Security group wins English scheme with amendments for sanctioned entity

A UK security group has won sanction of a scheme of arrangement that had unanimous support from creditors, after a court allowed it to include a provision protecting a Luxembourg subsidiary of Russia’s Gazprombank from any targeted abusive voting against it.

23 November 2023

Russian trustee goes after London properties in the UK Supreme Court

The Russian bankruptcy trustee of former Vneshprombank owner Georgy Bedzhamov has spent the last two days trying to persuade the UK Supreme Court that her recognition under common law gives the English courts jurisdiction to assist her in realising his immovable property in London.

22 November 2023

US court dismisses TV Azteca involuntary Ch11

Noteholders of the Mexican broadcaster TV Azteca have had their involuntary Chapter 11 filed against it dismissed, after a New York court found their claims were subject to a bona fide dispute, a week after a court-ordered mediation failed.

22 November 2023

Crypto exchange Atom converts Singapore IJM to liquidation

A Singaporean court has wound up two subsidiaries of the crypto exchange Atom, upholding a “novel argument” that empowering a liquidator to conduct enhanced investigations for the benefit of unsecured creditors satisfied the just and equitable requirement for a winding up.

22 November 2023

WeWork Chapter 11 receives initial CCAA recognition

After filing for Chapter 11 protection on 6 November, seven entities of the bankrupt co-working start-up WeWork, including a trio of limited partnerships, have secured an initial recognition order from a Canadian court, which found their centres of main interest to be in the US.

21 November 2023

Former Gilbert + Tobin restructuring head goes it alone

The former head of Australian firm Gilbert + Tobin’s restructuring practice has launched his own boutique in Sydney.

21 November 2023

Retail borrowers’ crypto belongs to Celsius, AI valuation deemed unacceptable

On the same day it approved crypto brokerage Celsius’ Chapter 11 plan, a New York court confirmed that cryptocurrency transferred by retail borrowers to secure loans they received from the debtor, belongs to its estate – and excluded an AI-generated token valuation report as “unreliable”.

20 November 2023

StaRUG and Ch15 paired up to restructure online dating group

A group that develops mature-person and faith-led online dating apps including J-date and Christian Mingle, has launched a StaRUG and what will possibly be the first Chapter 15 recognition of the German process, to deal with a US$100 million debt liability.

20 November 2023

Call failed: Phones 4U administrators’ antitrust claims rejected

The administrators of defunct mobile retailer Phones 4U have failed to persuade a UK court that network operators Vodafone, O2 and EE illegally colluded to force it into insolvency in 2014.

17 November 2023

Atento wins sanction of English restructuring plans

New York-listed business process outsourcing group Atento has secured sanction of a pair of English restructuring plans after receiving almost unanimous support from its creditors.

17 November 2023

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