Financial restructuring

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

Heads-Up: Khurshid Fazel at Webber Wentzel in South Africa

“There's a lot of dry capital sitting there waiting to be used”. Head of Webber Wentzel’s restructuring and insolvency team Khurshid Fazel tells GRR about opportunities in the distressed M&A space in Africa, how her views on globalisation have changed, and why she thinks firms that commoditise parts of their offering are going to get an edge in the future.

05 February 2021

Steinhoff scheme sanctioned

South African conglomerate Steinhoff has secured sanction of its latest English scheme after the High Court dismissed objections made by a US fund linked to distressed investor Centerbridge Partners.

05 February 2021

Pyxus cannabis subsidiaries enter CCAA as iAnthus restructuring upheld

Global tobacco company Pyxus has secured CCAA protection for its cannabis subsidiaries after exiting Chapter 11, while New York-based cannabis company iAnthus has seen off an appeal against its Canadian restructuring.

05 February 2021

Lehman necessity raised in gategroup convening hearing

Counsel to Swiss airline services provider gategroup said its UK restructuring plan is capable of affecting third party rights under the Lehman necessity principle as the second day of its convening hearing played out in the High Court.

04 February 2021

Swiss airline group seeks convening hearing for English restructuring plan

In a case that will examine whether the Lugano Convention's bankruptcy exemption applies to the new English restructuring plan, lawyers acting for Swiss airline services provider gategroup have applied to convene a meeting for a single class of creditors, telling the High Court they had to forum shop because “we can’t do this anywhere else”.

03 February 2021

Hogan Lovells, BBLM, Norton Rose and Kvale close €3 billion Bourbon Group restructuring

A long list of law and advisory firms have helped maritime transport group Bourbon complete the first-ever judicial takeover by creditors of a French publicly listed company in rehabilitation proceedings, in a two-year, multi-step transaction overseen by a court in Marseilles.

03 February 2021

Pacific International Lines secures creditor backing for unique scheme

Creditors of Southeast Asia’s largest shipping liner, Pacific International Lines, have approved an unusual scheme that the company’s lawyers say was negotiated outside Singapore’s typical moratorium process to avoid another Hanjin blowout.

02 February 2021

Maples hires in Hong Kong and Cayman Islands, promotes in London

The former head of Freshfields’ Asia restructuring practice and an English-qualified barrister have joined Maples Group as partners in Hong Kong and the Cayman Islands, while the firm has also promoted in London.

02 February 2021

Allen & Overy’s China joint operation opens in Beijing with Fangda team

Allen & Overy’s Chinese associate firm Lang Yue has opened a new office in Beijing with the hire of a Fangda Partners team led by Melody Wang, who was creditors’ counsel in the first mainland Chinese liquidation to be recognised in Hong Kong.

01 February 2021

Get unlimited access to all Global Restructuring Review content