News

US investor strikes deal to recover €1.2 billion of Greek loans

Shearman & Sterling has advised two of Greece’s largest banks in an agreement with US investment firm Kohlberg Kravis Roberts (KKR) to restructure companies holding up to €1.2 billion worth of non-performing loans (NPLs).

23 May 2016

READING: Rise of global debt requires less regulation, more monitoring

The continuing rise of corporate, banking and sovereign debt around the world requires less regulation and more supervision, argued sovereign debt expert Professor Rodrigo Olivares-Caminal of Queen Mary, University of London, at a conference held by the University of Reading this week.

23 May 2016

Bahamas publishes list of countries whose insolvency proceedings it can recognise

The Bahamian Liquidation Rules Committee has published a list of foreign jurisdictions whose insolvency proceedings the Bahamian courts will now be able to recognise, closing a lacuna in the local law that left foreign creditors unable to access Bahamian assets at least twice in the past year.

20 May 2016

Mexican oilfield services group restructures with help from Kirkland & Ellis

Mexican oilfield services joint venture Oro Negro has hired lawyers from Kirkland & Ellis in Los Angeles and New York alongside Latin American counsel to restructure its debt following defaults on overseas bond repayments.​

20 May 2016

Singapore authority publishes new resolution regime proposals

The Monetary Authority of Singapore has revealed a set of proposed enhancements to its resolution regime for financial institutions - and set a deadline of 30 May for public comments.

19 May 2016

US Congress breaks stalemate with long-awaited Puerto Rico debt bill

After months of negotiations, the US Congress has agreed the terms of a bill to deal with Puerto Rico’s debt crisis.

19 May 2016

FTI appoints new global corporate finance and restructuring co-heads

Advisory firm FTI consulting has named Carlyn Taylor and Michael Eisenband as the new global co-leaders of its corporate finance and restructuring practice.

19 May 2016

Nortel allocation appeals in US must go straight up to Third Circuit, Judge says

Appeals in the US against the pro-rata allocation of defunct telecoms company Nortel’s US$7.3 billion asset sales proceeds in escrow should be leapfrogged up to the Court of Appeals for the Third Circuit, a lower appeals court has determined.

18 May 2016

European Court of Justice allows partial payment of VAT

The European Court of Justice has made a preliminary ruling that a bankrupt company using an Italian scheme of arrangement may be eligible for relief on a portion of its VAT, provided an independent expert can certify that the EU member state to which the outstanding tax is owed has no better option available to collect it.

18 May 2016

Community round-up: US and Hong Kong hires

US firm Ballard Spahr has poached two partners from Katten Muchin Rosenman, offshore firm Harneys had hired a litigation partner in Hong Kong, international consulting firm BDO has added new talent, and BakerHostetler has become the first firm to hire an artificially intelligent bankruptcy lawyer to assist in legal research.

18 May 2016

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