Multinational corporate groups

GRR Live, New York: in pictures

GRR Live returned to New York last week after a three-year break due to covid-19.

10 October 2022

Cineworld to seek Ch11 recognition in UK and Turkey, stay imposed in Canada

Canadian cinema chain Cineplex has failed to modify a Chapter 11 stay so an Ontario court can hear an appeal over its botched merger with bankrupt British film conglomerate Cineworld, as a Texas bankruptcy judge expressed disappointment creditors outside the US “feel they are not bound by the worldwide injunction imposed by Congress”.

29 September 2022

Singapore court offers guidance on “sufficient connection” as Zipmex moratoria granted

Hoping to assist practitioners as the crypto winter ushers in a new period of activity for the restructuring industry, the High Court of Singapore has published brief grounds for its decision to extend moratoria for foreign companies within the Zipmex group.

17 August 2022

Crédito Real Ch11 moves to Delaware

Shadow bank Crédito Real has won a New York court’s approval to transfer its involuntary Chapter 11 case to Delaware, where it sought recognition of its Mexican liquidation last month.

02 August 2022

Paul Weiss, PJT and A&M advising as Revlon falls into bankruptcy

Multinational cosmetics group Revlon has sought Chapter 11 protection in New York, blaming supply chain disruption and rising inflation.

16 June 2022

Host of global firms advise as Chinese oil group completes “unique” restructuring

Chinese oil company MIE Holdings has completed a global restructuring using a Cayman scheme and a Chapter 15 filing in New York – along with a novel order that conditionally discharged its joint provisional liquidators before the restructuring was completed.

14 April 2022

Smile Telecoms secures landmark sanction

Mauritius-registered telecoms group Smile Holdings has won sanction of its restructuring plan, after the English High Court found it had jurisdiction to alter the constitution and share capital of the company without the need for a parallel plan in its place of incorporation.

30 March 2022

Smile seeks sanction of latest plan amid creditor complaints

African telecoms group Smile Telecoms has asked the High Court in London to sanction its second restructuring plan in a year, arguing the plan is likely to be effective in its key jurisdictions of Mauritius, Nigeria and South Africa.

10 March 2022

China’s Modern Land enters RSA, Evergrande accused of criminal conduct

Beleaguered Chinese property developer Modern Land has announced plans to file a restructuring scheme in the Cayman Islands and seek recognition of it in the US, while an Evergrande creditor has lodged a criminal complaint against the real estate giant.

01 March 2022

Smile restructuring plan delayed as creditor challenges valuations

A senior lender to African telecoms group Smile Telecoms has raised last-minute valuation issues with the company’s restructuring plan, despite the English High Court finding it was out of the money last month.

28 February 2022

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