Financial restructuring

DeepOcean cross-class cram-down reasons published

The High Court in London has issued its reasons for applying the UK’s cross-class cram-down mechanism for the first time earlier this month, with local lawyers describing the decision as a “game-changer”.

28 January 2021

Centerbridge-linked investor urges English court to reject Steinhoff scheme

The terms of a global settlement of litigation claims against Steinhoff are “manifestly unfair”, according to a US investor that has urged the High Court in London not to sanction the South African conglomerate’s latest scheme.

27 January 2021

Steinhoff seeks UK scheme sanction as US investor files rival Dutch action

On the first day of a sanction hearing for Steinhoff’s latest English scheme it has emerged that an opposing party affiliated with distressed investor Centerbridge Partners has filed rival proceedings under the new Dutch WHOA process.

26 January 2021

Fried Frank hires Reed Smith partner in London

Fried Frank Harris Shriver & Jacobson has hired a former Reed Smith partner in London, who has been working on the restructuring of Dutch subsea services provider DeepOcean Group.

25 January 2021

First pre-pack scheme approved under Singapore’s IRDA

Malaysian video streaming service iflix has secured the first pre-packaged scheme under Singapore’s Insolvency, Restructuring and Dissolution Act, with Stephenson Harwood affiliate Virtus Law and DHC Capital advising.

25 January 2021

McDermott adds new restructuring head in London

Proskauer Rose’s former European head of restructuring Mark Fennessy has moved to McDermott Will & Emery in London, telling GRR his new firm's strong finance, corporate and litigation offering will be important in the post-Brexit world.

22 January 2021

Restructuring expert appointed in new first for Dutch scheme

Marking another first for the new Dutch scheme, a restructuring expert has been appointed over two struggling companies by a court in the Northern Netherlands.

21 January 2021

Freshfields advising as Malaysia Airlines wins landmark UK scheme decision

Lawyers for the Malaysia Airlines group have welcomed a landmark English court ruling that they say confirms UK restructuring tools offer airlines a quicker and cheaper alternative to Chapter 11.

20 January 2021

Community round-up: Pachulski Stang, Piper Sandler and RSM beef up, as Duff & Phelps opens in Gibraltar

The new year flurry of personnel changes is showing no sign of abating with Pachulski Stang Ziehl & Jones and Piper Sandler acquiring restructuring teams in the US, Duff & Phelps opening a new office in Gibraltar, and RSM adding an investigations partner in London.

19 January 2021

Saad liquidators lose share transfer claim against Saudi bank

The liquidators of Cayman fund Saad Investments Company have been stopped from clawing back US$318 million worth of shares that its founder transferred to a Saudi bank after the fund’s collapse over a decade ago.

18 January 2021

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