Intelsat competitor seeks damages in reopened Chapter 11

Luxembourg-based satellite group SES Americom has asked a US bankruptcy judge to admit breach of contract claims it holds against its competitor Intelsat in the latter’s Chapter 11 restructuring, which has been reopened after it closed in February last year.

11 October 2023

Opioid claimants to lose $1bn as Mallinckrodt’s Ch11 plan confirmed

Ireland-registered pharma group Mallinckrodt has secured court approval of its second Chapter 11 plan in two years, leaving its opioid creditors with US$1 billion less than the company agreed to pay them under its first plan last year.

10 October 2023

Hyflux liquidator joins AlixPartners

A former Kroll managing director who acted as liquidator to Singaporean water utility Hyflux has joined AlixPartners in the city-state.

10 October 2023

Europe Column: are the shares of a Sovereign Wealth Fund immune from execution?

Bob Wessels discusses a very recent case in which the Netherlands Supreme Court applied the 2004 UN Convention on Jurisdictional Immunities of States and Their Property to a claim brought by creditors against a state-owned wealth fund.

10 October 2023

McDermott ex-shareholder files suit against Judge Jones in Texas

A wiped-out shareholder of oil and gas group McDermott International has brought a civil suit against the Texas judge who approved its Chapter 11 plan three years ago, complaining about his long-term romantic relationship with a local lawyer.

09 October 2023

Linklaters leads UK’s Metro Bank in Sunday night refinancing deal

A team from Linklaters has helped the UK’s Metro Bank work out a weekend rescue deal with shareholders and noteholders that will see it raise £325 million in capital and refinance £600 million in debt.

09 October 2023

New barrister joins South Square

South Square chambers has added a new barrister with a focus on insolvency and commercial litigation from 3 Hare Court.

09 October 2023

INSOL International, Tokyo: navigating the new global economic order in era of rapid change

The era of zero interest rates, during which debt has skyrocketed and asset prices have ballooned, is gone – and it’s never coming back. A panel of economists and bankers at INSOL International’s annual conference in Tokyo said the future looks turbulent without an acceleration in workforce productivity, as they advised insolvency practitioners to keep up with the new global economic order.

06 October 2023

European companies seek US protection

A century-old Mainz-headquartered bank has secured recognition of its German liquidation in Delaware, paving the way for it to sell a portfolio of US life insurance policies, while the Scottish bankruptcy trustee of a former BBC executive’s estate and a Polish digital healthcare company have each sought Chapter 15 protection in Texas.

06 October 2023

Community round-up: practice heads on the move in the US and UK

Bayard has welcomed a new restructuring head in Delaware while Simmons & Simmons’ former practice leader has departed the firm in London, Appleby has recruited in key offshore jurisdictions, a Morgan Lewis partner has joined Greenberg Traurig in Boston and one of GRR’s Women in Restructuring representatives has moved to Simpson Thacher in London.

06 October 2023

Unlock unlimited access to all Global Restructuring Review content