News
Energy broker’s UK plan sanction adjourned following HMRC complaints
The High Court in London has adjourned a sanction hearing for an English energy supply contract broker’s restructuring plan following complaints by the UK’s tax authority and three allegedly out-of-the-money creditors.
17 March 2023
Financial Restructuring MENA, Abu Dhabi: the “magic realism” of the Middle East’s NPL market
Regional banks in the Middle East shared their predictions for the acceleration of a buoyant local non-performing loan market this week – but distressed investors appeared sceptical, citing a “humongous delta” between the banks’ expectations and investor realities.
17 March 2023
IWIRC names Woman of the Year and second Hall of Famer
The International Women’s Insolvency and Restructuring Confederation has named a long-time Thornton Grout Finnigan partner in Toronto as its 2023 Women of the Year, and PwC’s global business recovery services leader as the second inductee in its Hall of Fame.
17 March 2023
Financial Restructuring MENA, Abu Dhabi: a wish list for the future
Specialist insolvency judges, greater clarity on the priority status of new money and better understanding and cooperation between onshore and offshore regimes: speakers from law and advisory firms, funds and banks in the Middle East provided food for thought for future restructuring reforms in the UAE and Saudi Arabia.
16 March 2023
US government fails to stay Voyager-Binance deal
Bankrupt crypto lender Voyager’s US$1 billion sale to rival exchange Binance can proceed, after a New York court dismissed US government accusations its order confirming the company's Chapter 11 plan could be interpreted as “immunizing fraud, theft or tax avoidance”.
16 March 2023
Bayard director joins Wilson Sonsini in Delaware
California-headquartered law firm Wilson Sonsini Goodrich & Rosati has hired a partner from Bayard in Delaware, who brings with her experience working on the restructurings of Mexican steel producer Altos Hornos de Mexico and high-end confectionary seller Sugarfina.
16 March 2023
Ukraine can defend Russia bond default, UK Supreme Court rules
The UK’s highest court has ruled that Ukraine can defend its non-payment of a US$3 billion Eurobond debt to Russia at a full trial, after finding it has an arguable and justiciable defence of duress.
15 March 2023
Latham’s Saudi restructuring leader to join Addleshaw in Riyadh
Addleshaw Goddard has recruited Latham & Watkins counsel Amar Meher to lead its restructuring, banking and finance practices in Saudi Arabia.
15 March 2023
US sports network owner plans US$8bn restructuring
Paul Weiss and WilmerHale are advising the largest owner of regional sports networks in the US after it filed for Chapter 11 protection in Texas while it finalises an US$8 billion restructuring.
15 March 2023
Cayman fund liquidators appeal in case of “great importance” to Ch15
The foreign representatives of a bankrupt Cayman feeder fund have asked the Eleventh Circuit Court of Appeals to overturn a US federal receiver’s distribution plan, arguing a lower court’s “minimalist construction of comity” defied 140 years of precedent.
14 March 2023