News

Global gas group seeks Ch15 recognition of Canadian restructuring

Updated: Toronto-listed sustainable gas provider Xebec Adsorption is seeking US recognition of its Canadian restructuring to preserve the group’s operations while it implements a sale and investment solicitation process.

03 October 2022

Fuelling distress: Europe’s €500 billion energy crisis

Europe is facing an energy price crisis that has the potential to cause a flurry of restructuring and insolvency activity across the continent’s corporate sector. GRR spoke to insolvency practitioners across six key European jurisdictions to see which sectors are already showing distress, what policy makers are doing to try to counter it, and whether they think the policy-makers will be successful.

30 September 2022

Alto Maipo: Delaware ruling poses jurisdictional challenges for Ch11 debtors

Norton Rose Fulbright partner Andrew Rosenblatt and senior counsel Jason Blanchard examine the “far-reaching” implications of a recent Delaware bankruptcy court decision that they say provides foreign counterparties in cross-border Chapter 11 cases with a potential tool to contest the assumption of their contracts.

30 September 2022

Celsius loses bid to redact creditor names

Bankrupt crypto lender Celsius has failed to persuade a New York court that its customers’ names should be redacted for commercial reasons and because revealing them could breach European data protection laws – as an examiner from Jenner & Block was appointed in the Chapter 11.

30 September 2022

Bahraini bank lodges Arcapita appeal in US Second Circuit

The Bahrain Islamic Bank has filed an appeal against a host of decisions made in asset manager Arcapita’s decade-long Chapter 11 bankruptcy, claiming the US courts do not have jurisdiction over it.

29 September 2022

Cineworld to seek Ch11 recognition in UK and Turkey, stay imposed in Canada

Canadian cinema chain Cineplex has failed to modify a Chapter 11 stay so an Ontario court can hear an appeal over its botched merger with bankrupt British film conglomerate Cineworld, as a Texas bankruptcy judge expressed disappointment creditors outside the US “feel they are not bound by the worldwide injunction imposed by Congress”.

29 September 2022

Eversheds adds to restructuring group in Chicago

UPDATED: Former Honigman partner Erin Broderick has joined Eversheds Sutherland as counsel in Chicago, bringing with her experience on the cross-border restructuring of Australian mining equipment supplier Emeco Holdings.

29 September 2022

Endo's Ch11 recognised, stalling claims in UK and Australia

UK and Australian courts have recognised the Chapter 11 proceedings of a US affiliate of Irish-registered pharma group Endo, staying multiple claims brought against it in those jurisdictions by women who say they suffered as a result of its pelvic mesh products.

28 September 2022

NMC Healthcare gets brief reprieve from creditor claims in Dubai

A court in Abu Dhabi’s financial free zone has partially restrained financial broker Noor Capital from pursuing enforcement proceedings against restructured healthcare group NMC in Dubai, ahead of a hearing next week over a UAE judgment debt arising out of a December 2019 loan agreement.

28 September 2022

Crypto round-up: Voyager agrees sale, Celsius CEO resigns and CoinFLEX wins creditor support

Bankrupt crypto brokerage Voyager has accepted a US$1.4 billion bid for its digital assets, while exchange platform CoinFLEX has secured creditor backing to restructure in the Seychelles, the CEO of US-headquartered Celsius Network has resigned in the middle of its Chapter 11 case and Interpol has issued a red notice against Terra/Luna creator Do Kwon.

28 September 2022

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