Liquidators in Hong Kong, who have been trying to take control of Cayman-incorporated China Properties Group against months of resistance from its directors, are petitioning to wind up its Hong Kong subsidiaries indirectly owned through the BVI after failing to persuade a local court to order meetings to replace their boards.
18 March 2024
Global heat exchange group Arvos has won sanction of an English scheme of arrangement to restructure several loan facilities at a lightning-fast hearing, following unanimous support from creditors.
18 March 2024
Just over a year since it failed to consummate a first scheme, Chinese real estate services group E-House’s latest restructuring attempt has been thrown into question again, by a Chinese bank refusing to release guarantee obligations given by a group subsidiary.
14 March 2024
German real estate group Aggregate has secured sanction of its amended restructuring plan after senior creditors supported it at a reconvened meeting that followed the disenfranchisement of out-of-the-money creditors who opposed the initial plan.
07 March 2024
A Hong Kong Court has refused to register execution rulings issued in Beijing under the 2008 version of the Reciprocal Enforcement Ordinance, finding that the rulings, which concern over US$61 million in unpaid loans, did not directly make orders for payment against a Hong Kong-based guarantor.
01 March 2024
UPDATED: German telecoms group Tele Columbus has persuaded an English court to sanction a scheme of arrangement for debt whose governing law was changed just two days before it launched the scheme, despite reservations from the convening judge over whether the group had a sufficient connection to England.
28 February 2024
The liquidators of Silicon Valley Bank’s Cayman Islands branch have launched a suit against the US Federal Deposit Insurance Cooperation for allegedly discriminating against Chinese investors, one day after a New York judge denied their request for Chapter 15 recognition.
26 February 2024
Seven companies belonging to French supermarket group Casino have applied for US recognition of their accelerated safeguard proceedings in Paris, where they are seeking to relieve themselves of €1.5 billion in New York law-governed debt.
19 February 2024
Chinese real estate services group E-House is seeking recognition in New York for the second time in two years, three months after courts in the Cayman Islands and Hong Kong sanctioned its parallel schemes of arrangement.
16 February 2024
A Canadian media group has secured partial recognition of its CCAA proceedings but a Delaware court declined to recognise proceedings relating to three of its US subsidiaries, agreeing with a government pension insurance company that their COMI is in the US.
16 February 2024
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