Financial restructuring

Hong Kong judge applies Peking Founder findings in new keepwell deed dispute

Hong Kong’s Mr Justice Harris has applied his “momentous” findings in Peking Founder’s keepwell deed dispute to a new claim against Chinese semiconductor maker Tsinghua Unigroup, ruling again that deed disputes should be adjudicated in Hong Kong after confirming with a local expert that resulting judgments can be placed as evidence before a mainland court.

27 May 2022

Century old car repair business declared bankrupt after WHOA failure

A Dutch auto repair company has fallen into bankruptcy after its WHOA process failed and its restructuring expert withdrew.

26 May 2022

French-Bermudian JV's creditors agree to Chinese restructuring

Creditors of a joint venture between Bermuda-registered car manufacture Brilliance Auto and France’s Renault have approved the formation of a committee to oversee a restructuring in China.

25 May 2022

LATAM objecting creditors to reopen expert deposition

A group of creditors opposed to South American airline LATAM’s Chapter 11 plan have won the right to reopen the deposition of an FTI Consulting specialist who carried out a liquidation analysis of the group.

19 May 2022

Luckin Coffee JPLs: “Trust and transparency was key”

Alvarez & Marsal’s Tiffany Wong and Alex Lawson tell GRR about the challenges they faced as Chinese coffee chain Luckin Coffee’s joint provisional liquidators, how they got the complex restructuring over the line and why ESG considerations are not yet having a huge influence in the restructuring space.

19 May 2022

Liquidators of BVI funds linked to 1MDB win recognition in Florida

The joint liquidators of three 1MDB-linked British Virgin Islands funds have secured recognition of their appointments in Miami, pledging to obtain discovery in the US to help with their recovery efforts.

18 May 2022

Fraud allegations lead to Ch11 filing for global software group

A global software group with operations around the world has sought Chapter 11 protection in New York, blaming its former management for misstating revenues in 2018 and 2019.

18 May 2022

The new Austrian Restructuring Code in the light of Germany’s StaRUG and the Dutch WHOA

Matthias Stipanitz and Stephanie Rendl at Preslmayr Attorneys at Law in Vienna assess Austria’s implementation of the EU’s preventive restructuring frameworks directive, giving a quick comparison with the implementation in Germany and the Netherlands.

17 May 2022

Chinese liquor group wound up in Cayman Islands

Conyers has come off record as counsel for Chinese liquor distributor Silver Base Group on the same day that a Cayman court wound it up, finding its joint provisional liquidators’ latest report “does not make good reading” for the company.

16 May 2022

Just Energy seeks Canadian creditor meetings, pursues Texas clawback

Canadian retail energy provider Just Energy Group has sought permission from an Ontario court to convene meetings for creditors to vote on its restructuring, a week after it received permission to pursue claims against the Texas state grid operator in the US.

16 May 2022

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