Regional news: Asia-Pacific

Mumbai NCLT approves Jet Airways rescue plan

A consortium led by UK-registered asset manager Kalrock Capital and Indian businessman Murari Lal Jalan has won approval for its plan to rescue Mumbai-based Jet Airways.

22 June 2021

Hong Kong trustees block Canadian contempt appeal

The son of a scandal-hit Chinese businessman has failed to overturn a Canadian contempt of court order, after refusing to attend an examination by his father’s Hong Kong bankruptcy trustees.

22 June 2021

No confidentiality issues between Rajah & Tann and Lim family, court says

The High Court of Singapore has explained its refusal to join the owners of oil trader Hin Leong and shipping company Ocean Tankers to injunction proceedings against the companies’ counsel Rajah & Tann.

21 June 2021

“Total shave” for Videocon creditors as Mumbai court approves CIRP plan

Operational creditors of the Indian conglomerate Videocon have not had a haircut so much as a “total shave”, the NCLT in Mumbai has found, as it told the group to increase pay-outs to MSMEs but nevertheless approved a resolution plan that will see Vendata group entity Twin Star Technologies become Videocon’s new owner for next to “nothing”.

21 June 2021

AZB & Partners expands in Mumbai

India’s AZB & Partners has hired a new partner in Mumbai, who joins the firm after almost nine years at L&L Partners.

17 June 2021

Intu administrators given greenlight to pay creditors

The administrators of shopping centre owner Intu have won an English court’s permission to make distributions to unsecured creditors – and to extend its administration for two years in the hope that assets in Spain, India and the UK may become more advantageous.

17 June 2021

Luckin Coffee completes restructuring milestone with capital reduction

Chinese coffeehouse chain Luckin Coffee says it has reached a financial milestone in its restructuring agreement with senior noteholders, after securing regulatory approval to transfer certain funds out of China.

16 June 2021

Thai Airways plan gets court approval

Thai Airways’ rehabilitation plan has received court approval in Bangkok, after opposition from two creditors was rejected.

16 June 2021

Construction group winds down after Greensill collapse scuppers refinancing

A prefabricated construction company and former Greensill client with factories in the US, India and Saudi Arabia has entered Chapter 11 in Texas to sell off its assets and wind down, with the help of a US$35 million debtor-in-possession promissory note from a UK-based Softbank entity.

15 June 2021

Indian conglomerate secures English scheme meeting

A Dutch subsidiary of Indian multinational conglomerate Jain Irrigation Systems has won permission to poll creditors on its English scheme of arrangement while the group seeks a connected restructuring in India.

14 June 2021

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