News

Teneo hires former investment banker from EY

A former investment banker with credits on the restructurings of Canadian-Colombian oil company Pacific Exploration and Slovenian food retailer Mercator has joined Teneo in London.

29 April 2022

Pachulski launches cannabis restructuring group

Pachulski Stang Ziehl & Jones has launched a cannabis restructuring practice, as its new leader tells GRR about the opportunities available for US creditors to enforce their rights amid a federal ban on the drug.

28 April 2022

Mallinckrodt secures approval of Irish scheme

Irish-US drugmaker Mallinckrodt has secured approval of its Irish scheme of arrangement, after the High Court in Dublin dismissed an unsecured creditor’s claim that the company’s Chapter 11 plan is “unfair and inequitable”.

28 April 2022

DLA Piper advises US architecture firm in planned Chapter 11 sale

With counsel from DLA Piper, architecture and design firm EYP has obtained permission from a Chapter 11 court to start an accelerated sale of its business to a private equity firm that purchased its secured debt, and tap into a debtor-in-possession financing facility it provided.

27 April 2022

A cross-jurisdictional outlook for restructuring and recovery

Ogier partners Christian Burns-Di Lauro and Ray Wearmouth in the British Virgin Islands, and Mathew Newman in Guernsey, consider whether the outlook is really not so good from a global restructuring perspective, as pandemic-related government support measures come to an end and the geo-political climate brings high inflation and rising energy costs.

27 April 2022

Canadian energy supplier seeks Ch15 relief amid competitor lawsuit

The Canadian trustee of retail energy supplier Sunwave Gas & Power has secured a hearing for provisional Chapter 15 relief in New York, in a bid to stall litigation launched by a competitor who bought the supplier's US subsidiaries three years ago.

27 April 2022

Skadden advising as E-House proceeds with Cayman restructuring

A week after Chinese real estate service provider E-House (China) Enterprise defaulted on a US dollar bond worth almost US$300 million, a majority of its noteholders have signed up to support a restructuring using a Cayman scheme.

26 April 2022

Mallinckrodt creditors fail to block plan distributions again

Unsecured creditors of American-Irish drugmaker Mallinckrodt have failed in their latest attempts to delay the effective date of its Chapter 11 plan, after a US District Court found they would not be irreparably harmed if the drugmaker makes distributions while they appeal its plan confirmation.

26 April 2022

Stichd up merchandiser may bring damages claim against insolvent Formula One team

Ex-Formula One team Force India breached its contractual obligations to a merchandiser when administrators sold its assets to a company owned by Canadian billionaire Lawrence Stroll, an English court has ruled – entitling the merchandiser to a damages claim.

26 April 2022

Stibbe appointed as Dutch bank falls victim to Russia sanctions

A Dutch subsidiary of Russia’s Alfa Bank has entered bankruptcy in Amsterdam, becoming the latest company to struggle following UK and US sanctions imposed as a result of the war in Ukraine.

25 April 2022

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