Bankruptcy trustee seeks return of A&M funds for “true” creditors

The bankruptcy trustee of a Texan oilfield services provider has lodged an action against Alvarez & Marsal to recover over US$5 million of allegedly fraudulent and preferential transfers – two days after it filed similar complaints against Baker Botts, Paul Weiss and Nielsen IP Law.

24 May 2022

Eversheds hires Alston & Bird partner to lead corporate debt advisory group

Eversheds Sutherland has hired a long-time Alston & Bird partner to chair its corporate debt advisory group in Atlanta, as part of ongoing efforts to grow its restructuring offering.

24 May 2022

Amigo’s preferred scheme sanctioned in novel alternative scheme restructuring

Guarantor loan provider Amigo has secured sanction of its preferred of two alternative schemes of arrangement in England, almost a year to the day after a first scheme was rejected amid objections from the UK’s Financial Conduct Authority.

23 May 2022

Singapore court clarifies pre-IRDA third party funding rules

An insolvent Singaporean real estate developer has secured an order declaring that a funding arrangement entered by its liquidator to pursue a claim does not violate rules against champerty or maintenance.

23 May 2022

Canadian court favours insolvency process over arbitration

A US-based sports management company has failed to stay a claim brought against it by insolvent advertising network Mundo Media, after a Canadian court ruled claims between the pair should be dealt with in receivership rather than by arbitration in New York.

23 May 2022

EU court rejects Ryanair challenge against Condor state aid

Ireland’s Ryanair has lost its challenge to the German government’s bailout of Frankfurt-headquartered airline Condor after the collapse of its parent Thomas Cook.

20 May 2022

Alto Maipo receives court approval of Chapter 11 plan

Chilean hydroelectric project operator Alto Maipo has had its Chapter 11 plan approved by a Delaware court, after the company modified language related to third party releases in response to an objection by the US trustee.

20 May 2022

Hong Kong billionaire declared bankrupt as court rejects “absurd” duress and abuse claims

A Hong Kong court has declared prominent local billionaire Pan Sutong bankrupt and wound up a company he controls, finding their claims of duress, breaches of mainland Chinese law and abuse of process against the Chinese state-owned petitioner rang “hollow” and were “practically moonshine”.

20 May 2022

Piper Sandler hires new managing director in New York

Minneapolis-headquartered investment bank Piper Sandler has hired a 28-year Wall Street veteran and fellow of the American College of Bankruptcy as a manging director in New York.

20 May 2022

LATAM objecting creditors to reopen expert deposition

A group of creditors opposed to South American airline LATAM’s Chapter 11 plan have won the right to reopen the deposition of an FTI Consulting specialist who carried out a liquidation analysis of the group.

19 May 2022

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