News
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
Dutch insurer’s bankruptcy trustees seek award enforcement in the US
The trustees of a bankrupt Dutch insurer have asked a federal court in North Carolina to enforce a Dutch arbitral award ordering its US-based former owner to pay €150 million.
24 October 2023
Rite Aid secures US$3.45bn DIP financing as notes downgraded
The third-largest drugstore chain in the US has secured interim access to a substantial debtor-in-possession facility, two days after filing a long-expected Chapter 11 petition after accumulating a US$4 billion debt pile and exposure to over 1,600 opioid-related lawsuits.
23 October 2023
Swedish electric trucker’s UK subsidiary calls in Linklaters, Hilco and Alvarez
Linklaters and Hilco are advising a trio from Alvarez & Marsal as administrators of Swedish electric vehicle maker Volta Trucks’ UK subsidiary, which collapsed last week as its parent entered insolvency in Sweden.
23 October 2023
Industry leaders make fresh attempt to amend Chapter 15
One of the chief drafters of Chapter 15 tells GRR he is spearheading another attempt to persuade Congress to amend the law after repeated requests to lawmakers over the last seven years have failed to make headway.
20 October 2023
GRR editorial board member joins Weil in Paris
Weil is expanding in Paris with the hire of GRR editorial board member Céline Domenget-Morin, the current head of Goodwin’s French restructuring practice.
20 October 2023
Atento secures meetings for English restructuring plans
English and Luxembourg subsidiaries of New York-listed business process outsourcing group Atento have won approval to convene eight meetings for creditors to vote on a pair of English plans that will facilitate a wider restructuring for the group.
20 October 2023
Irish court rejects examinership scheme sanction based on class composition
A Northern Irish interiors company has entered liquidation in the Republic of Ireland after a local court declined to sanction its examinership scheme on class composition grounds, in what has been described as “by far the most detailed judicial analysis” of class composition since the examinership process came into force.
19 October 2023
Cayman court gives guidance on declining an RO application
A Cayman Islands judge has provided a “non-exhaustive” list of 25 factors courts may consider when deciding on an application for the appointment of restructuring officers under the offshore jurisdiction’s new regime.
19 October 2023
Property rental SPV’s “bad faith” Chapter 11 thrown out
A Nevada court has dismissed a bankruptcy petition filed by a Las Vegas-registered special purpose vehicle, noting that “narcissism is not what Congress had in mind” when authorising parties to seek Chapter 11 protection.
19 October 2023