Debt for equity swap

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

Swissport makes swap pact with ad hoc group, envisages further schemes

Following its UK scheme earlier this year, airline services group Swissport has reached a new agreement to convert or extinguish €1.9 billion in liabilities and gain €500 million in new funding.

03 September 2020

Odebrecht subsidiary seeks court sanction for extrajudicial restructuring

The construction services arm of Brazil’s Odebrecht has submitted an extrajudicial restructuring of US$3.3 billion worth of notes to a court in São Paulo for final approval.

25 August 2020

Weil and Milbank take roles on AMC Theatre out-of-court restructuring

New York-based teams from Weil Gotshal & Manges and Milbank have helped global cinema chain AMC Entertainment finalise an out of court restructuring, after facing opposition from first lien lenders.

07 August 2020

Skadden, Akin Gump and Milbank advising as Noble enters Chapter 11

London-headquartered offshore drilling contractor Noble Corporation has filed Chapter 11 proceedings in Texas, after entering a US$3.4 billion restructuring agreement with two ad hoc groups of its bondholders.

03 August 2020

ASEAN property groups plan schemes in Singapore and Malaysia

Cayman-incorporated Capital World has launched a proposed pre-packed, fast-track scheme of arrangement in Singapore, while subsidiaries of Singapore’s Hatten Land have obtained moratoria in Malaysia ahead of launching two local schemes.

24 July 2020

Lecta completes another recapitalisation as covid-19 bites

Global paper manufacturer Lecta has completed another recapitalisation with Linklaters and Willkie Farr advising, six months after the High Court in London sanctioned a scheme of arrangement that saw it transfer most of its equity to noteholders.

17 July 2020

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