Financial restructuring
US resident fails to enforce bankruptcy stay against Irish creditors
Preventing a potential stand-off with the Irish courts, a US appeals court has denied a request by an Irish citizen resident in Illinois to enforce a Chapter 11 stay against his Irish creditors.
22 September 2022
III NextGen, Toronto: DIP roll-ups across jurisdictions
“You can’t put the toothpaste back in the tube.” Comparing the evolution of rescue financing in the US with Singapore, Spain and Italy, speakers at the International Insolvency Institute’s NextGen conference in Toronto discussed the controversial rise of roll-ups and noted lenders will not stop asking for them now they are used so frequently.
21 September 2022
Raines Feldman continues New York expansion
Los Angeles-headquartered law firm Raines Feldman has bolstered its New York office with the addition of two restructuring partners from boutique firm Callari Partners.
21 September 2022
New York court blocks PJT restructuring fee in LATAM Ch11
Despite claiming the duration and complexities of its Chapter 11 case were unforeseen, South American airline LATAM has failed to convince a New York court to let it pay its investment banker PJT Partners an additional US$12 million restructuring fee if its plan becomes effective.
20 September 2022
Dr Beck & Partner, Schultze & Braun advising as automotive supplier enters German proceedings
Dr Beck & Partner is advising car interior manufacturer Dr Schneider on a reorganisation before a Bavarian court, with Schultze & Braun acting on the side of credit insurers.
20 September 2022
Celsius seeks permission to sell stablecoin holdings
Bankrupt crypto lender Celsius Network is seeking authority to sell all its current and any future stablecoins it receives to fund its operations – one day after a New York court appointed an examiner to investigate the company’s pre-petition conduct.
16 September 2022
US Trustee seeks Ch7 conversion for Russian-owned delivery app
A Russian-owned grocery delivery start-up is facing liquidation after the US Trustee accused it of “gross mismanagement” and asked a New York bankruptcy court to convert its Chapter 11 proceeding into a Chapter 7 case.
15 September 2022
Eversheds, Interpath and BDO advising struggling global fruit supplier
Updated: Global fruit distributor Jupiter Group has entered administration in England, two weeks after its South African subsidiaries commenced business rescue proceedings in Stellenbosch.
14 September 2022
English court sanctions China Fishery’s restructuring plan
A Peruvian arm of industrial fishing group China Fishery has secured sanction of its UK restructuring plan, after dealing with bankruptcy petitions filed against it in Peru that caused a year-long delay.
13 September 2022
Chinese developer Sunac facing winding up in Hong Kong
Struggling Chinese real estate developer Sunac is facing a winding up petition in Hong Kong but says it will continue negotiating with offshore creditors to formulate a viable restructuring plan.
13 September 2022