News

Judge questions relevant alternative in Hurricane Energy sanction hearing

An English court has raised questions over the “relevant alternative” that would befall UK-based oil company Hurricane Energy in the absence of its restructuring plan’s approval, as the sanction hearing continues amid shareholder objections.

22 June 2021

Mumbai NCLT approves Jet Airways rescue plan

A consortium led by UK-registered asset manager Kalrock Capital and Indian businessman Murari Lal Jalan has won approval for its plan to rescue Mumbai-based Jet Airways.

22 June 2021

KPMG challenges proposed £15 million FRC fine over Silentnight pre-pack

KPMG and its now-retired partner David Costley-Wood should not face “overly punitive” £15.5 million fines and sanctions for their conduct in the “historic” pre-pack sale of bedmaker Silentnight, South Square’s Mark Phillips QC has told a Financial Reporting Council disciplinary tribunal.

22 June 2021

Hong Kong trustees block Canadian contempt appeal

The son of a scandal-hit Chinese businessman has failed to overturn a Canadian contempt of court order, after refusing to attend an examination by his father’s Hong Kong bankruptcy trustees.

22 June 2021

DLA Piper hires two in the US

DLA Piper has bolstered its US restructuring practice with partners from Milbank and Kirkland & Ellis.

21 June 2021

Restructuring expert rejected in first for Dutch scheme

In what appears to be the first decision of its kind, a court in the Central Netherlands has rejected a request to appoint a restructuring expert over a struggling technology business.

21 June 2021

No confidentiality issues between Rajah & Tann and Lim family, court says

The High Court of Singapore has explained its refusal to join the owners of oil trader Hin Leong and shipping company Ocean Tankers to injunction proceedings against the companies’ counsel Rajah & Tann.

21 June 2021

“Total shave” for Videocon creditors as Mumbai court approves CIRP plan

Operational creditors of the Indian conglomerate Videocon have not had a haircut so much as a “total shave”, the NCLT in Mumbai has found, as it told the group to increase pay-outs to MSMEs but nevertheless approved a resolution plan that will see Vendata group entity Twin Star Technologies become Videocon’s new owner for next to “nothing”.

21 June 2021

Heads-Up: Richard Fleming and Mark Firmin at Alvarez & Marsal in London

“The international work is polarising into a small number of players, none of which include the Big Four.” Alvarez & Marsal’s European leader Richard Fleming and UK head Mark Firmin discuss the firm’s expansion amid reform at the Big Four; as well as covid, Brexit, why landlords have had their heads in the sand for too long, and the rise of the UK restructuring plan.

18 June 2021

“One in a million”: Judge Cornelius Blackshear 1939-2021

Former Southern District of New York bankruptcy judge Cornelius Blackshear, who oversaw the Chapter 11 case of US airline Pan Am and was the first African American to be appointed as a US Trustee, has died at the age of 81.

18 June 2021

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