Liens

Skadden advising as Endo agrees Ch11 pre-pack sale amid opioid suits

Ireland-registered pharmaceutical group Endo has sought bankruptcy protection in New York after agreeing a US$6 billion sale with noteholders – with plans to seek recognition in Canada, the UK and Australia.

17 August 2022

INSOL International, London: Developing a rescue finance market

Lower costs of enforcement in the US, speedier, specialised courts in Europe with a “proper” cross-border recognition regime, and Asian regulators that understand distress: a panel of investors from around the world shared their wish lists for an ideal environment to encourage the development of a global rescue financing market fit for the future.

10 August 2022

Joint administrators can sell George Best hotel free of security

The joint administrators of a property developer behind an incomplete Northern Ireland hotel named after the late footballer George Best have won court approval to sell the property as if it were not subject to security.

17 June 2022

Secured creditors can enforce against companies in insolvency, Ugandan court rules

Uganda’s tax authority has been ordered to reimburse Bank of India as a secured creditor of an insolvent bottled water supplier, after it seized and disposed of some of the company’s assets to recover unpaid taxes.

01 June 2022

Alto Maipo receives court approval of Chapter 11 plan

Chilean hydroelectric project operator Alto Maipo has had its Chapter 11 plan approved by a Delaware court, after the company modified language related to third party releases in response to an objection by the US trustee.

20 May 2022

Canadian receiver obtains emergency relief from creditors in North Dakota

An oilfield services company’s Canadian receiver has obtained temporary emergency relief from a court in North Dakota to stall a wave of creditor enforcement actions against the debtor in a local district court.

20 April 2022

Morrison & Foerster recruits Arnold & Porter partner

Morrison & Foerster has hired a partner in New York and Chicago who was instructed to advised the Kyrgyz Republic in a contentious Chapter 11 last year.

01 April 2022

Singapore appeal court rules on fresh security as a transaction at an undervalue

Granting fresh security for an existing debt does not constitute a transaction at an undervalue in principle – but granting it for a third-party debt may do so, the Singapore Court of Appeal has found, addressing the issues in the jurisdiction for the first time.

29 March 2022

Peak Hotels liquidation fixed fee dispute reaches UK’s highest court

The UK Supreme Court is considering what priority should be afforded to pre-liquidation legal fees in a hotel owner’s cross-border insolvency, as British law firm Candey argues it did not waive an English law equitable lien arising from its work as litigation counsel to Peak Hotels when it entered a fixed fee arrangement with the group and registered a deed of charge in the British Virgin Islands.

02 March 2022

Indonesia’s Pan Brothers obtains Singapore scheme sanction

Indonesian garment manufacturer Pan Brothers has had its pre-packaged scheme sanctioned in Singapore, months after an Indonesian court recognised its moratorium in the city state.

17 January 2022

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