Regional news: Asia-Pacific

Takata class action settlement approved in Canada

More than two years after Japanese auto parts company Takata exited bankruptcy in the US and Japan, car manufacturers that used its faulty air bags have reached a settlement with class action plaintiffs in Canada.

04 January 2021

Grocon administrators obtain extensions citing Christmas complications

Norton Rose Fulbright has helped KordaMentha partners obtain a three-month extension to convene a second creditors’ meeting for the administration of Australia’s Grocon construction group, so they can investigate the benefits of a pooled deed of company arrangement without disruption from the Christmas break.

23 December 2020

Ashurst advising as Norwegian oil services group secures scheme meeting

The holding company for a Norwegian seismic imaging group has secured a single meeting for some of its creditors to vote on an English scheme restructuring US$872 million of debt.

21 December 2020

Swissport enters pre-pack administration as English court accepts COMI shift

AlixPartners directors have been appointed as administrators of Swissport’s Luxembourg-incorporated parent company, after the High Court in London accepted it had shifted its centre of main interests to England and Wales.

18 December 2020

Plea change rejected ahead of Arrium directors claims

Three international banks have been stopped from altering their pleas against former directors of the long-collapsed Australian miner Arrium, ahead of a 10-week trial of three different proceedings brought against them by liquidators, lenders and investors.

17 December 2020

FRP administrators escape negligence claims over Force India sale

Negligence claims brought against two FRP Advisory partners over their administration sale of Formula One team Force India have been thrown out by the England and Wales High Court.

16 December 2020

Alvarez & Marsal hires senior director in China

Continuing its recent hiring spree in Asia, Alvarez & Marsal has hired Standard Chartered’s head of group special assets management in China and Taiwan.

15 December 2020

Century Sunshine’s Cayman JPLs secure Singapore recognition

BlackOak is advising the “light-touch” provisional liquidators of Chinese fertiliser company Century Sunshine Group, who have won recognition in Singapore to seek a restructuring of locally-listed notes.

15 December 2020

PwC appointed as Cayman court winds up Altair

A British Virgin Islands investor has secured the winding-up of Hong Kong-based investment manager Altair Asia in the Cayman Islands, five months after its first attempt to obtain an order was dismissed.

14 December 2020

Rock International scheme sanctioned in BVI and recognised in US

A Texas court has recognised a British Virgin Islands scheme of arrangement for special purpose vehicle Rock International Investments, a day after it was sanctioned.

14 December 2020

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