News

GFG Alliance companies face winding up

Three companies in Sanjeev Gupta’s GFG Alliance are facing winding up petitions in England following finance group Greensill’s collapse, after the High Court found coronavirus-related restrictions on petitions do not apply.

09 June 2022

MIE’s “unique” cross-border debt restructuring

Lawyers from Walkers take a step-by-step walk through the “unique” Cayman and US restructuring of Chinese oil and gas company MIE – particularly its novel adoption of an order for the conditional withdrawal of a winding up petition presented by a “friendly creditor” and corresponding discharge of provisional liquidators before the restructuring was completed.

09 June 2022

All female boutique launches in Cayman Islands

A former Harneys partner and two ex-government lawyers have launched a new boutique law firm in the Cayman Islands that specialises in litigation, insolvency and regulatory law.

08 June 2022

Swedish government rejects further capital injection in SAS

A week after Scandinavian Airlines revealed plans to convert US$2.1 billion of its debt into equity and raise almost US$1 billion of cash, the Swedish government announced it will not inject new capital into the struggling company.

08 June 2022

Proskauer recruits veteran Clifford Chance partner in London

A long-time partner of magic circle firm Clifford Chance, who advised Dubai World Dry Docks on the restructuring of its US$2.2 billion international debt, has joined Proskauer Rose in London.

08 June 2022

Hong Kong court warns against using offshore schemes to deal with US debt

Schemes purporting to compromise US law-governed debt in offshore jurisdictions coupled with Chapter 15 recognition will not be effective in Hong Kong, its High Court has warned.

07 June 2022

Ukrainian bank declared insolvent

Ukraine’s banking regulator has declared Kharkiv-based Megabank insolvent for failing to comply with Ukrainian laws and regulations, rejecting claims that its problems were caused by Russia’s military aggression.

07 June 2022

South Square’s Riddiford moves to Essex Court

Alexander Riddiford, who served as junior counsel to the administrators of Lehman Brothers’ main European arm in its Waterfall litigation, has joined Essex Court Chambers.

07 June 2022

Akin Gump partner joins Weil in London

Weil Gotshal & Manges has hired London-based Akin Gump Strauss Hauer & Feld partner Lois Deasey, who brings with her experience working on the restructurings of Premier Oil, Noble Group and Avanti Communications.

06 June 2022

US Supreme Court strikes down bankruptcy fee hike

A 2017 law that enacted a temporary increase in US Trustee fees for some Chapter 11 debtors violated the US constitution, the country’s highest court has ruled.

06 June 2022

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