News
FTX’s Bahamian JPLs seek lift on Chapter 11 stay to settle non-US law issues
The joint provisional liquidators of FTX’s Bahamian entity are seeking to lift the crypto exchange’s Chapter 11 stay so they may apply for directions from the Supreme Court of The Bahamas on which of the two estates certain customer accounts belong to, in a hearing variously described as a “jurisdictional tug of war” and a “diplomatic event” between the two countries.
09 June 2023
Chinese creditors wind up Hong Kong-listed property developer
A Chinese state-owned investment company and a local investment manager have successfully wound up a Chinese property group’s Hong Kong listed top company for being guarantor
09 June 2023
AlixPartners appointed as receivers over Telegraph’s parent company
The Bermudian parent company of UK broadsheet the Telegraph has been placed into receivership by the Bank of Scotland as it seeks to recover a £1 billion (US$1.2 billion) debt owed by the newspaper’s Barclay family owners.
09 June 2023
Outcome of Serta Simmons uptiering transaction was “the only correct result”, Texas court rules
“Sophisticated financial titans engaged in a winner-takes-it-all battle. There was a winner and a loser”. North American bedding group Serta Simmons has secured approval of its “extraordinarily complex” Chapter 11 plan, after a Texas judge rejected objections from lenders who argued a 2020 liability management transaction the debtor engaged in breached an implied covenant of good faith.
08 June 2023
Canadian-US cannabis group obtains CCAA protection as receiver appointed in Oregon
Ontario-incorporated cannabis company Chalice Brands has secured CCAA protection in Canada and placed its US operating subsidiaries into receivership, saying it is unable to seek Chapter 15 recognition given the cannabis industry is still illegal under US federal law.
08 June 2023
Evan Group enters insolvency after cross-border StaRUG fails
Malta-registered real estate company Evan Group has filed insolvency proceedings in Düsseldorf after the failure of a German StaRUG process it launched last year.
08 June 2023
US receiver hits back at Cayman liquidators in 11th Circuit appeal
A US federal receiver appointed over a bankrupt Cayman feeder fund has argued there is no requirement to grant “mandatory comity” under Chapter 15 upon recognition of a foreign proceeding, as an Eleventh Circuit dispute rumbles on.
07 June 2023
Crypto roundup: Genesis, Symbiont, Celsius, and Core Scientific
Cryptocurrency lender Genesis has won a two-week extension to mediation talks with its creditors, while Bitcoin miner LM Funding America is set to acquire blockchain start-up Symbiont; and crypto miner Core Scientific is seeking summary judgment on a claim brought against it by the Celsius network, which itself will be acquired out of bankruptcy by consortium Fahrenheit.
07 June 2023
Chinese wine group faces Cayman and Hong Kong winding up actions
A Chinese wine and liquor group is facing winding up petitions in the Cayman Islands and Hong Kong, despite entering a US$10 million investment agreement with asset manager CIS Group three months ago to support a proposed restructuring.
07 June 2023
Bill Brandt 1949 – 2023
A “fearless” pioneer of the global restructuring industry and influential driver of US bankruptcy law reform, Bill Brandt has died at the age of 73.
06 June 2023