News
UK insolvency Service publishes final review on CIGA
The UK’s restructuring plan has been a success since it was introduced two years ago, according to a government report, but the country’s new moratorium tool has not been as effective in meeting its policy objectives.
22 December 2022
English scheme convened for solvent Dutch telecoms company facing sanctions dilemma
A solvent Netherlands-based telecommunications company has obtained permission to hold scheme meetings in England, despite objections that its creditors should be split into four classes, as it buys time to pursue the sale of a Russian subsidiary and regain entry to international capital markets.
22 December 2022
UK Supreme Court rejects Stanford International’s Quincecare claim
Liquidators of Stanford International Bank have failed to convince the UK’s highest court they should be allowed to bring a damages claim against HSBC for paying out money to the company’s customers when it was allegedly on notice the payments were part of a fraud.
21 December 2022
Petropavlovsk scheme meetings greenlit as Citibank threatens to close accounts
The administrators of London-listed Russian gold miner Petropavlovsk have received a nod from an English court to place two of its Jersey-incorporated subsidiaries into administration and hold three scheme meetings for the trio, as Citibank threatens to close the group’s accounts and drop all business related to Russia.
21 December 2022
Adler changes restructuring plans as bondholders block proposals
An ad hoc group of bondholders has voted against proposed changes to the terms of their notes in German real estate group Adler’s US$1 billion restructuring, but sources tell GRR the company plans to move forward with a risky alternative implementation process.
20 December 2022
Distilling the distilled: what can we learn from the GRR 30 2022?
The sixth edition of the GRR 30 has landed, assessing work that law firms completed during what was a relatively unusual research period in 2021. So what can we learn from this year’s table, and who might be the firms or jurisdictions to watch in the cross-border restructuring and insolvency world next year?
20 December 2022
Now available: the GRR 100 2022
After almost 12 months of research, the GRR 100 2022 is finally here, highlighting 153 law firms from 38 jurisdictions that we can confidently say are a safe pair of hands for cross-border restructuring and insolvency work.
19 December 2022
US chemicals group emerges from Delaware bankruptcy
Houston-headquartered chemical company TPC Group has completed a Chapter 11 restructuring, eliminating more than half its US$1.3 billion debt and resolving liabilities arising from an explosion at one of its Texas plants three years ago.
19 December 2022
‘Tis the season for promotions: latest announcements across the UK and US
Firms including O’Melveny & Myers, Weil Gotshal & Manges, Simpson Thacher & Bartlett and Jones Day have revealed their latest partner promotions on both sides of the Atlantic, while two Kirkland & Ellis partners have been made fellows of the American College of Bankruptcy.
19 December 2022
McDermott Will & Emery advising London-listed Bitcoin miner in out-of-court restructuring
London-listed Bitcoin mining firm Argo Blockchain, which has warned it could run out of cash within the next month, has appointed advisers in the UK, US and Canada, as it seeks to sell assets to strengthen its balance sheet.
16 December 2022