Ch15 round-up: Ukrainian bank liquidator wins recognition in Florida

A Canadian fuel company has sought recognition of its domestic insolvency proceedings in Florida, while the representatives of a Ukrainian bank, the trustee of a New Zealand family trust and a Brazilian oil drilling group have secured Chapter 15 orders in Florida, Kentucky and New York.

05 May 2023

BVI freezing injunction extended, but not for bankruptcy creditors

In a decision clarifying the scope of its powers to grant freezing orders in aid of foreign proceedings, the Eastern Caribbean Supreme Court has extended a Chabra injunction against a BVI-incorporated arms dealer for a pair of unsecured creditors with civil claims against its bankrupt former director in the Czech Republic – but declined to join two other creditors with claims in his bankruptcy.

05 May 2023

Steinhoff publishes updated WHOA restructuring plan

South African retail conglomerate Steinhoff has released an updated WHOA restructuring plan that includes an offer of some equity interests to shareholders who rejected an out-of-court proposal in March.

05 May 2023

Kirkland, Uría Menéndez and Milbank advise as Spain's Food Delivery Brands restructures

UPDATED: Spanish pizza delivery and dine-in group Food Delivery Brands has agreed the key terms of a refinancing and recapitalisation agreement that will see its creditors take control.

04 May 2023

DLA Piper names former Akin partner as new APAC restructuring head

A former Akin Gump Strauss Hauer & Feld partner has been appointed head of DLA Piper’s Asia-Pacific restructuring team in Hong Kong, while two of the firm’s legal directors have made partner in the UK.

04 May 2023

Milbank adds Paul Weiss lifer to New York practice

A long-time Paul Weiss Rifkind & Garrison partner who worked on the Revlon and Toys “R” Us restructurings has joined Milbank in New York.

04 May 2023

J&J seeking to “stuff the ballot box” for latest Ch11 plan, talc claimants say

A group of creditors have asked the Third Circuit to dismiss Johnson & Johnson’s latest bankruptcy, claiming the group is trying to “stuff the ballot box” by allowing individuals who do not have cancers allegedly linked to its talc products to vote on its Chapter 11 plan.

03 May 2023

Milbank and Weil advise as Frigoglass completes second restructuring

Greek glass and refrigeration group Frigoglass has completed its second restructuring in six years with a deal that will see noteholders take majority control of the group.

03 May 2023

McDermott Will & Emery hires new China practice leader in London

Baker McKenzie partner Peter Lu has joined McDermott Will & Emery with four colleagues to lead the firm’s China practice in London.

03 May 2023

English court refuses HMRC cramdown

Engineering group Nasmyth has failed to persuade the English High Court to cram down the UK tax authority, with Mr Justice Leech reasoning there was no “pressing need” to approve its restructuring plan, which would not have been able to take effect in the absence of HMRC’s goodwill.

02 May 2023

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