News
Purdue Pharma ruling could lead to more Ch15 cases, ABI panellists say
The US could be put at a competitive disadvantage if the country’s highest court finds that third-party releases granted to Purdue Pharma’s non-debtor owners are not authorised by the Bankruptcy Code, according to a pair of prominent academics.
04 October 2023
Chinese health product retailer wound up in Hong Kong
A Cayman Islands-incorporated health and wellness product retailer that operates in China has been wound up by the High Court of Hong Kong, which found the company has failed to produce a “genuine” restructuring proposal to creditors.
04 October 2023
First Circuit says Congress should deal with "woeful predicament" in Puerto Rico case
Puerto Rico’s governor and the speaker of its lower house have failed to persuade a US appeals court to reconsider its decision to uphold the right of a federally appointed oversight board to block a labour law passed by the territory's elected government, despite one judge finding the situation “democratically abhorrent”.
04 October 2023
Former Paul Hastings restructuring vice-chair joins Ropes & Gray
After hiring Paul Hasting partner Chris Dickerson in Chicago, one of Ropes & Gray’s restructuring co-chairs tells GRR the firm has plans to continue to grow its restructuring and special situations practice and expand its share of the market.
03 October 2023
Hard bar date set for Sova Capital client money claims after first-of-its-kind ruling
In what is the first such order under the UK’s special administration regime for investment banks, the High Court in London has agreed to set a hard bar date for creditors of Russian broker Sova Capital to submit claims for the return of client money and assets.
03 October 2023
Bermuda-incorporated metal miner secures Hong Kong scheme
A Chinese metal miner has secured sanction of a Hong Kong scheme that will see its unsecured creditors swap their debt for equity, three years after the group withdrew from a separate Bermudian provisional liquidation process.
03 October 2023
Schulte Roth & Zabel forms special situations group
New York-headquartered Schulte Roth & Zabel has formed a special situations group that its co-chair tells GRR will focus on “mission-critical” stressed and distressed transactions for its private capital clients.
02 October 2023
Chinese developer Skyfame plans parallel Bermudian-HK schemes
Hong Kong-listed Skyfame Realty has struck an agreement with creditors to restructure through parallel Bermudian and Hong Kong schemes.
02 October 2023
McDermott International secures English plan meetings amid opposition
UPDATED: Creditors of Houston-headquartered oil and gas engineering group McDermott International have been allowed to challenge its subsidiary’s English restructuring plan at a three-day trial in December, after a judge at the High Court found they’d “had little time to digest” evidence before the convening hearing.
29 September 2023
Former Pareteum executives arrested over “massive” accounting fraud
The US Securities and Exchange Commission and federal law enforcement agencies have brought fraud charges against former executives of global software group Pareteum, which filed Chapter 11 proceedings last year after blaming its management for misstating revenues.
29 September 2023