Debt for equity swap

Abengoa enters insolvency in Spain

Spanish and international firms are gearing up for what could be Spain’s biggest insolvency to date, after industrial conglomerate Abengoa’s top holding company filed a voluntary petition on Monday.

24 February 2021

Pyxus cannabis subsidiaries enter CCAA as iAnthus restructuring upheld

Global tobacco company Pyxus has secured CCAA protection for its cannabis subsidiaries after exiting Chapter 11, while New York-based cannabis company iAnthus has seen off an appeal against its Canadian restructuring.

05 February 2021

Alita DOCA temporarily blocked over mine sale

The administrators of Singapore-listed lithium miner Alita Resources have been blocked from effectuating a deed of company arrangement, pending a dispute over a sale process they oversaw for a mothballed mine in Western Australia.

07 January 2021

Opposing creditors withdraw objections as Swissport seeks scheme sanctioning

An ad hoc group of Swissport’s senior unsecured noteholders has dropped its challenges to the Chinese-owned aviation group’s English scheme, just as the sanction hearing was due to start.

10 December 2020

Norwegian Air wins bankruptcy protection in Norway

Norwegian Air has entered a formal restructuring process in Norway to run parallel to its Irish examinership, and announced an agreement to convert over €7 million of debt into equity.

09 December 2020

Norwegian Air announces new restructuring plans

Two weeks after it sought bankruptcy protection in Ireland, Oslo-headquartered Norwegian Air has laid out plans to pursue debt-for-equity swaps with several groups of creditors.

04 December 2020

Brazilian senate approves long-awaited law

Brazil’s senate has approved a long-tabled bankruptcy law, which is set to introduce cross-border provisions based on the UNCITRAL Model Law to the country’s regime.

27 November 2020

New York court weighs in on “excessive” investment banker fees

Months after it approved a restructuring plan for telecoms company Frontier Communications, a New York court has appointed Evercore Group as its financial adviser and set its fees at a “reasonable” level, after repeat objections from creditors that they were “excessive”.

04 November 2020

Pacific Drilling enters Chapter 11 again

Luxembourg and Houston-based drilling ship contractor Pacific Drilling and 18 of its domestic and international subsidiaries have filed voluntary petitions for a speedy pre-packaged Chapter 11 restructuring in the Southern District of Texas, three years on from the group’s last bankruptcy.

02 November 2020

Singapore’s Swee Hong wins creditor approval for scheme

Creditors of Singapore-headquartered civil engineering contractor Swee Hong have given the green-light to its scheme of arrangement, six months after a court approved rescue financing for the company with super-priority status.

03 September 2020

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