Cayman-US comity dispute heads to 11th Circuit

An attempt by the joint liquidators of a bankrupt Cayman feeder fund to overturn a US federal receiver’s distribution plan is moving to the Eleventh Circuit Court of Appeal, after their efforts failed in a Florida district court.

14 October 2022

Indian ARCs allowed to purchase bankrupt companies under new reforms

The Reserve Bank of India has introduced reforms to allow some asset reconstruction companies to buy businesses out of insolvency, which one financier tells GRR will inspire the confidence of foreign investors in the functioning of India’s distressed acquisition market.

14 October 2022

FSB proposes post-Terra collapse crypto regulatory framework

The international Financial Stability Board has published a long-awaited proposed framework for the regulation of crypto-assets, at the head of what practitioners predict will be an avalanche of regulatory attention following the collapse of the Terra stablecoin earlier this year.

14 October 2022

Hong Kong Airlines secures scheme meetings in Hong Kong

Crossing the first hurdle in its dual UK-Hong Kong restructuring, Hong Kong Airlines has won approval to convene scheme meetings in Hong Kong ahead of a separate hearing for its UK restructuring plan next week.

13 October 2022

Morgan Lewis advising as blood storage group’s JPLs seek Ch15 recognition

The joint provisional liquidators of a Cayman-registered, mainland China-based umbilical cord blood storage group are seeking Chapter 15 recognition to investigate its affairs in the US, as its largest shareholder attempts to wind it up on just and equitable grounds, alleging fraud and forgery in a transaction with a Texas company.

13 October 2022

Kirkland hires new London partner from Milbank

Sarah Ullathorne has joined Kirkland & Ellis in London, in a move one of the firm’s senior European partners said will provide “a hugely valuable and rare bridge” between its restructuring, private equity and M&A practice groups.

13 October 2022

Peking Uni bondholders secure keepwell deed victory in Hong Kong

In what has been hailed an important milestone for keepwell deeds, which may boost cross-border cooperation between Hong Kong and Beijing, the mainland administrators of Peking University’s corporate arm have lost their bid to appeal a Hong Kong decision allowing bondholder disputes to proceed in Hong Kong.

12 October 2022

Juul adds former Milbank restructuring head and Celsius director to board

Struggling e-cigarette company Juul Labs has appointed two restructuring experts to its board as it explores its options following the US Food and Drug Administration’s decision to ban its products in June.

12 October 2022

SICC’s “bold and significant” rule changes lauded by practitioners

As the Singapore International Commercial Court implements new rules to bolster its role in cross-border restructurings, local lawyers are bullish on the international insolvency work that will likely emerge from the reforms.

12 October 2022

ISDA events of default cease on termination of Lehman administration, English court rules

Two UK aerospace manufacturers must honour interest rate swap transactions they have been avoiding for over a decade, after an English court found events of default under the ISDA Master Agreement would cease to continue when Lehman Brothers’ main European arm exits administration.

11 October 2022

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