Community round-up: global lateral moves in January

Allen & Overy and Akin Gump have hired in Europe, Gibson Dunn has recruited a Jones Day partner in New York and Teneo has secured two London-based managing directors from Interpath.

03 February 2023

Crypto miner replaces DIP facility after “unusual” rise in Bitcoin value

Bankrupt crypto miner Core Scientific has been allowed to replace a debtor-in-possession financing facility it obtained interim approval of in December, after telling a Texas court the rising price of Bitcoin had substantially improved its cashflow since it entered Chapter 11.

02 February 2023

Sidley hires partner from SVP Global in London

A former Sidley Austin lawyer who worked on the restructuring of French steelmaker Vallourec has returned to his old firm after a three-year hiatus at global investment firm Strategic Value Partners.

02 February 2023

Boeing denied leave to appeal Chapter 15 discovery order

US multinational The Boeing Company has failed in its attempt to appeal a disclosure order obtained by South African airline Comair in its Chapter 15, after a New York district court dismissed arguments that the order was “final” entitling Boeing to appeal as of right.

02 February 2023

Germany’s highest court finds Dusseldorf has jurisdiction over Galapagos proceedings

Contradicting an earlier English ruling, Germany’s Federal Court of Justice has found that heat exchange group Galapagos’ insolvency proceedings and disputes relating to them belong in Dusseldorf post-Brexit, and not in London where the group was wound up in June.

02 February 2023

Hong Kong’s Harris talks Gibbs, Modern Land and Model Law

Mr Justice Harris has predicted Hong Kong will soon become a signatory to the UNCITRAL Model Law and said US judges “don’t fully understand” the concerns of Hong Kong courts in the wake of the controversial cross-border restructuring of Chinese real estate developer Modern Land.

01 February 2023

Malaysia’s Sapura Energy obtains recognition in Singapore

Three subsidiaries of Malaysian oil and gas services company Sapura Energy have secured Singaporean recognition of their ongoing restructuring proceedings following a flurry of winding up petitions filed against the group last year.

01 February 2023

Norton Rose partner set to join Charles Russell Speechlys in London

Charles Russell Speechlys has recruited a Norton Rose Fulbright partner who last year worked for agricultural commodities trader ED&F Man on its US$1.5 billion English restructuring plan.

01 February 2023

Adler ad hoc noteholder group proposes alternative restructuring

UPDATED: A noteholder group that blocked a consensual agreement that would have seen German real estate group Adler receive US$1 billion in fresh funding has published an alternative to the company’s English restructuring plan, which it claims would provide the group with more stability.

31 January 2023

Brown Rudnick team joins Parisian boutique

French private equity boutique Moncey Avocats has hired a partner from Brown Rudnick’s recently closed Paris office to lead its restructuring practice.

31 January 2023

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