News
White & Case and Weil advising as Zambia strikes debt deal
The government of Zambia has reached an in-principle agreement with holders of its Eurobonds, who have agreed to take a US$700 million haircut on almost US$4 billion of claims.
27 October 2023
Aubit International wound up after failed RO in Cayman
Digital asset manager Aubit International has been wound up in the Cayman Islands with an FTI Consulting duo appointed as liquidators, weeks after the Grand Court declined its petition to appoint restructuring officers.
27 October 2023
Locke Lord welcomes new partner in New York and Hartford
A former Morgan Lewis & Bockius of counsel with experience in US and Australian restructurings has joined Locke Lord’s offices in New York and Hartford, Connecticut as a partner.
27 October 2023
Revonte files for bankruptcy in Finland, looks to sell e-bike IP
Startup e-bike manufacturer Revonte has sought bankruptcy protection in Finland after failing to secure funding to accelerate the launch of a new product amid a covid-induced downturn.
27 October 2023
Part 26A hits the Court of Appeal as Adler noteholders vie to bin plan
The UK’s Part 26A restructuring mechanism has made its first foray into the English Court of Appeal, as bondholders of the German property developer Adler argued this week that a judge wrongly exercised his discretion to cram them down in April.
26 October 2023
Host of Toronto firms advise as major real estate project calls in receivers
Alvarez & Marsal has been appointed as receiver over a skyscraper project in Toronto after its developer defaulted on C$1.24 billion in loans from a Korean asset manager while its owners are engaged in “material disputes”.
26 October 2023
INSOL International, Tokyo: Judges on restructuring without borders – protectionism vs universalism
Where did the Gibbs rule come from? How have certain courts allowed parties to get around it? And what are the sticking points for obtaining recognition of foreign restructuring or insolvency judgments in jurisdictions like Hong Kong and the US? An illustrious panel of international judges gave attendees at INSOL’s Tokyo conference their insights – and a brief history lesson.
26 October 2023
ABI, New York: "we need a US equivalent to the scheme"
Former New York bankruptcy judge Allan Gropper has called for the US to adopt an English-style scheme of arrangement in comments made during the American Bankruptcy Institute’s cross-border insolvency program in New York.
25 October 2023
GÖRG advising as sports e-commerce group signals collapse
Cycling and tennis arms of a global sports e-commerce group ultimately owned by Austrian retail and real estate holding company Signa have entered insolvency in Germany as their parent indicated more filings are to come.
25 October 2023
Purdue rejects US Trustee’s “pure fantasy” claim that Ch11 plan is “for Sacklers”
The third-party releases in Purdue Pharma’s controversial Chapter 11 plan are essential to prevent creditors from depleting the group’s assets through the back door, the debtors have argued in a brief urging the US Supreme Court not to nullify the plan and deny opioid victims billions of dollars of relief.
24 October 2023