Regional news: Asia-Pacific

Alvarez & Marsal has launched a new restructuring and turnaround practice in Jakarta, making its expansion into Indonesia with an appointment from financial services and leasing group ORIX Corporation.

21 September 2021

UPDATED: An Indian NCLT has admitted the country’s first small business pre-pack bankruptcy process for a Gujarat-based real estate developer, just two months after the new framework was implemented.

20 September 2021

The Grand Court of the Cayman Islands has asked a counterpart in Hong Kong to recognise a pair of “full power” joint provisional liquidators from R&H Restructuring, as they investigate a fraud admitted by a Chinese car parts trader’s CEO.

20 September 2021

Australian mining group Boart Longyear has won court approval for two schemes of arrangement in Sydney that aim to convert about US$795 million of debt into equity – while plans to redomicile in Canada continue apace.

17 September 2021

A Cayman court has issued a winding up order against a locally-incorporated investment fund, days after appointing receivers over some of its affiliate’s Hong Kong-listed shares.

17 September 2021

The Cayman liquidators of a local insurance company have secured court approval of an alternative adjudication process for debt claims, removing the need for thousands of policyholders to lodge separate proofs.

16 September 2021

Greensill’s main trading entity has obtained recognition of its UK administration in New York, where US coal miner Bluestone Resources had already agreed to suspend a fraud suit against two of its senior managers for 90 days – though not for the entire length of the Chapter 15 stay.

15 September 2021

Chinese property developer Evergrande Group has hired Houlihan Lokey and Admiralty Harbour Capital to help with liquidity issues that could lead to a default on its US$300 billion debt pile.

14 September 2021

A year after retiring from Allen & Overy, cross-border restructuring specialist Tim Crocker has joined Stephenson Harwood’s London office in what the firm has described as “a real coup”.

14 September 2021

Seven months after creditors rejected interior design company Design Studio Group’s inter-conditional Singaporean and Malaysian schemes of arrangement, a Singaporean court has dismissed its latest attempt to restructure due to inadequate disclosure and class composition issues.

13 September 2021