Brazil’s Petroserv secures English scheme sanction

Brazilian oil drilling group Petroserv Marine has secured sanction of its English scheme of arrangement, after settling a notes dispute with a company owned by its founders.

23 June 2022

China's Shandong Chenming faces Hong Kong winding up as appeal fails

A mainland Chinese conglomerate has failed on a final appeal to block a Hong Kong court from hearing a winding up petition against it over an unpaid arbitral award, in a decision that local lawyers say has strengthened the position of creditors by taking a "broader and more commercially holistic" approach to the "benefit" threshold requirement for winding up a foreign company.

22 June 2022

Portuguese rig owner secures emergency financing in Texas Ch11

A drilling rig owner based in Madeira has won interim Chapter 11 relief in Texas after claiming it has likely over US$1 billion in secured debt and an uncertain path to realising value from its sole asset.

22 June 2022

Weil study finds highest distress in key European markets since mid-2020

Levels of corporate distress in Germany and the UK are at levels last seen two years ago in the throes of the pandemic, a Weil Gotshal & Manges study has revealed, as the cost of living crisis begins to bite.

22 June 2022

Cayman feeder fund liquidators reiterate calls for court-to-court communication

The foreign representatives of a bankrupt Cayman feeder fund subject to a US receivership have reiterated calls for US and Cayman judges to open communication over the implications of what is set to be a landmark decision on international comity.

21 June 2022

UK administrators fend off Rhino misfeasance claims again on appeal

Deloitte-turned-Teneo partners Clare Boardman and Matt Smith have successfully fended off misfeasance claims against them over their administration of UK storage group Rhino for a second time, as appeal judges also dismissed breach of duty claims against Clyde & Co in their entirety.

21 June 2022

Latham, A&O, HSF and Willkie Farr advise on Mediapro refinancing

Advisers from the UK, Spain and Hong Kong have helped Barcelona-headquartered media company Mediapro agree a refinancing deal with a shareholder to strike €500 million from its €900 million debt pile.

21 June 2022

Russia sanctions on creditors do not fracture scheme class, English court rules

Kazakhstan-focused hydrocarbons group Nostrum Oil & Gas has secured the right to convene a single meeting of creditors for its English scheme, after a court found that Russia sanctions preventing some creditors from being paid did not fracture the class.

20 June 2022

LATAM Airlines wins Chapter 11 plan approval

UPDATED: Over two years after it sought Chapter 11 protection in New York, South American airline LATAM has received court approval of a restructuring plan that will facilitate the injection of about US$8 billion through a capital increase, the issuance of convertible bonds and new debt.

20 June 2022

FTI Consulting launches restructuring practice in Italy

New York-listed FTI Consulting has added corporate finance and restructuring services in Italy with hires from strategy consultancy Boston Consulting Group and Milan-based financial advisory Erre Quadro.

20 June 2022

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