Constellation’s BVI subsidiary seeks second US recognition of mirroring scheme

A Caribbean subsidiary of global oil group Constellation has again requested US recognition of a British Virgin Islands “soft-touch” provisional liquidation, after the wider group restructured in Brazil for the second time in as many years.

09 November 2022

Hiring spree continues as A&O recruits in Paris, Milan and Hamburg

On the back of recent hires in the US, Allen & Overy has welcomed new recruits from Baker McKenzie, Willkie Farr & Gallagher and Freshfields Bruckhaus Deringer in Europe.

08 November 2022

Two for none: BVI court refuses to enforce assigned Russian judgment debt at common law

A British Virgin Islands court has refused to enforce two Russian bankruptcy court judgments as one, finding that the judgment assigning the debt to the petitioner had to be enforced first, but did not satisfy the common law requirements under the Dicey Rules.

08 November 2022

Thai Airways secures sanction for amended rehabilitation plan

The Central Bankruptcy Court of Thailand has approved an amendment to Thai Airways’ rehabilitation plan, which will allow the airline to reduce its borrowing after the relaxation of covid-19 restrictions have allowed it to “significantly increase” its revenues.

08 November 2022

Boardriders decision sparks new Serta Simmons priming transaction challenge

Citing last month’s Boardriders decision, a group of first lien lenders to US bedding group Serta Simmons have sued the company in the same New York state court, claiming a 2020 restructuring it executed “brazenly upended the priorities” in a pre-existing creditor agreement, stripping them of their bargained-for rights.

07 November 2022

Paul Weiss hires partner from O’Melveny in New York

Paul Weiss Rifkind Wharton & Garrison has recruited a former O’Melveny & Myers partner who worked for lenders on the fastest-ever Chapter 11, to co-head the firm’s newly formalised hybrid capital and special situations practice.

07 November 2022

Altera gets Ch11 plan approval after unsecured creditor concessions

UK-headquartered oil and gas services provider Altera Infrastructure has won a Texas court’s approval for its US$1 billion restructuring plan, after it was amended three times following objections from unsecured bondholders who were initially left out of the money.

07 November 2022

German department store chain Galeria enters protective shield proceedings again

Department store chain Galeria Karstadt Kaufhof has entered protective shield proceedings in Germany for the second time in as many years, with advice from McDermott Will & Emery and local firms Seitz and Wellensiek.

04 November 2022

Local disclosure provisions apply extraterritorially, Singapore court affirms

Auditors from Mazars in Singapore and Hong Kong must disclose documents relating to the liquidation of a formerly Singapore-listed investment holding company, after the Singapore High Court found that section 285 of the local Companies Act – which allows liquidators to obtain information on a company’s affairs – has extraterritorial effect.

04 November 2022

RSM hires from Moorfields in London

Former Moorfields Advisory partner Tom Straw has joined RSM in London, bringing with him experience working on the wind down of the UK arm of international toy retailer Toys “R” Us.

04 November 2022

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