News
Sidley hires in Texas as global push continues
Weeks after recruiting London-based Kieran Sharma from global investment firm Strategic Value Partners, Sidley has added a new partner in Texas who it says will help grow its company-side practice worldwide.
07 April 2023
Auros exits provisional liquidation: a 99-day success story
Interpath Advisory director James Drury details the recent restructuring of cryptocurrency trading and market-making firms Auros Tech and Auros Global, which he says has highlighted the British Virgin Islands provisional liquidation process as a flexible tool that can deal with decentralised finance and its innovations.
07 April 2023
Zipmex secures scheme sanction as court permits “administrative convenience” class
Zipmex has become the first crypto platform to persuade a court to sanction a scheme restructuring its debts, having secured a landmark ruling in Singapore allowing it to exclude small retail creditors from voting on the scheme for “administrative convenience”.
06 April 2023
Argentina vows to appeal loss in €1.33bn GDP-linked debt case
Counsel to the Republic of Argentina tells GRR it is planning to seek permission to appeal an English court decision ordering it to pay investors €1.33 billion for losses in the country’s gross domestic product-linked securities.
06 April 2023
Dutch court appoints Steinhoff WHOA observers
The Dutch parent of South African retail conglomerate Steinhoff has secured court approval to appoint partners from Houthoff and Mediation Kamer Amsterdam to act as observers in its recently announced WHOA restructuring.
06 April 2023
Adler plan sanction decision expected next week
The judge hearing German real estate group Adler’s restructuring plan is expected to hand down his decision without reasons next week, after a three-day sanction hearing in the English High Court ended with points of contention surrounding the plan’s fairness and whether creditors will receive a full return.
06 April 2023
Cuban debt was validly assigned but guarantee was not, English court finds
An offshore fund holding defaulted Cuban sovereign debt obtained the necessary consents to be assigned that debt and may pursue enforcement against the state’s former central bank, an English court has found – but it did not obtain consent to transfer accompanying guarantees provided by the Cuban government.
05 April 2023
Singapore court denies recognition of solvent liquidation
The Cayman liquidators of a health and beauty products and software group have been denied recognition under the UNCITRAL Model Law in Singapore, on the grounds that the group is “hopelessly and irretrievably solvent”.
05 April 2023
J&J refiles Ch11 after reaching US$9bn talc settlement
Healthcare conglomerate Johnson & Johnson has filed for bankruptcy in New Jersey for a second time, weeks after an appeal court found its original Chapter 11 case was not filed in good faith.
05 April 2023
German car parts maker Leoni to enter German StaRUG
In what looks set to be the first major restructuring to utilise Germany’s StaRUG restructuring tool, auto parts maker Leoni has entered a lock-up agreement with creditors for a deal that will see Austrian billionaire Stefan Pierer take it over.
05 April 2023