Regional news: Asia-Pacific

KrisEnergy finalises restructuring in Singapore

Cayman-incorporated oil and gas company KrisEnergy has completed its restructuring in Singapore, two weeks after its scheme was sanctioned with amendments over the reach of a moratorium clause.

16 February 2021

Funder applies to wind-up Cayman client after Albanian bailiff seizes award

An Australian disputes funder has applied to wind up its Cayman oil company client after discovering that a US$12.6 million arbitral award it helped secure was sequestered by a bailiff in Albania.

15 February 2021

No guarantees: Tiger Resources Unpacked

Featured in Unpacked

GRR investigates how the Australian parent of a Congolese copper miner became the first company in the common law world to implement a guarantor’s scheme of arrangement, against a “well-funded, well-advised” opposing creditor and where restructuring in the Democratic Republic of the Congo or England was deemed possible, but impractical.

12 February 2021

Mallya granted expenses pending Indian banks’ petition

One-time billionaire Vijay Mallya has secured access to funds held by an English court office to pay for his living and legal costs while he fights a bankruptcy petition – but he has been denied cash for litigation in India.

12 February 2021

Community roundup: Quantuma, Duff & Phelps, Roland Berger, FTI Consulting, Consignum and CTF Consultancy

Quantuma and Duff & Phelps have hired in London, while Germany’s Roland Berger and Consignum have expanded across the country, and FTI Consulting has promoted a new head of corporate finance and restructuring in Asia: meanwhile, a new Norway/UK boutique has opened in Oslo.

12 February 2021

Class fracture as gategroup secures plan meetings

Swiss airline services provider gategroup has secured meetings for creditors to vote on its UK restructuring plan but the High Court has rejected its request to keep all the plan creditors in a single class.

11 February 2021

Investment company secures parallel Hong Kong and Cayman schemes

Hong Kong and Cayman Islands courts have sanctioned parallel schemes of arrangement for an investment holding company, finding the Gibbs rule did not prevent it from restructuring Macau law-governed debt.

09 February 2021

Stay claims in the US so Luckin Coffee can restructure in Cayman, court told

Having already secured Hong Kong recognition, the provisional liquidators of China’s Luckin Coffee have asked a New York court to stave off shareholder actions in the US while they restructure the group’s holding company through a pair of Cayman schemes, to deal with revelations it falsely inflated its accounts last year.

08 February 2021

Seadrill Asia seeks Chapter 11 protection in Texas

Five of offshore rig operator Seadrill’s Asian subsidiaries have entered Chapter 11 proceedings in Texas, listing Dubai’s ZDN Investment and Saudi Arabia-based Algosaibi Services Company as their largest unsecured creditors.

08 February 2021

Lehman necessity raised in gategroup convening hearing

Counsel to Swiss airline services provider gategroup said its UK restructuring plan is capable of affecting third party rights under the Lehman necessity principle as the second day of its convening hearing played out in the High Court.

04 February 2021

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