San Bernardino reaches settlement with Luxembourg creditor in Chapter 9 dispute

The city of San Bernardino in California has agreed a settlement with a Luxembourg creditor, putting an end to court proceedings that were delaying completion of the city’s Chapter 9 bankruptcy adjustment plan.

01 April 2016

Linklaters names new global restructuring co-chairs

Linklaters partners Rebecca Jarvis and Richard Bussell have been named as the new co-chairs of the firm’s global restructuring and insolvency practice.

01 April 2016

Chilean court says local restructure of Italy’s Enel must follow related party transactions rules

A Chilean appeals court has ruled that the restructuring of a group of Latin American companies belonging to Italian utility Enel must be treated as a related party transaction, after a minority shareholder successfully sued the Chilean securities regulator over its interpretation of the deal.

01 April 2016

UK court gives Hellas liquidators go-ahead for Guernsey serve-out

The liquidators of Luxembourg company Hellas II will be able to pursue fraud claims against its former owners in Guernsey, after the English High Court upheld a previous ruling permitting service outside of the jurisdiction.

31 March 2016

Ratings agency says Basel mortgage suggestions could stir EU insolvency reform

New York ratings agency Fitch has published a response to new proposals made by the Basel Committee on Banking Supervision, claiming its suggestions on mortgage foreclosure may spur insolvency regime reform in the EU.

31 March 2016

Community round-up: laterals and directorship appointments across US and UK

Proskauer Rose and Burges Salmon have made lateral hires, in the US and UK respectively, while Deloitte has added a new senior vice president in its corporate restructuring group in the past few weeks. Meanwhile, New York-based bankruptcy claims agent Prime Clerk has appointed a Weil Gotshal & Manges senior associate as director and hired a new director of solicitation and public securities.

31 March 2016

BVI court gives Madoff investor a second chance at clawback

Liquidators of Fairfield Sentry, an investment fund that was among the biggest investors in the Bernie Madoff Ponzi scheme, will get a second chance at clawback litigation after a British Virgin Islands court refused to accept that claims already rejected in the BVI were “bound to fail” in New York.

30 March 2016

Shearman & Sterling helps UAE's Mubadala finalise EBX restructuring

UAE sovereign wealth fund Mubadala Development Company, with help from counsel at Shearman & Sterling in New York and Sao Paulo, has finalised the restructuring of its US$2 billion equity investment in Brazilian conglomerate EBX Group, culminating in the opening of an office in Rio de Janeiro to manage its Brazilian portfolio.

30 March 2016

Slaughter and May to advise Tata Steel on UK divestment

Slaughter and May in London will advise Indian multinational Tata Steel as it sells off its UK steel businesses.

30 March 2016

Chapter 11 claim dismissed against Aman Resorts ex-holding company

A New York court has dismissed involuntary Chapter 11 proceedings brought against a BVI holding company that formerly owned the luxury hotel chain Aman Resorts – and has reportedly asked a US federal watchdog to look into the “improperly” filed case.

29 March 2016

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