News

African Minerals Limited: using a scheme to unlock value for all creditors

Partner Richard Hornshaw and counsel Tom Laidler from Akin Gump Strauss Hauer & Feld’s London litigation team discuss how a Cayman litigation trust and an English scheme were used to get around creditor differences on pursuing significant litigation, in the context of the administration of an iron ore miner in Sierra Leone.

22 September 2020

Australian tax officer denied costs over Senvion recognition

An Australian court has refused to award costs to a tax officer who abandoned his request for relief from a stay that followed the local recognition of wind turbine maker Senvion’s German self-administration proceedings.

22 September 2020

English court rejects Sunbird’s “materially misleading” scheme

An English court has declined to sanction a scheme of arrangement for a group that provides flexible workspaces in Africa, finding it had provided inadequate documents to creditors.

21 September 2020

Deloitte appointed as KS Energy subsidiaries enter interim JM

Deloitte partners Andrew Grimmett and Justin Lim have been appointed as interim judicial managers over two subsidiaries of oil and gas group KS Energy in Singapore, after the group failed to come to an agreement with its largest creditor.

21 September 2020

Brown Rudnick hires from Baker McKenzie in London

A former Ropes & Gray and Baker McKenzie partner with credits on the restructuring of South African retail group Steinhoff’s UK arm, has joined Brown Rudnick.

21 September 2020

Kirkland and Latham act on Swiss vending machine operator’s English scheme

Swiss snack machine operator Selecta is set to launch an English scheme of arrangement to restructure its New York law-governed notes, with Kirkland & Ellis guiding the company and Latham & Watkins advising noteholders.

18 September 2020

Hong Kong appeal court rejects US letters of request on “fishing” grounds

A private equity firm has failed to compel testimony from two distressed investors in Hong Kong over an aborted restructuring, after Hong Kong’s Court of Appeal said its effort - backed by US letters of request - amounted to a fishing exercise.

18 September 2020

Ogier hires from NautaDutilh in Luxembourg

Offshore firm Ogier has appointed a former NautaDutilh partner in New York to its Luxembourg banking and finance team.

18 September 2020

British reinsurer seeks US recognition of EY administrators

The English administrators of UK reinsurer CX Re have applied for Chapter 15 recognition to stay litigation brought against it by Maryland landlords caught up in lead paint exposure claims.

18 September 2020

US and Dutch courts approve HEMA’s English scheme restructuring

Low price homeware retailer HEMA’s restructuring through English, US and Dutch courts is a “perfect example” of how European brands with complex capital structures can restructure with minimal fallout, lawyers working on the case have told GRR – but it may be the last scheme of its kind.

17 September 2020

Get unlimited access to all Global Restructuring Review content