News

In what marks the first major restructuring using Germany’s StaRUG tool, international auto parts manufacturer Leoni has secured court approval for a plan that will see shareholders wiped out and Austrian billionaire Stefan Pierer take control of the group.

29 June 2023

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Ted Gavin, the head of turnaround management company Gavin/Solmonese in Delaware and a former president of the American Bankruptcy Institute, talks to GRR about crypto contracts, the “falsity” of US venue reform legislation and why he thinks the Texas Two Step is a “fancy way of creating a fraudulent transfer”.

29 June 2023

In what is likely to be his last major confirmation ruling, Judge Marvin Isgur in the Southern District of Texas has approved British cinema chain Cineworld’s Chapter 11 plan, which will see shareholders wiped out and lenders take control of the business.

28 June 2023

UK gym chain Fitness First will find out on 29 June whether it can cram down two sets of dissenting landlords who disputed the relevant alternative to its restructuring plan in court earlier this week.

28 June 2023

Featured in Heads-Up

One of the draftsmen behind India’s Insolvency and Bankruptcy Code and a senior partner at his firm discuss how delays are weighing down India’s seven-year-old bankruptcy system and whether the country might adopt the UNCITRAL Model Law on Cross Border Insolvency this year.

28 June 2023

Rejecting investment bank B Riley’s motion to dismiss a claim that it violated Essar Steel’s bankruptcy plan, a US court has urged parties to take particular care if they expect agreements to be enforceable when they carry out business with a debtor-in-possession after a plan is confirmed but before the plan’s effective date.

27 June 2023

A Hong Kong national may continue to pursue local injunctions against a company that is in liquidation in the British Virgin Islands, after a Hong Kong court declined to stay his actions in favour of the Eastern Caribbean Supreme Court.

27 June 2023

A CMS Hasche Sigle duo is set to join Brinkmann & Partner’s Düsseldorf office, bringing with them experience working on the restructurings of engineering group Dücker and shoe retailers Schuhhaus Klauser and Salamander.

27 June 2023

An English court has explained it would still have sanctioned shipping group Vroon’s seven-years-in-the-making scheme of arrangement, even if objecting shareholders had persuaded it that the relevant comparator was an orderly and solvent wind-down, not an insolvent liquidation.

26 June 2023

British cinema chain Cineworld is planning to file for administration in England as part of an updated Chapter 11 plan that will also see it hand over control of the group to its lenders.

26 June 2023