NEW YORK: DIP financing has broken ground in Latin America but remains “dysfunctional”

A number of recent high-profile cross-border restructurings have brought changes to the way Latin American lawyers approach debtor-in-possession financing, but applicable laws remain “dysfunctional” according to a panel at Latin Lawyer – GRR Restructuring Summit in New York last Monday.

10 June 2016

G20 advisory body issues living wills guidance for insurers

The Financial Stability Board, an advisory body established under the auspices of the G20 in 2009, has issued guidance on designing resolution plans for global systemically important insurers (G-SIIs).

09 June 2016

Korean government moves to galvanise shipbuilding sector as Hyundai announces reorganisation plan

The government of South Korea has announced the creation of a support fund to help restructure the country’s troubled ship-building sector on the same day that the world’s largest shipbuilder, Ulsan-based Hyundai Heavy Industries, announced a US$3 billion reorganisation plan.

09 June 2016

Haynes and Boone adds partners from Winstead

Haynes and Boone has added three bankruptcy partners from US firm Winstead.

09 June 2016

PJSC poaches Houlihan Lokey restructuring banker

US restructuring banker Derek Pitts of Houlihan Lokey will be joining investment bank Peter J Solomon Company in September to lead its restructuring practice.

08 June 2016

New Zealand auto parts company files for Chapter 11

New Zealand-based auto parts group UCI Holdings and its US subsidiaries has filed for Chapter 11 bankruptcy protection citing over US$400 million in debt.

08 June 2016

Oil driller initiates “unique” bankruptcy plan with second Chapter 11 filing in a year

US oil exploration company Hercules Offshore has filed for Chapter 11 protection for the second time in a year, as part of a wind-down plan in which it says it will include the sale of its foreign subsidiaries and meet all payments to unsecured creditors.

07 June 2016

NEW YORK: Distressed companies must communicate bad news, say panellists

Latin American companies facing insolvency amid turmoil in the commodities market and currency devaluations should be prepared to be transparent with creditors, take prompt action and release equity to ensure an efficient restructuring, heard attendees at the first Latin Lawyer - GRR Restructuring Summit, held in New York on Monday.

07 June 2016

Saul Ewing hires from Lowenstein Sandler

US East Coast law firm Saul Ewing has hired Lowenstein Sandler’s Sharon Levine as a partner in its Newark, New Jersey office.

06 June 2016

Hedge fund brings arbitration against Peru over defaulted land bonds

Peru has accused a US hedge fund of engaging in “smear campaigns” after it brought a US$1.6 billion arbitration claim against the state seeking payment of defaulted bonds issued nearly 50 years ago by a former left-wing military dictatorship in exchange for expropriated farmland.

06 June 2016

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