Insolvency

Holland & Knight advises as BVI fund targets Delaware borrower

The liquidators of a British Virgin Islands fund have lodged a breach of contract claim against Delaware-registered borrower Tremont International in New York, where they secured Chapter 15 recognition in 2019.

27 May 2022

Danish pharma company seeks $13 million asset sale amid US class action

A Copenhagen-based biopharmaceutical company is set to sell its assets to US pharma group KemPharm as part of a restructuring announced last week, after failing to secure European approval to market a new drug.

25 May 2022

PLMJ hires from Linklaters in Portugal

PLMJ has hired a senior counsel with restructuring and insolvency experience for its dispute resolution practice in Lisbon, from the local arm of Linklaters.

25 May 2022

Singapore court clarifies pre-IRDA third party funding rules

An insolvent Singaporean real estate developer has secured an order declaring that a funding arrangement entered by its liquidator to pursue a claim does not violate rules against champerty or maintenance.

23 May 2022

EU court rejects Ryanair challenge against Condor state aid

Ireland’s Ryanair has lost its challenge to the German government’s bailout of Frankfurt-headquartered airline Condor after the collapse of its parent Thomas Cook.

20 May 2022

LATAM objecting creditors to reopen expert deposition

A group of creditors opposed to South American airline LATAM’s Chapter 11 plan have won the right to reopen the deposition of an FTI Consulting specialist who carried out a liquidation analysis of the group.

19 May 2022

Luckin Coffee JPLs: “Trust and transparency was key”

Alvarez & Marsal’s Tiffany Wong and Alex Lawson tell GRR about the challenges they faced as Chinese coffee chain Luckin Coffee’s joint provisional liquidators, how they got the complex restructuring over the line and why ESG considerations are not yet having a huge influence in the restructuring space.

19 May 2022

Liquidators of BVI funds linked to 1MDB win recognition in Florida

The joint liquidators of three 1MDB-linked British Virgin Islands funds have secured recognition of their appointments in Miami, pledging to obtain discovery in the US to help with their recovery efforts.

18 May 2022

Fraud allegations lead to Ch11 filing for global software group

A global software group with operations around the world has sought Chapter 11 protection in New York, blaming its former management for misstating revenues in 2018 and 2019.

18 May 2022

Chinese liquor group wound up in Cayman Islands

Conyers has come off record as counsel for Chinese liquor distributor Silver Base Group on the same day that a Cayman court wound it up, finding its joint provisional liquidators’ latest report “does not make good reading” for the company.

16 May 2022

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