Community round-up: moving on up

In the past week, Freshfields Bruckhaus Deringer and Squire Patton Boggs have announced their spring promotions rounds, KPMG has appointed a new UK head of restructuring following the departure of three key faces, and US turnaround firm MorrisAnderson has promoted a new director.

10 March 2016

Restructuring partner re-joins Jenner & Block in Chicago

Randall Mehrberg has returned to Jenner & Block as a partner in Chicago after 16 years in-house at various companies.

09 March 2016

Aman Resorts shareholders settle dispute in London, as acquisition vehicle faces liquidation in New York

UPDATED: Russian billionaire Vladislav Doronin has announced the settlement of an acrimonious shareholders’ dispute over luxury hotels chain Aman Resorts with his former partner, American entrepreneur Omar Amanat, which was playing out in a UK court - as a vehicle used in acquiring the chain was made to consent to an involuntary Chapter 11 petition in New York.

08 March 2016

Novo Banco debt transfer not a “successor event”, ISDA says

Former bondholders in Portugal’s Novo Banco who saw the value of their bonds fall by 90 per cent when they were transferred to a “bad bank” late last year are facing another hurdle in recouping their losses, after the International Swaps & Derivatives Association declined to give the transfer “successor event” status last week.

08 March 2016

Court in US Steel Canada bankruptcy says parent’s claims are debt not equity

A Canadian court has ruled that more than US$2 billion invested in bankrupt steel producer US Steel Canada by its American parent company should be characterised as a debt, not equity, throwing out a raft of objections from unions and employees past and present.

08 March 2016

Fishing group appoints restructuring officer after deal ends Hong Kong and Cayman liquidations

Industrial fishing company China Fishery Group has appointed a new chief restructuring officer after reaching a deal with lenders to sell its Peruvian unit, bringing an end to liquidation proceedings in the Cayman Islands and Hong Kong.

08 March 2016

Norwegian shipper liquidates after Japanese creditors veto restructuring plan

A Norwegian shipping company has entered liquidation after a group of Japanese creditors vetoed its restructuring plan and tried to reverse the sale of its subsidiary for an allegedly reduced price.

07 March 2016

Vinson & Elkins boosts London practice with Freshfields hire

Vinson & Elkins has added a partner from Freshfields Bruckhaus Deringer to its London office.

07 March 2016

Chilean auto company restructures US$700 million debt

Automotores Gildermeister, the main importer and distributor of Hyundai vehicles in Chile, last week sealed a deal with bondholders to restructure US$700 million worth of senior unsecured notes with help from an international cadre of law firms.

04 March 2016

Australian court gives guidance on bankruptcies featuring foreign currency debts

In the decision that heralded the bankruptcy of Australian mining magnate Nathan Tinkler, the Federal Court of Australia ruled that creditors issuing bankruptcy notices over debts expressed in a foreign currency must lodge the notice within two days of ascertaining the relevant exchange rate.

04 March 2016

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