Financial restructuring

EY appointed as Seadrill JPLs in Bermuda after latest Chapter 11 filings

Offshore rig operator Seadrill Limited has appointed EY as its joint provisional liquidators in Bermuda for the second time in four years after a conflict between creditors saw it file for Chapter 11 protection in Texas last week.

15 February 2021

“Unsustainable”: Air Namibia set to file for liquidation

Namibia’s government said it will file for the voluntary liquidation of the country’s flag carrier, two weeks after the airline reached an agreement over historic unpaid debts with Belgium’s defunct ChallengeAir.

15 February 2021

Community roundup: Quantuma, Duff & Phelps, Roland Berger, FTI Consulting, Consignum and CTF Consultancy

Quantuma and Duff & Phelps have hired in London, while Germany’s Roland Berger and Consignum have expanded across the country, and FTI Consulting has promoted a new head of corporate finance and restructuring in Asia: meanwhile, a new Norway/UK boutique has opened in Oslo.

12 February 2021

Class fracture as gategroup secures plan meetings

Swiss airline services provider gategroup has secured meetings for creditors to vote on its UK restructuring plan but the High Court has rejected its request to keep all the plan creditors in a single class.

11 February 2021

New Middle East restructuring head for Alvarez & Marsal

Alvarez & Marsal has appointed the interim CFO of struggling hospital operator NMC Healthcare to lead its Middle East restructuring practice in Dubai.

11 February 2021

Fourth time lucky: Cleary and Bruchou help YPF secure debt exchange

Argentine oil company YPF has secured approval from noteholders to exchange debt maturing next month, with Cleary Gottlieb and local firm Bruchou advising the company and a quartet of firms including Clifford Chance, Bomchil, Dechert and DLA Piper acting for creditor groups.

11 February 2021

Ukraine’s DTEK sets sights on UK restructuring plan with bondholders and banks

Having relied on a pair of English schemes five years ago, Ukrainian coal miner DTEK is returning to the UK to make use of its new restructuring plan tool, and has already reached agreements on the key terms with ad hoc committees of its bondholders and banks.

10 February 2021

Goodwin hires in London and Luxembourg

A Baker McKenzie partner is set to join Goodwin’s growing private equity practice in London, while the firm has also bolstered its restructuring group in Luxembourg.

10 February 2021

France’s FHB and BTSG takes roles as manufacturer enters safeguard

Paris-based manufacturer Vallourec has entered safeguard proceedings to reduce its €3.5 billion debt pile by more than half, with restructuring professionals from French firms FHB and BTSG taking court-appointed roles.

09 February 2021

Seadrill Asia seeks Chapter 11 protection in Texas

Five of offshore rig operator Seadrill’s Asian subsidiaries have entered Chapter 11 proceedings in Texas, listing Dubai’s ZDN Investment and Saudi Arabia-based Algosaibi Services Company as their largest unsecured creditors.

08 February 2021

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