News

White & Case and Akin Gump advising as Kazakh oil group launches English scheme

Kazakhstan and London-listed oil and gas group Nostrum has launched an English scheme to restructure US$1.125 billion of notes that it defaulted on almost two years ago.

17 June 2022

VPB’s former owner appeals bank guarantee security in fear of sanctions

The former owner of Russia’s insolvent Vneshprombank, who is fighting fraud allegations from the bank in the UK, has sought permission to appeal an order allowing VPB to convert a cash security into a bank guarantee, saying the guarantee is uncertain in the face of Russia sanctions.

17 June 2022

Joint administrators can sell George Best hotel free of security

The joint administrators of a property developer behind an incomplete Northern Ireland hotel named after the late footballer George Best have won court approval to sell the property as if it were not subject to security.

17 June 2022

Paul Weiss, PJT and A&M advising as Revlon falls into bankruptcy

Multinational cosmetics group Revlon has sought Chapter 11 protection in New York, blaming supply chain disruption and rising inflation.

16 June 2022

Bulgarian agriculture group seeks recognition amid “aggressive” New York litigation

The local lawyer of a defunct Bulgarian agricultural group has sought Chapter 15 recognition of its insolvency proceedings in New York to stay litigation from a US commodities futures merchant that she claims is “undermining” the authority of the Bulgarian court and subverting fundamental legal principles.

16 June 2022

Mining company files CCAA to stop Chinese creditor action

A Canadian mining company has filed Companies' Creditors Arrangement Act proceedings in British Columbia, after two Chinese state-owned creditors obtained judgments against it.

16 June 2022

Cayman liquidators tee up first-of-its-kind clash with US receiver

The joint liquidators of a bankrupt Cayman feeder fund opposing a US federal receiver’s distribution plan say the case presents serious considerations of international comity that have never been tried before.

15 June 2022

Holiday lettings SME secures six meetings for UK restructuring plan

A holiday lettings management services business impacted by covid will be the next SME to make use of a Part 26A restructuring plan in the UK, after securing a convening order for five creditors’ meetings and one members’ meeting to take place at the end of this month.

15 June 2022

Cozen hires former Blakes restructuring leader in Toronto

Philadelphia-headquartered Cozen O’Connor has made its first restructuring hire in Canada to help expand its cross-border offering for domestic and international clients with business operations across North America.

15 June 2022

Furniture maker’s JM extended to stop rescue reversal in China

The judicial managers of a leather furniture manufacturer that was rescued in 2020 have failed to persuade a Singaporean court it should now be wound up to prevent its shareholders from undoing the rescue in China.

14 June 2022

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