News

London-listed cinema chain Cineworld has filed a Chapter 11 plan in Texas while it explores a potential sale of its business outside the UK, US and Ireland, as minority shareholders complain they have been “misrepresented” in the bankruptcy.

12 April 2023

German real estate group Adler has secured sanction of its English restructuring plan – but a dissenting ad hoc group of 2029 noteholders that was crammed down via the so-called “liquidation plan” has already indicated it will appeal.

12 April 2023

“The eggs have been so scrambled, there can be no remedy.” Panellists at INSOL International’s Latin America seminar discussed the pros and cons of the mootness doctrine in bankruptcy proceedings and warned that delays caused by appeals can become issues of life and death.

12 April 2023

Johnson & Johnson’s bankruptcy judge has refused to dismiss its latest Chapter 11 filing and urged all parties in the case to respect each other in light of what he said had been “a significant amount of vitriol and ad hominem attacks” over the last few days.

11 April 2023

Using 1980s legislation that it last relied on more than quarter of a century ago, an English court has recognised an Irish scheme of arrangement that compromises English law debt, applying Irish law to bind creditors locally while avoiding the Gibbs rule.

11 April 2023

Silicon Valley Bank’s directors, auditors and underwriters are facing a new class action lawsuit brought by two pension funds and an employee benefit scheme, who claim they bought SVB stock at “artificially inflated prices” as a result of the collapsed bank misrepresenting the strength of its balance sheet.

11 April 2023

White & Case is forming a group of offshore debt holders affected by Chinese real estate giant Evergrande’s recently announced restructuring proposal, with plans to hold a conference call later this week.

10 April 2023

David Botter has joined Cleary Gottlieb as a partner in New York after over two decades with Akin Gump, where he advised noteholder groups in the cross-border restructurings of Aeroméxico and Nordic Aviation Capital.

10 April 2023

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

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