News

Evergrande moves towards restructuring as shares plummet

Struggling Chinese property group Evergrande has established a risk management committee to help it “overcome the challenges it currently faces” – three days after it revealed plans to engage with offshore creditors on a restructuring plan.

06 December 2021

Intelsat kicks off contested Ch11 hearing

Global satellite group Intelsat said it has reached settlements with all objecting creditors and shareholders apart from one group of convertible noteholders, which claims advisers that signed off on its amended Chapter 11 plan were conflicted.

06 December 2021

Developments to Jersey's insolvency regime

Mourant Ozannes partner Stephen Alexander and associate Chris Vincent examine the recent “landmark” changes to Jersey’s Companies Law, which they say reinforce the jurisdiction’s position as a leader among offshore international finance centres.

06 December 2021

English court confirms validity of Patisserie Valerie liquidation

A decision by former KPMG partners to put café chain Patisserie Valerie into creditors’ voluntary liquidation in late 2019 was valid even though they didn’t consult all creditors, an English court has ruled.

03 December 2021

Purdue Pharma judge seeks more info on bankruptcy abuse

A day after hearing an appeal of drug maker Purdue Pharma’s Chapter 11 plan, a US district judge has asked for more submissions on whether releases for the company’s former owners are “abusive” – noting the Sackler family increased the money they withdrew from the debtor in the decade before it filed for bankruptcy.

03 December 2021

Brazil’s Azul backs off from LATAM offer after Ch11 plan filed

Two days after South America’s largest airline LATAM submitted a Chapter 11 plan in New York, one of its Brazilian competitors has backed off from an offer to combine with the Chile-headquartered company.

03 December 2021

English court refuses to rescind registration of German judgment

Electronics entrepreneur Lars Windhorst has failed to overturn the registration of a German judgment in England, in an appeal dealing with the interplay between the EU’s Insolvency Regulation and the Brussels Regulation.

02 December 2021

IBA, Edinburgh: "Plagiarism can be very useful" in drafting new laws

Retired Scottish Court of Session judge Lord Drummond Young told delegates at the International Bar Association’s 26th annual global restructuring conference in Edinburgh that “plagiarism can be very useful” for countries drafting preventative restructuring legislation.

02 December 2021

Morgan Stanley executive director joins Alvarez & Marsal in London

Alvarez & Marsal has hired a new managing director in London with experience advising drilling services company Seadrill and South African retailer Edcon.

02 December 2021

Heads-Up: Ron Thompson at Alvarez & Marsal in Hong Kong

The head of Alvarez & Marsal’s Asia restructuring practice, Ron Thompson, discusses the differences between onshore and offshore restructuring in China, the impact of the mainland’s new recognition protocol with Hong Kong and the effects of personal bankruptcy reform on the mainland.

01 December 2021

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