News
III NextGen, Toronto: DIP roll-ups across jurisdictions
“You can’t put the toothpaste back in the tube.” Comparing the evolution of rescue financing in the US with Singapore, Spain and Italy, speakers at the International Insolvency Institute’s NextGen conference in Toronto discussed the controversial rise of roll-ups and noted lenders will not stop asking for them now they are used so frequently.
21 September 2022
Interpol-wanted businessman fails to annul bankruptcy on COMI grounds
A former businessman subject to an Interpol Red Notice after breaching bail in Bermuda in “extraordinary circumstances” has failed to annul an English bankruptcy order, after a judge found his centre of main interests was in the UK at the time the petition was served on him in a Dutch jail, where he was serving time for bankruptcy fraud.
21 September 2022
Raines Feldman continues New York expansion
Los Angeles-headquartered law firm Raines Feldman has bolstered its New York office with the addition of two restructuring partners from boutique firm Callari Partners.
21 September 2022
New York court blocks PJT restructuring fee in LATAM Ch11
Despite claiming the duration and complexities of its Chapter 11 case were unforeseen, South American airline LATAM has failed to convince a New York court to let it pay its investment banker PJT Partners an additional US$12 million restructuring fee if its plan becomes effective.
20 September 2022
Ozner scheme sanctioned in Hong Kong, mainland recognition pending
Cayman-incorporated water purification company Ozner Water has secured sanction of a Hong Kong scheme of arrangement, while a recognition application by its liquidators is pending in mainland China.
20 September 2022
Dr Beck & Partner, Schultze & Braun advising as automotive supplier enters German proceedings
Dr Beck & Partner is advising car interior manufacturer Dr Schneider on a reorganisation before a Bavarian court, with Schultze & Braun acting on the side of credit insurers.
20 September 2022
Sidley, Admiralty Harbour advising as China Fortune Land reveals restructuring terms
Property developer China Fortune Land has revealed details of a proposed debt swap that it will offer to holders of eleven tranches of bonds issued by a Cayman subsidiary – with plans to pursue an English scheme of arrangement if a consent proposal fails.
16 September 2022
Celsius seeks permission to sell stablecoin holdings
Bankrupt crypto lender Celsius Network is seeking authority to sell all its current and any future stablecoins it receives to fund its operations – one day after a New York court appointed an examiner to investigate the company’s pre-petition conduct.
16 September 2022
ADGM enacts updated insolvency practitioner framework
The Abu Dhabi Global Market has implemented reforms to its insolvency practitioner framework that do away with the need to have a registered office address in the financial free zone to obtain a license.
16 September 2022
Singapore court gives guidance on COMI and scope of Model Law recognition
Singapore’s Justice Aedit Abdullah has recognised the Japanese insolvency proceedings of 19 Singapore-incorporated ship-owning companies, in a brief decision issued to assist practitioners on determination of centre of main interests and the scope of what can be recognised under the local embodiment of the UNCITRAL Model Law.
15 September 2022