Regional news: Asia-Pacific
Endo affiliate Astora’s Chapter 11 fully recognised in Australia
An affiliate of the Endo pharma group has secured recognition of its Chapter 11 in Australia, a month after it was granted interim relief staying personal injury claims from women who allege they have suffered complications from its transvaginal mesh products.
31 October 2022
Garuda wins Ch15 recognition but Irish lessors prepare for fight
Indonesia’s national airline has secured US recognition of its US$9.5 billion restructuring plan, but two Irish lessors said they will resist attempts by the company to seek enforcement orders.
27 October 2022
Mayer Brown announces joint venture with Singaporean law firm
Updated: Mayer Brown is partnering up with Singaporean law firm PK Wong & Nair to continue its global expansion, three months after it entered a collaboration with French boutique Santoni & Associés.
26 October 2022
Hong Kong Airlines secures English plan meetings despite creditor opposition
Less than two weeks after it was allowed to proceed with meetings for a Hong Kong scheme, Hong Kong Airlines has won approval to convene creditor meetings for its UK restructuring plan – but the English court has left questions over class composition for the sanction hearing after noteholders complained over a lack of time to review evidence.
25 October 2022
Liquidators of 1MDB-linked BVI funds secure recognition in Singapore
The joint liquidators of three British Virgin Island funds believed to have links to scandal-hit Malaysian sovereign wealth fund 1Malaysia Development Berhad have secured recognition of their appointments in Singapore.
20 October 2022
GRR Live, New York: China’s debt-trap conspiracy
After two decades that have seen China become the largest bilateral lender to the world’s poorest countries, attendees at GRR Live in New York said talk of so-called “debt-trap diplomacy” is misplaced but the country needs to decide whether it wants to be isolated or part of the developed financial world.
19 October 2022
Shareholders may oppose creditors’ winding up petitions, Singapore court rules
In what appears to be the first reported Singaporean decision confirming shareholders have legal standing to oppose creditors’ winding up applications, the Singapore High Court has rejected a winding up petition against the local parent and alleged guarantor of an Indian electronic banking platform.
18 October 2022
Indian ARCs allowed to purchase bankrupt companies under new reforms
The Reserve Bank of India has introduced reforms to allow some asset reconstruction companies to buy businesses out of insolvency, which one financier tells GRR will inspire the confidence of foreign investors in the functioning of India’s distressed acquisition market.
14 October 2022
Hong Kong Airlines secures scheme meetings in Hong Kong
Crossing the first hurdle in its dual UK-Hong Kong restructuring, Hong Kong Airlines has won approval to convene scheme meetings in Hong Kong ahead of a separate hearing for its UK restructuring plan next week.
13 October 2022
Peking Uni bondholders secure keepwell deed victory in Hong Kong
In what has been hailed an important milestone for keepwell deeds, which may boost cross-border cooperation between Hong Kong and Beijing, the mainland administrators of Peking University’s corporate arm have lost their bid to appeal a Hong Kong decision allowing bondholder disputes to proceed in Hong Kong.
12 October 2022