News

Akin Gump wins restructuring firm of the year award

Akin Gump Strauss Hauer & Feld has been named Restructuring Firm of the Year at the third annual awards ceremony held by GRR’s sister publication Who’s Who Legal.

13 April 2016

Singapore Court upholds third-party securities ruling in line with common law

A Singapore Court has dismissed an appeal by the director of an East Timor coffee company against an order to pay its Australian creditors, in a case that affirms the Singapore courts' stance on third party securities as being in line with common law principles.

13 April 2016

Abengoa sells Uruguayan arm as US courts approve DIP financing and interim provisional relief

White & Case has advised the US’s Invenergy in the purchase of a wind project in northwest Uruguay from Abengoa, as the Spanish group obtained approval to receive debtor-in-possession financing and interim provisional relief from US courts.

12 April 2016

Weil hires from Shearman in New York

Weil Gotshal & Manges has expanded its New York business finance and restructuring team with the recruitment of counsel Jill Frizzley from Shearman & Sterling.

12 April 2016

Oil tanker operator gains approval to drop plan in favour of court-supervised assets sale

Cyprus-registered oil tanker operator Primorsk International Shipping has gained approval from a US bankruptcy court to drop its Chapter 11 restructuring plan and pursue a court-supervised sale of its ships.

11 April 2016

Austrian government faces creditor resistance in first test of BRRD

Austria’s Financial Market Authority (FMA) has announced plans to impose a 54 per cent haircut on creditors of the Austrian "bad bank" Heta Asset Resolution, in what is the first restructure under the EU’s Banking Recovery and Resolution Directive (BRRD) – but Heta’s creditors have declared their intention to resist the proposal.

11 April 2016

Isle of Man court permits indefinite adjournment in recognition of Icelandic bank's winding-up

An Isle of Man court has agreed to adjourn indefinitely proceedings for the recognition of the winding-up of Iceland’s Kaupthing Bank, in case future creditors arise – accepting counsel’s argument that an “aura of uncertainty” exists in Manx law over the recognition of foreign insolvency proceedings.

11 April 2016

Mining company wins US$1.4 billion award in arbitration financed by debtor-in-possession lender

A Canadian mining company has won a US$1.4 billion arbitral award against Venezuela in a claim funded by its debtor-in-possession lender, the private equity fund Tenor Capital.

08 April 2016

Hong Kong toy company granted expedited provisional relief under Chapter 15

A court in New Jersey has granted expedited provisional relief to Hong Kong-based toy designer and manufacturer Manley Toys – as several new Chapter 15 bankruptcy claims were filed around the US.

08 April 2016

Bankrupt gold mining venture brings arbitration against Kazakhstan

The World Bank’s International Centre for the Settlement of Investment Disputes (ICSID) is to hear a claim brought by Canadian gold mining company Alhambra Resources against Kazakhstan, whose government it blames for the bankruptcy of a local subsidiary.

07 April 2016

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