Pre-pack

Lawyers welcome India’s pre-pack plans

India’s Ministry of Corporate Affairs is inviting public comments on a pre-packaged insolvency framework to help deal with the fallout from the covid-19 pandemic – which local lawyers say could attract foreign investors.

12 January 2021

New York court weighs in on “excessive” investment banker fees

Months after it approved a restructuring plan for telecoms company Frontier Communications, a New York court has appointed Evercore Group as its financial adviser and set its fees at a “reasonable” level, after repeat objections from creditors that they were “excessive”.

04 November 2020

Settlement clears way for oil major Noble's Chapter 11 plan

London-headquartered offshore drilling contractor Noble Corporation has settled a US$2.7 billion lawsuit with its former subsidiary, Paragon Offshore, clearing the way for its Chapter 11 restructuring.

19 October 2020

UK announces connected pre-pack scrutiny laws

The UK government has revealed plans to introduce independent scrutiny of pre-pack administration sales to connected parties, after promising a review this summer: a move that lawyers and practitioners tell GRR will improve transparency, but requires balance.

08 October 2020

Should Jersey have a corporate rescue regime?

Partner Stephen Alexander and associate Max Galt at Mourant in Jersey set out why a traditionally creditor-friendly offshore jurisdiction like Jersey, with its commercially minded and flexible Royal Court, would still benefit from introducing a statutory reorganisation process.

24 September 2020

A balancing Act: the UK’s new corporate insolvency and governance law

When the clock struck midnight on 25 June, the UK’s restructuring and insolvency regime suddenly looked a lot friendlier for debtors, both temporarily pending the coronavirus’ havoc on the UK economy, and permanently. But does the new legislation rushed through parliament in under a month provide a serious contender to Chapter 11’s crown, or does it merely bring the UK up-to-date with the 1970s as one practitioner suggested?

11 September 2020

Can legal liberalisation rescue businesses from covid-19 catastrophe?

Mayer Brown partners Trevor Borthwick and Devi Shah in London, Tom Pugh in Hong Kong and counsel Monique Mulcare in New York ask: is further legal liberalisation needed to stimulate the rescue of viable companies affected by the covid-19 pandemic?

07 September 2020

World’s largest offshore rig owner files Chapter 11 with Kirkland and Slaughters advising

London-incorporated offshore drilling contractor Valaris has filed Chapter 11 proceedings in Texas to deal with its US$7 billion debt pile, with plans to launch at least one parallel process in the UK.

20 August 2020

Kuwaiti-backed Prysm granted DIP finance amid split and sale pre-pack

A Delaware court has allowed international LPD screen maker Prysm to access a portion of a US$3 million DIP loan, as it sees through a pre-packaged split and sale of its assets.

11 August 2020

Travelex completes restructuring with pre-pack administration

London-headquartered foreign exchange company Travelex has completed its restructuring after joint administrators from PwC were brought in to sell some of the group’s UK entities to its senior secured noteholders.

07 August 2020

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