a plan described by the presiding judge as “a remarkable feat” given the “wars and skirmishes” that occurred during the proceedings.

PDVSA subsidiary wins appeal over fraudulent transfer of US assets

PDVSA subsidiary wins appeal over fraudulent transfer of US assets

08 January 2018

A US subsidiary of Venezuela’s national oil company PDVSA did not commit a fraudulent transfer when it moved US$2.8 billion of assets out of the US in an alleged bid to evade creditors, a Delaware appeals court has ruled.

Veteran Jones Day partner joins ADR firm in Detroit

Veteran Jones Day partner joins ADR firm in Detroit

08 January 2018

The founder of Jones Day’s bankruptcy practice David Heiman has retired from the international firm after almost 35 years to become a member of alternative dispute resolution provider JAMS.

Berlin court claims jurisdiction over Niki insolvency as COMI dispute goes to appeal

Berlin court claims jurisdiction over Niki insolvency as COMI dispute goes to appeal

05 January 2018

A district court in Berlin has upheld its decision to hear insolvency proceedings for Austrian airline Niki in Germany, referring a petition to move the case to Vienna to a regional court of appeal.

NY court partially stays Poymanov conspiracy claim following Russian judgments

NY court partially stays Poymanov conspiracy claim following Russian judgments

05 January 2018

After seeing a pair of court decisions from Moscow, a Chapter 15 bankruptcy judge has stayed conspiracy claims in New York that were assigned to a Delaware company by Sergei Poymanov - the bankrupt former owner of a Russian granite business.

US Trustee objects to Seadrill restructuring as creditors submit rival plans

US Trustee objects to Seadrill restructuring as creditors submit rival plans

05 January 2018

The restructuring plan submitted to a Texas bankruptcy court by offshore drilling company Seadrill should be rejected as it “lacks information and detail in critical areas”, the US trustee for the region said in a court filing on 3 January.

Canadian miner enters CCAA proceedings amid armed Congo conflict

Canadian miner enters CCAA proceedings amid armed Congo conflict

04 January 2018

A Canadian gold mining company and six of its subsidiaries registered in Barbados have entered Companies Creditors Arrangement Act proceedings in Ontario, after violent social unrest blocked production at its mines in the Democratic Republic of Congo.

Community round-up: New year, new partners

Community round-up: New year, new partners

04 January 2018

Akin Gump Strauss Hauer & Feld, Hogan Lovells and Richards Kibbe & Orbe have promoted restructuring lawyers as part of their January promotions rounds, while Dentons and Katten Muchin Rosenman have made North American hires.