News
Second Singaporean crypto scheme sanctioned becomes first to take effect
The operator of Singaporean cryptocurrency platform Vauld has secured sanction of a scheme of arrangement that will be the first such scheme to take effect in the Lion City, after another crypto lender, Zipmex’s, fell through.
30 August 2023
Mallinckrodt files for bankruptcy again, subpoenaed over "suspicious orders"
Beleaguered Irish pharmaceutical group Mallinckrodt has secured several first day orders in its prepackaged Chapter 11 proceedings in Delaware, two days after it disclosed it has been subpoenaed over its sale of controlled substances.
30 August 2023
Dutch court issues reasons for unprecedented Ch11-style stay
A Dutch court has issued its reasons for granting shipping group Vroon an unprecedented worldwide stay on enforcement, which had a similarly far-reaching effect to the Chapter 11 automatic stay and helped the shipping group complete its parallel English scheme and WHOA restructuring.
29 August 2023
Haya achieves second scheme sanction in England
A subsidiary of Spanish distressed real estate loans manager Haya Holdco has obtained sanction of its second English scheme of arrangement in as many years, allowing it to distribute the €136 million proceeds of sale of its main operating subsidiary to secured noteholders.
29 August 2023
Aon’s Bermudian vehicle launches Ch15 as Vesttoo dispute continues
A Bermudian segregated accounts company linked to global insurance broker Aon is seeking Chapter 15 relief to aid its discovery efforts against bankrupt Israeli fintech Vesttoo, who it has threatened with arbitration over an alleged large-scale fraud.
29 August 2023
Evergrande scheme meetings delayed as trading resumes
Embattled Chinese property developer Evergrande has adjourned meetings to vote on its four offshore schemes until next month, saying creditors need more time to consider its proposals after it resumed trading following a 17-month hiatus.
28 August 2023
Ascentra’s Cayman liquidator will not be deposed in Ch15 dispute, New York court rules
A company owned by a shareholder of beauty products retailer Ascentra has failed in its attempts to depose the company’s Cayman liquidator as part of its ongoing efforts to terminate a Chapter 15 recognition order in New York.
28 August 2023
“A new and rapidly evolving industry”: an interview with Vince Novelli
Senior vice president Vince Novelli of specialist North American insurance broker Atlantic Global Risk tells GRR about how contingent risk insurance can be used as an alternative financing option in the restructuring and insolvency space and why the current macroeconomic environment has been good for business.
25 August 2023
Cimolai plans sanctioned as settlement sweeps away questions
An Italian construction group has secured sanction of two Part 26A restructuring plans that it is using to bind English creditors to its Italian concordato proceedings, after the High Court in London found that dissenting classes would be no worse off in any one of multiple relevant alternative scenarios.
25 August 2023
GRR Live returns to New York on 20 September
Bringing together top speakers from the international insolvency circuit, GRR Live is returning to New York with a packed day covering global developments in distressed financing, growing headwinds for cross-border recognition, commercial real estate turmoil and the ongoing crypto fallout.
25 August 2023