News

Second Circuit blocks US$1 billion Lehman clawback under safe harbour rules

A US appeals court has prevented a Lehman Brothers unit from recovering payments distributed to noteholders after the bank’s collapse, finding that potential ipso facto clauses would not invalidate a safe harbour provision under the US Bankruptcy Code.

13 August 2020

Baker McKenzie partner moves to McGuireWoods in New York and Houston

McGuireWoods has added veteran Baker McKenzie restructuring partner James Donnell to its New York and Houston offices.

13 August 2020

Cayman court curtails freezing order against China’s answer to Starbucks

A Cayman court has declined to extend a worldwide freezing order against China’s Luckin Coffee chain, which entered provisional liquidation in July after confirming it misstated its 2019 accounts.

13 August 2020

Bermuda-registered oil services company files Chapter 11 in New York

A Bermuda-registered oil and gas services company with operations in the North Sea and West Africa has sought Chapter 11 protection after failing to reach a deal with its Scandinavian lenders.

13 August 2020

Pharmagreen Biotech files for bankruptcy protection amid stock dispute

The Nevada holding company of a Canada-headquartered cannabis and hemp plant producer has filed for Chapter 11 protection, after covid-19 left it unable to uphold a financing deal with “toxic lenders”.

13 August 2020

Australian court recognises pilot’s Hong Kong bankruptcy in tricky COMI case

An Australian court has recognised the Hong Kong bankruptcy estate of an airline pilot, despite expressing concerns over the determination of his centre of main interests.

12 August 2020

New Asian-European restructuring boutique launched

A former Baker McKenzie and Deloitte practitioner has co-founded a new cross-border restructuring boutique focused on special situations and transactions in Switzerland, China and Singapore.

12 August 2020

Baoshang bankruptcy a “compliance wake-up call” in China

China’s central bank has announced that it will allow troubled Baoshang Bank to become the first commercial lender to file for bankruptcy in China since 2001, in a move that could prompt other lenders to “step up” their risk assessments and internal audits amid growing non-performing loan portfolios.

12 August 2020

Cirque du Soleil wins recognition of CCAA proceedings amid objections

A Delaware court has recognised circus production group Cirque du Soleil’s CCAA proceedings in Quebec, despite objections from some creditors.

12 August 2020

Willkie Farr & Gallagher strengthens London restructuring practice

US firm Willkie Farr & Gallagher has hired a new restructuring partner for its London practice from Morrison & Foerster.

11 August 2020

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