News

New Look CVA trial opens with focus on differential treatment

New Look’s “ambitious” company voluntary arrangement seeks to adjust landlords’ rights on a permanent basis and is not a “normal” retail CVA, counsel to landlords of the fashion chain have told a court as they opened a six-day trial with points on differential treatment and fairness.

17 March 2021

Avianca secures milestone court orders in New York

Latin American airline Avianca has reached two major milestones in its restructuring after settling disputes relating to a pre-petition sale of credit card receivables and getting the green light to enter new aircraft leases to redevelop its fleet.

17 March 2021

Chapter 15 round-up: Chicago court implored to end Japanese businessman’s recognition “stigma”

A Japanese businessman found to have concealed assets overseas has alleged that his bankruptcy trustee lied to secure Chapter 15 recognition – while other recognition proceedings are pending in Illinois, California and Florida.

17 March 2021

Opioid maker Purdue submits US$10 billion Chapter 11 plan

A year and a half since it entered bankruptcy, Purdue Pharma has submitted a U$10 billion Chapter 11 plan before a New York court that it says will shift it from opioid drug marketer to a company owned by a public trust dedicated to addressing addiction.

16 March 2021

Hong Kong court blocks Spanish cosmetics maker’s winding-up petition

A Spanish cosmetics manufacturer has been prevented from bringing a winding-up petition against a Chinese partner company, after a Hong Kong court found there was evidence of a “genuine and serious” cross-claim following separate arbitration awards last year.

16 March 2021

Cayman restaurant chain and South African airline file New York Ch15s

The Cayman liquidators of a Vietnamese restaurant chain and the business rescue practitioners of a South African airline are seeking separate recognition orders in New York.

16 March 2021

Heads-Up: Todd Snyder at Piper Sandler in New York

Featured in Heads-Up

A few months after taking over as Piper Sandler’s global head of restructuring, veteran Wall Street banker Todd Snyder speaks to GRR about a potential boom in infrastructure investment, why sub-Saharan Africa is a likely place for new investment activity and his “almost religious” belief in the importance of restructuring to the good functioning of the free market.

15 March 2021

Recognition decisions mark “new era” for Hong Kong’s cross-border regime

A Hong Kong court has again emphasised that foreign soft-touch provisional liquidations should not automatically take precedence over local winding-up petitions – in the latest of a trio of decisions one barrister describes as heralding a “new era” for Hong Kong’s cross-border insolvency regime.

15 March 2021

Norwegian Air files plans in Dublin and Oslo, seeks US recognition

Oslo-listed Norwegian Air and one of its Irish subsidiaries are seeking Chapter 15 protection for their US assets while the group's creditors are set to vote on restructuring plans filed in Dublin and Oslo last week.

15 March 2021

Begbies Traynor acquires David Rubin & Partners

UK corporate restructuring boutique Begbies Traynor has announced the purchase of London and Guernsey-based insolvency firm David Rubin & Partners – its “largest acquisition” to date.

15 March 2021

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