Recognition

Latham and Kirkland advising as Chinese power company seeks US recognition

The bankruptcy administrator of one of China’s largest private power generators has sought recognition in the US after it defaulted on New York law-governed notes – a week after a Chinese chemicals group also filed Chapter 15 proceedings in California to block litigation stemming from a failed joint venture.

05 January 2022

J&J Chapter 11 recognised in Canada

A Canadian court has recognised healthcare conglomerate Johnson & Johnson’s controversial “Texas two-step” Chapter 11 restructuring and US injunction, temporarily blocking personal injury claims against the group in the country.

05 January 2022

Philippine Airlines exits US bankruptcy after country’s first Chapter 11 recognition

One of Asia’s oldest airlines has emerged from Chapter 11 after a court in the Philippines became the first in the country to recognise a US bankruptcy proceeding.

04 January 2022

“Momentous” decision issued on HK-PRC comity in keepwell deed dispute

In a judgment described as “undoubtedly the most important cross-border insolvency decision” issued by the Hong Kong courts in a generation, Mr Justice Harris has recognised the Beijing administrators of Peking University’s corporate arm but limited a local stay so the issuers and guarantors of bonds backed by English law-governed keepwell deeds can have their rights determined before him.

17 December 2021

Canadian oil group seeks US recognition following failed refinancings

The Canadian receiver of oil and gas exploration group Cuda has sought US recognition to help it liquidate all the group’s assets, after one lender raised “serious concerns" over its ability to repay its debts.

26 November 2021

Alvarez & Marsal expands in London with BDO hire

A former EY and BDO partner has joined Alvarez & Marsal to lead its special situations M&A team within the firm’s restructuring practice in London.

01 November 2021

Hydrodec Group – reconsidering COMI?

Goodwin partner Simon Thomas and associate Emily Lockhart discuss the key takeaways from a “somewhat curious” recent Australian ruling, which dismissed an application brought by UK-incorporated oil re-refining company Hydrodec Group for recognition of its use of the UK’s new moratorium tool as a foreign main proceeding under the UNCITRAL Model Law.

28 October 2021

NMC Healthcare seeks ADGM help for onshore recognition

The administrators of NMC Healthcare have sought a declaratory order from an Abu Dhabi court to help them seek recognition in onshore courts of deeds of company arrangement that were approved last month.

21 October 2021

Prosafe schemes sanctioned in Singapore

Norwegian vessel operator Prosafe has won court approval for its two schemes of arrangement in Singapore, freeing up the road ahead for the group to progress a Norwegian restructuring process it launched last month.

19 October 2021

China Fishery secures recognition of Ch11 plan in Singaporean first

In a first-of-its-kind ruling, a Singapore court has departed from the UK’s Rubin decision and recognised a Chapter 11 restructuring plan launched by industrial fishing conglomerate China Fishery’s Singaporean holding company.

11 October 2021

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