Samarco tables US$10 billion restructuring plan

One month after securing Chapter 15 recognition in New York, Brazilian miner Samarco Mineração has proposed a judicial reorganisation plan that could see unsecured creditors take an 85% haircut on their claims.

11 June 2021

Singapore appellate court sets out rules for director winding-up appeals

The Singapore Court of Appeal has set out two general rules to prevent directors and shareholders from using a company’s funds to pursue unmeritorious appeals against winding-up orders when the monies should be reserved for paying creditors.

11 June 2021

BVI liquidators seek US recognition to prod loan collateral’s disappearance

The British Virgin Islands liquidators of a vehicle that invested in a Manhattan skyscraper have sought recognition in New York so they can investigate an allegedly “carefully crafted scheme” to dissipate the security for a loan from two Chinese banks.

11 June 2021

White & Case continues US expansion with Kirkland hire

Updated: White & Case has hired Kirkland & Ellis partner Gregory Pesce in Chicago, who has credits on the liquidation of securities broker MF Global and industrial fishing conglomerate China Fishery’s bankruptcy.

10 June 2021

Baker McKenzie guiding Indian conglomerate’s English scheme

A Dutch subsidiary of an Indian multinational conglomerate is pursuing an English scheme of arrangement to restructure Singapore-listed notes, with Baker McKenzie and Kirkland & Ellis both taking roles.

10 June 2021

IWIRC London/Europe: recognition of insolvency and restructuring procedures post-Brexit

Recognition of UK insolvency and restructuring procedures in the EU post-Brexit could be “complex, piecemeal and uncertain”, according to panellists at a virtual event jointly organised by IWIRC’s Europe and London networks.

10 June 2021

Creditors approve Peking Uni group’s restructuring

The corporate arm of Beijing’s Peking University has secured creditor approval for a restructuring proposal – but faces litigation in Hong Kong over bondholder claims its mainland administrators have refused to recognise.

09 June 2021

Court releases reasons for sanctioning DTEK schemes

An English court has published its reasons for sanctioning Ukrainian coal miner DTEK’s schemes of arrangement in May, one of which was challenged by the Swiss branch of Russia’s Gazprombank on the basis that it was unfair and would not be recognised in Europe post-Brexit.

09 June 2021

NMC Healthcare announces creditor support for ADGM restructuring

NMC Healthcare’s administrators in Abu Dhabi’s financial free zone will press ahead with deeds of company arrangement for 35 of the group’s entities, after announcing creditor support this week.

09 June 2021

Cayman oil company’s parallel scheme unjustified, says Hong Kong court

Hong Kong’s Mr Justice Harris has sanctioned a scheme of arrangement for a Cayman-incorporated oil group, but found that a parallel Cayman scheme suggested by Harneys was unnecessary and reduced the money available for creditors.

08 June 2021

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