Financial restructuring

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

Community roundup: hires at Simmons, Dentons and Hunton Andrews Kurth, as Begbies Traynor acquisition launches it offshore

Simmons & Simmons, Dentons and Hunton Andrews Kurth have hired in London, Portland in Maine and Bangkok respectively; while Begbies Traynor has acquired insolvency advisory group CVR Global, adding its first overseas offices.

18 January 2021

UK’s cross-class cram-down applied for first time

The cross-class cram-down mechanism introduced in the UK last year has been applied for the first time, after the English High Court sanctioned three restructuring plans for Dutch subsea services provider DeepOcean Group.

13 January 2021

Womenswear retailer denied covid-19 rent relief in Canada

Canadian womenswear retailer Groupe Dynamite has failed to secure relief from a Montreal court on rent accrued after filing CCAA proceedings, despite the closure of its stores due to covid-19.

11 January 2021

Hard Brexit for UK insolvencies

After over four years of negotiations, the UK and the European Union last week signed a trade agreement to help govern their future relationship – but lawyers have voiced concerns about the complete absence of insolvency cooperation provisions.

06 January 2021

Stephenson Harwood restructuring chair set to join Faegre Drinker in London

Faegre Drinker Biddle & Reath is continuing its rapid growth with the hire of Stephenson Harwood’s head of restructuring Sue Moore.

05 January 2021

Ashurst advising as Norwegian oil services group secures scheme meeting

The holding company for a Norwegian seismic imaging group has secured a single meeting for some of its creditors to vote on an English scheme restructuring US$872 million of debt.

21 December 2020

Swissport enters pre-pack administration as English court accepts COMI shift

AlixPartners directors have been appointed as administrators of Swissport’s Luxembourg-incorporated parent company, after the High Court in London accepted it had shifted its centre of main interests to England and Wales.

18 December 2020

African diamond miner and Bermudian insurer seek recognition in New York

An English subsidiary of an African diamond miner has sought recognition of its scheme proceedings in New York, two weeks after the joint provisional liquidators of a Bermudian insurance company also filed Chapter 15 proceedings in the city.

16 December 2020

Dutch subsea services provider wins UK restructuring plan meetings

Netherlands-registered subsea services provider DeepOcean Group has secured meetings for four classes of creditors to vote on its UK restructuring plans, which could lead to the first cross-class cram down challenge at a sanction hearing next month.

15 December 2020

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