Operational restructuring
French care group presents turnaround plan as prosecutors raid homes
Disgraced international care home group Orpea has revealed a turnaround plan that it hopes to pursue in French conciliation proceedings, which could see it withdraw unprofitable locations globally and equitise around US$3.8 billion in unsecured debt.
21 November 2022
Fuelling distress: Europe’s €500 billion energy crisis
Europe is facing an energy price crisis that has the potential to cause a flurry of restructuring and insolvency activity across the continent’s corporate sector. GRR spoke to insolvency practitioners across six key European jurisdictions to see which sectors are already showing distress, what policy makers are doing to try to counter it, and whether they think the policy-makers will be successful.
30 September 2022
Japan’s Anderson Mori & Tomotsune launches in London with restructuring work on the agenda
“I want to enhance our recognition in London, the UK and Europe,” Anderson Mori & Tomotsune’s new London office head - who worked on the Virgin Australia airline restructuring at the height of the covid-19 pandemic - tells GRR.
05 September 2022
Cayman Islands restructuring: recent common law insights for directors when entering the zone of insolvency
Conyers Dill & Pearman partner Jonathon Milne and associate Rowana-Kay Campbell in the Cayman Islands, and partner Anna Lin in Hong Kong, explain why the new Cayman restructuring regime is likely to be a welcome addition to the legislative landscape for prudent directors – particularly in light of current macro-economic conditions and the difficulties many companies are facing.
26 July 2022
Kirkland advising as Voyager Digital journeys to New York for Ch11
Canadian cryptocurrency brokerage Voyager Digital and two of its US subsidiaries have filed for bankruptcy protection in New York, blaming its woes on the collapse of crypto hedge fund 3AC, one of its largest debtors.
06 July 2022
The Cayman Islands’ new restructuring officer regime
In the second article of a three-part series, Harneys partners Chai Ridgers in Hong Kong and Jessica Williams in the Cayman Islands consider the practicalities of the Cayman Islands’ proposed new restructuring officer regime, comparing it to the “light touch” provisional liquidation process that is currently in place – and explain why Asian practitioners in particular should pay attention.
29 June 2022
Evergrande vows to fight Hong Kong winding up petition
Chinese property group Evergrande said it will “vigorously” oppose a winding up petition filed against it by a creditor in Hong Kong, and repeated plans to set out restructuring proposals by the end of next month.
28 June 2022
Hong Kong judge applies Peking Founder findings in new keepwell deed dispute
Hong Kong’s Mr Justice Harris has applied his “momentous” findings in Peking Founder’s keepwell deed dispute to a new claim against Chinese semiconductor maker Tsinghua Unigroup, ruling again that deed disputes should be adjudicated in Hong Kong after confirming with a local expert that resulting judgments can be placed as evidence before a mainland court.
27 May 2022
Eversheds hires Alston & Bird partner to lead corporate debt advisory group
Eversheds Sutherland has hired a long-time Alston & Bird partner to chair its corporate debt advisory group in Atlanta, as part of ongoing efforts to grow its restructuring offering.
24 May 2022
The new Austrian Restructuring Code in the light of Germany’s StaRUG and the Dutch WHOA
Matthias Stipanitz and Stephanie Rendl at Preslmayr Attorneys at Law in Vienna assess Austria’s implementation of the EU’s preventive restructuring frameworks directive, giving a quick comparison with the implementation in Germany and the Netherlands.
17 May 2022