News

US Supreme Court to hear Puerto Rico debt restructuring appeal

The US Supreme Court will hear an appeal from Puerto Rico to reinstate a local law permitting the restructuring of the commonwealth’s US$73 billion debt, which was struck down on account of conflicts with US federal bankruptcy law.

17 December 2015

Akerman appoints new chair of bankruptcy and reorganisation

Florida-headquartered firm Akerman has appointed a new bankruptcy and reorganisation co-chair, as the former head of the group moves to lead the firm’s newly created fraud and recovery practice.

17 December 2015

ISDA re-launches resolution stay protocol

The International Swaps and Derivatives Association (ISDA) has announced an updated stay protocol, developed with the international Financial Stability Board, to help with the orderly cross-border resolution of “too big to fail” banks and financial institutions.

17 December 2015

Hong Kong’s highest court finds jurisdiction to wind up BVI company

The Hong Kong Court of Final Appeal has ruled for the first time on its statutory jurisdiction to wind up a foreign entity, ordering the liquidation of a BVI-registered holding company for a famous Hong Kong restaurant.

17 December 2015

Paul Hastings hires Linklaters Lehman partner

A former Linklaters partner who represented Lehman Brothers’ administrators before the UK courts is joining the London office of US firm Paul Hastings.

17 December 2015

UK scheme approved for Ukraine’s largest bank

Ukraine’s PrivatBank has become the first Ukrainian bank to successfully restructure its public debts through an English scheme of arrangement sanctioned by the UK High Court.

17 December 2015

UK court gives Nortel administrators final call on distributions

The UK High Court has, for the first time, delivered guidance on distributions during the administration of non-UK companies.

17 December 2015

UK court diverges from MF Global on extra-territoriality

Departing from the England & Wales High Court’s recent decision in MF Global, a regional court in the UK has ruled that the Insolvency Act 1986 can be used to order production of documents overseas, permitting the receiver of a wound-up UK pension scheme trustee to seek evidence from Hong Kong.

17 December 2015

Lehman on the hook for $1 billion over failed Intel share deal

A US bankruptcy court has held that Lehman Brothers owes over US$1 billion to Intel Corporation after a failed share repurchase deal.

17 December 2015

US court says NY law bonds count as property in Chapter 15 case

Widening the door for more non-US companies to seek recognition of cross-border bankruptcies in New York, a US bankruptcy court has found that New York choice of law and forum selection clauses in a Singaporean company’s indentures satisfied the Second Circuit’s much-criticised US property requirement for a Chapter 15 filing.

17 December 2015

Get unlimited access to all Global Restructuring Review content