Regional news: Asia-Pacific
Australian cancer treatment groups enters Texas Chapter 11
GenesisCare, a KKR-backed Australian cancer care group, has secured a worldwide stay and access to a debtor-in-possession facility in Texas, as it seeks to sell its US business to investors who can implement a ready-to-go turnaround plan.
02 June 2023
HK liquidators “authors of their own misfortune” in failing to wind up Singaporean metals trader
The liquidators of a Peking University Founder Group subsidiary in Hong Kong have failed to wind up a Singaporean former affiliate of the group, in a dispute that pitches “aggrieved” offshore bondholders against investors who purchased some of the mainland group’s assets in a 2021 restructuring.
02 June 2023
Wikeley rebuked for violating Chapter 15 stay
A Kentucky entity set up by Australia-based businessman Kenneth Wikeley has been reprimanded for violating a Chapter 15 stay obtained by liquidators appointed over the trustee of his family trust, which has been accused of fraud by a purported investor.
01 June 2023
Hong Kong Airlines hit with HK$56.3 million injunction
Hong Kong Airlines has been ordered to hold HK$56.3 million on trust after failing to convince a Hong Kong court that a construction group’s claim for breach of contract against it was discharged when the airline’s dual Hong Kong-UK restructuring became effective last month.
30 May 2023
Rolta chair ordered to pay creditors after New York contempt ruling
The chair of Indian IT group Rolta has been ordered to personally pay creditors almost US$188 million following a bond default in 2018, after a New York court found he directed the group to file bankruptcies in bad faith.
25 May 2023
Vietnamese power project developer enters JM as court applies AnAn principles
A Thai-owned power producer has persuaded a Singapore court to place the developer of a large project in Vietnam into judicial management, denying a request for a stay on the grounds that a disputed debt should be referred to arbitration.
24 May 2023
Mittal-owned Manx company’s liquidators seek US recognition
UPDATED: The liquidators of a Manx company related to Indian businessman Pramod Mittal have sought Chapter 15 recognition in New York to investigate and pursue possible assets in the US, four years after securing English recognition.
24 May 2023
Peking University keepwell deeds have inherent shortcomings, Hong Kong court says
A Hong Kong court handed down a long-awaited judgment on what it termed the “first of their sort” keepwell deed actions brought against Peking University’s corporate arm.
22 May 2023
BFAM fund seeks novel turnover order against scandal-hit Chinese group
A hedge fund that holds offshore notes issued by a Chinese beverage group has stepped up its efforts to enforce a US$114 million judgment it obtained in New York last year, marking the latest in a series of recovery actions it has brought against defaulting Chinese companies over the last 18 months.
19 May 2023
Mainland administrator recognised in Hong Kong as “standard form” order scrapped
For only the third time, the Hong Kong High Court has recognised an administrator appointed in mainland China under common law, while drawing a line through the "standard form" recognition order established locally.
19 May 2023