Financial restructuring

Saudi-owned African telecoms group seals UK plan meetings

A pan-African telecoms group that shifted its COMI from Mauritius to England in January has filed restructuring plan proceedings in London to secure new money to tide it over while it completes a sales process.

19 February 2021

Pay attention to the Pension Schemes Act, UK lawyers warn

“It’s really important for anyone working in the distressed space to get up to speed with this now,” one London lawyer said after the UK’s Pension Schemes Act received Royal Assent last week. GRR gathers reactions to significant changes that will affect the restructuring landscape – including the Act's introduction of new criminal offences and substantial civil penalties.

18 February 2021

Baker Botts hires in Houston

Texas-headquartered Baker Botts has strengthened its Houston team with the hire of a partner from Greenberg Traurig.

18 February 2021

Lugano bankruptcy exclusion applies to UK restructuring plans, English court rules

One avenue for recognition of some English restructurings in Europe may have been lost after the High Court ruled that the UK’s new restructuring plan is an insolvency proceeding for the purposes of the Lugano Convention’s bankruptcy exclusion.

17 February 2021

Oi sells mobile division to Claro, Telefónica and TIM

Brazil’s BMA - Barbosa, Müssnich, Aragão has helped telecoms group Oi sell its mobile business to local subsidiaries of Claro, Telefónica and TIM – one of a series of assets sales envisaged as part of its judicial reorganisation plan.

17 February 2021

KrisEnergy finalises restructuring in Singapore

Cayman-incorporated oil and gas company KrisEnergy has completed its restructuring in Singapore, two weeks after its scheme was sanctioned with amendments over the reach of a moratorium clause.

16 February 2021

Centerbridge withdraws Dutch proceedings after reaching Steinhoff agreement

A US investor linked to Centerbridge Partners has agreed to withdraw its application to appoint a Dutch restructuring expert over South African conglomerate Steinhoff, while the group’s former auditor Deloitte has pledged €70 million to support a global settlement of litigation claims.

15 February 2021

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

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