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Mr Justice Snowden has said he will be looking to existing principles of UK insolvency law to guide the exercise of the court’s discretion under the new Part 26A restructuring plan, rather than simply adopting techniques used in other jurisdictions - as he predicted a rise in work for valuation experts before the English courts.
19 November 2020
Kuala Lumpur-based Lim Chee Wee Partnership is acting for leasing company BOC Aviation in its efforts to derail Malaysian airline AirAsia X's scheme of arrangement – while Indonesia’s Lion Air is facing a bankruptcy application and Japan’s ANA Holdings has announced a number of cost-cutting measures.
27 October 2020
Premier Oil has entered a reverse-takeover deal with North Sea exploration and production company Chrysaor to help it extinguish its US$2.7 debt pile, replacing a pair of UK restructuring plans announced in August with new ones.
22 October 2020
Local lawyers in the Netherlands tell GRR they expect the new Dutch scheme to be used frequently in the new year, after the country’s upper house of parliament rubber-stamped legislation that will bring it into being.
07 October 2020
German lawyers have cautiously welcomed a preventative restructuring regime outlined in a long-awaited draft bill that they hope will enable company rescues outside of insolvency and stymie the flow of companies who have headed abroad.
24 September 2020
When the clock struck midnight on 25 June, the UK’s restructuring and insolvency regime suddenly looked a lot friendlier for debtors, both temporarily pending the coronavirus’ havoc on the UK economy, and permanently. But does the new legislation rushed through parliament in under a month provide a serious contender to Chapter 11’s crown, or does it merely bring the UK up-to-date with the 1970s as one practitioner suggested?
11 September 2020
Mayer Brown partners Trevor Borthwick and Devi Shah in London, Tom Pugh in Hong Kong and counsel Monique Mulcare in New York ask: is further legal liberalisation needed to stimulate the rescue of viable companies affected by the covid-19 pandemic?
07 September 2020
The England and Wales High Court’s reasons for sanctioning Virgin Atlantic’s landmark restructuring plan have now been published.
07 September 2020
Virgin Atlantic’s landmark restructuring plan has received court sanction, after a short, unopposed hearing in which the judge pressed for “respectable commercial reasons” why some trade creditors had been excluded.
02 September 2020
The US Third Circuit appeals court has weighed in on the little-analysed “unfair discrimination” standard applying to creditor cramdown in the US – rejecting calls from senior noteholders of Tribune media company to revise subordination payments in a plan approved eight years ago.
28 August 2020
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