GRR Live, New York: China’s debt-trap conspiracy

After two decades that have seen China become the largest bilateral lender to the world’s poorest countries, attendees at GRR Live in New York said talk of so-called “debt-trap diplomacy” is misplaced but the country needs to decide whether it wants to be isolated or part of the developed financial world.

19 October 2022

Nevada-based cannabis group enters CCAA

Struggling US cannabis producer Flower One’s Canadian parent has secured protection under Canada’s Companies’ Creditors Arrangement Act after restructuring two sets of Canada-listed debentures and its term debt over the last two years.

19 October 2022

Mina Tucano secures Ch15 recognition, Canadian parent converts bankruptcy

Gold miner Mina Tucano's Brazilian judicial reorganisation has been recognised in New York, as its Canadian parent converted its own bankruptcy to Companies Creditors Arrangement Act proceedings – but a creditor now appears to seeking to place the parent back in bankruptcy.

19 October 2022

New York judge calls for Congress to restrict safe harbour provision

Judge Robert Drain has called for a tightening of the US Bankruptcy Code's “overly broad” safe harbour provision, in his last opinion after two decades sitting on the bench in the Southern District of New York.

18 October 2022

Lefosse adds trio of partners in São Paulo

Brazilian firm Lefosse has bolstered its insolvency offering with the addition of Cescon Barrieu Flesch & Barreto’s former restructuring head Fábio Rosas and two other partners in São Paulo.

18 October 2022

Shareholders may oppose creditors’ winding up petitions, Singapore court rules

In what appears to be the first reported Singaporean decision confirming shareholders have legal standing to oppose creditors’ winding up applications, the Singapore High Court has rejected a winding up petition against the local parent and alleged guarantor of an Indian electronic banking platform.

18 October 2022

Solvent-debtor exception survives the Bankruptcy Code, split Fifth Circuit holds

Nearly six years after its Chapter 11 plan was approved, Canada-incorporated oil and gas group Ultra Petroleum has lost an appeal over a Texas bankruptcy court ruling awarding its noteholders US$387 million in make-whole claims and post-petition interest, in part because soaring energy prices have propelled it back to solvency.

17 October 2022

Privy Council makes “far-reaching” ruling on insolvent offshore trusts

In a decision that lawyers say will have a “far-reaching and long-lasting” impact on the offshore trusts industry, the UK Privy Council has found that trustees have a proprietary interest in trust property in relation to their rights of indemnity, which survives when a successor takes over – and that successive trustees should be ranked pari passu in respect of that interest if there aren’t enough trust assets to go round.

17 October 2022

A&M continues European expansion with rehire in Paris

Roland Berger partner Benoît Hochet has returned to Alvarez & Marsal as a managing director in Paris after six years away from the firm, during which time he helped guide Swiss vending machine company Selecta through its international restructuring.

17 October 2022

Heads-Up: Stephen Lerner at Squire Patton Boggs in Cincinnati

Stephen Lerner, global chair of Squire Patton Boggs’ restructuring group, tells GRR it will be a “big day” when the Second Circuit hands down its decision in Purdue Pharma on whether third party releases are permitted or not – an issue, he says, many lawyers thought was “dead and buried at this point”.

14 October 2022

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