Regional news: Asia-Pacific

Australian administrator disputes costs attached to $100m New York loan

The administrator of distressed Australian steel manufacturer Arrium steel has brought a claim disputing legal costs attached to a US$100 million loan the company recently repaid to New York asset management firm GSO.

02 June 2016

Australian energy company's US subsidiaries file for Chapter 11 to avoid "disaster"

The US subsidiaries of Australia’s Linc Energy have filed for Chapter 11 protection in Texas, citing an “immediate” need to draw US$10 million of interim DIP financing to pay operating costs while its Australian parent faces its own insolvency proceedings.

01 June 2016

Chinese property developer secures bondholder approval for restructuring plan

Shenzhen property developer Kaisa Group has received approval for its restructuring plan from a majority of creditors in both Hong Kong and the Cayman Islands.

25 May 2016

Singapore authority publishes new resolution regime proposals

The Monetary Authority of Singapore has revealed a set of proposed enhancements to its resolution regime for financial institutions - and set a deadline of 30 May for public comments.

19 May 2016

Property developer files case in US to seal Hong Kong restructuring

International real estate developer Kaisa Group Holdings has filed for protection under Chapter 15 of the US Bankruptcy Code in a bid to convince a Hong Kong court to approve its restructuring scheme.

06 May 2016

Indian committee clears new bankruptcy law after overseas provisions added

An Indian parliamentary committee has cleared a proposed new Bankruptcy and Insolvency Code, after the country’s Finance Ministry agreed to insert provisions into the law to cater for Indian companies with assets overseas.

29 April 2016

Australian steelmaker replaces Grant Thornton as administrators after creditors’ coup

Creditors of distressed Australian mining and minerals company Arrium have persuaded a Federal Court to dismiss the company’s administrators Grant Thornton in favour of Australian advisory firm KordaMentha.

14 April 2016

Akin Gump wins restructuring firm of the year award

Akin Gump Strauss Hauer & Feld has been named Restructuring Firm of the Year at the third annual awards ceremony held by GRR’s sister publication Who’s Who Legal.

13 April 2016

Singapore Court upholds third-party securities ruling in line with common law

A Singapore Court has dismissed an appeal by the director of an East Timor coffee company against an order to pay its Australian creditors, in a case that affirms the Singapore courts' stance on third party securities as being in line with common law principles.

13 April 2016

SINGAPORE: Court-to-court protocols are the key to cross-border consensus

Two judges and a lawyer from China, Singapore and the US discussed how to better manage cross-border insolvencies across Asia, agreeing that court-to-court protocols are a better solution than trying to harmonise different countries’ laws.

11 April 2016

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