News
UK lender’s convening hearing adjourned after FCA raises concerns
English doorstep lender Morses Club and the UK Financial Conduct Authority have agreed on a 17 March deadline to reach a deal on the contents of an explanatory statement and meeting advertisement to be sent to scheme creditors, or face a second convening hearing in a process the lender is using to deal with thousands of redress claims.
08 March 2023
Saudi businessman defeats BVI liquidators’ US$3.6 billion claim
Liquidators from Krys Global in the British Virgin Islands have failed in their bid to recover US$3.6 billion in equitable compensation from a Saudi hotel magnate, after an English court said their pleadings “put the cart before the horse” - but they did win compensation for misappropriation of shares.
08 March 2023
“We've seen an evolution in the bankruptcy sphere”: an interview with Omni Bridgeway’s Jim Batson
One year after his appointment as Omni Bridgeway’s co-chief investment officer in the US, Jim Batson tells GRR about the “evolution” he has seen in the bankruptcy space in recent years, why he thinks litigation financing is at its heart an ESG product and what factors are considered when funders are deciding to invest.
07 March 2023
Viva Air enters insolvency blaming regulator for failed deal
Colombian airline Viva Air has entered insolvency blaming the local aviation regulator for taking took too long to review its proposed acquisition by Avianca.
07 March 2023
Americanas secures Brazilian restructuring’s recognition in New York
UPDATED: Rio de Janeiro-headquartered retailer Americanas has secured recognition of its Brazilian restructuring in New York, as it dismissed reports that its shareholders had offered to boost a capital injection presented to creditors.
07 March 2023
Lifeways plan judge clarifies meeting requirements for cramdown
Dissenting classes do not need to attend meetings for an English court to use the UK restructuring plan’s cross-class cramdown powers, a judge has explained in his written reasons for sanctioning seven plans for British care home group Lifeways.
06 March 2023
Investor opposition resolved as Cayman fund liquidators secure New York recognition
The joint official liquidators of three Cayman-incorporated investment funds have secured Chapter 15 recognition in New York, settling potential fraudulent transfer liability concerns brought by the funds’ investment manager.
06 March 2023
Simpson Thacher hires Weil partner as US debtor-side lead
Simpson Thacher & Bartlett has hired a partner from Weil to lead its US company-side restructuring team, who brings with him credits on the Lehman Brothers, Seadrill and Sears Chapter 11s.
06 March 2023
Akin Gump hires three partners, opens office in Boston
Kirkland & Ellis debt finance partner Josh Peary has moved to Akin Gump’s new Boston office, days after the firm added new partners to its special situations and private credit teams In New York and London.
03 March 2023
Women in Restructuring survey – one week to go
Global Restructuring Review’s third Women in Restructuring survey is accepting submissions until Friday 10 March.
03 March 2023