Distressed transactions

Predictions for 2021

To say the least, 2020 was a tumultuous year and its effects will be felt economically and socially for many years to come. Although 2021 promises some improvement, disruption seems inevitable. Given the many unknowns lying ahead, partners John Whiteoak and Kevin Pullen at Herbert Smith Freehills have compiled a list of themes for GRR readers to look out for in the UK in the coming year.

04 February 2021

French firm Franklin expands in Paris

A year on from the foundation of its restructuring practice under Numa Rengot, France’s Franklin has expanded in Paris with a hire from Deloitte’s French firm Taj.

21 January 2021

English court will hear Galapagos claim amid international challenges

An English court will hear a claim for declaratory relief concerning the validity of the Galapagos group’s controversial 2019 restructuring after finding that an “anchor defendant” in the form of a non-participating high yield note trustee gave it jurisdiction over a Luxembourg fund and a German insolvency administrator.

20 January 2021

Community roundup: hires at Simmons, Dentons and Hunton Andrews Kurth, as Begbies Traynor acquisition launches it offshore

Simmons & Simmons, Dentons and Hunton Andrews Kurth have hired in London, Portland in Maine and Bangkok respectively; while Begbies Traynor has acquired insolvency advisory group CVR Global, adding its first overseas offices.

18 January 2021

Heated debate as Galapagos jurisdictional wrangles exchanged

A Luxembourg fund and a German insolvency administrator that are challenging the Galapagos group’s 2019 UK restructuring in the US and Europe, have laid out before an English court why they shouldn’t be joined in a claim for declaratory relief that the restructuring was valid.

18 December 2020

Ropes & Gray hires second Kirkland partner in London

Kirkland & Ellis special situations partner Samuel Norris has moved to Ropes & Gray in London – six months after restructuring partner Matt Czyzyk made the same move.

02 December 2020

US not liable for Puerto Rico bond losses

The US Court of Federal Claims has rejected claims from a group of Puerto Rico pension bondholders that the US government should compensate them for losses incurred during the territory’s US$120 billion bond and pension debt restructuring.

26 November 2020

AirAsia X reshuffles classes after scheme challenges in court

Malaysian low-cost airline AirAsia X has revised its proposed scheme of arrangement to split creditors into two classes, after concerns were raised in Kuala Lumpur's High Court.

06 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

Airline roundup: LCWP acting for lessors in contentious AirAsiaX restructuring

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

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