News
SVB’s parent spars with FDIC over “improper” freezing of US$2.1 billion
Chapter 11 lawyers for the parent company of collapsed Silicon Valley Bank have hit out against “improper actions” taken by a US financial regulator that they claim have blocked its access to accounts containing more than US$2.1 billion.
22 March 2023
Greek shipping group asks for US bankruptcy stay relief to continue arbitration
A Greek shipping group is seeking relief from the US Bankruptcy Code’s automatic stay after claiming involuntary Chapter 7 proceedings filed against it by three noteholders earlier this month are “little more than a scheme” to gain a tactical advantage in a year-long arbitration.
22 March 2023
Grant Thornton director joins Interpath in London
Interpath Advisory has hired a long-time Grant Thornton director in London who brings with him experience acting as a trustee in several high-profile Russian personal bankruptcies.
22 March 2023
Comet liquidator secures partial release of £89m unfair preference judgment award
The liquidator of insolvent electronics group Comet has secured an order from the English High Court releasing a portion of an £89 million judgment awarded to him, pending an appeal of what was thought to be the largest unfair preference claim ever brought before the court.
21 March 2023
Rockley Photonics secures first plan sanction under new Cayman RO regime
Medical technology company Rockley Photonics has received court approval for the first successful restructuring under the new Cayman restructuring officer regime, hours after a New York court approved a parallel Chapter 11 plan in the face of opposition from shareholders.
21 March 2023
Canadian recycling company obtains Ch15 recognition despite creditor objections
An Ontario-based industrial recycling company has secured recognition of its Canadian restructuring in the US, despite claims the relief sought was “manifestly contrary” to US public policy.
21 March 2023
Legal action threatened as bondholders lose US$17bn in Credit Suisse takeover
Lawyers and investors tell GRR the takeover of troubled Swiss bank Credit Suisse by UBS could lead to the end of the market for Additional Tier 1 bank debt, with bondholders set to lose US$17 billion through the deal announced this weekend.
20 March 2023
Evergrande reaches deal with offshore bondholders
The Hong Kong High Court has adjourned a winding up petition against Chinese real estate giant Evergrande for the third time, after the group revealed it has reached a restructuring deal with its offshore bondholders.
20 March 2023
India's foreign lawyer rule change offers “significant opportunities” in restructuring space
Lawyers in India and further afield tell GRR the country’s decision to open its legal market to foreign law firms and practitioners will present opportunities in the restructuring space and will prove to be a “boon” for India’s insolvency industry.
20 March 2023
Sullivan & Cromwell advising as SVB parent files Ch11
The parent company of Silicon Valley Bank, which was taken over by US regulators following its collapse last week, has sought bankruptcy protection in New York while it explores a potential sale of its remaining assets.
17 March 2023