Regional news: Australia

Speedcast Chapter 11 sale approved in Texas

Australian satellite communications group Speedcast has won a Texan court’s approval for a Chapter 11 sale plan after reaching a creditor settlement that allows it to potentially file for voluntary administration in Australia.

22 January 2021

Alita DOCA temporarily blocked over mine sale

The administrators of Singapore-listed lithium miner Alita Resources have been blocked from effectuating a deed of company arrangement, pending a dispute over a sale process they oversaw for a mothballed mine in Western Australia.

07 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

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

Administrators appointed over Alita Resources in Australia

A US-based secured creditor of Australian lithium miner Alita Resources has appointed voluntary administrators over the company, two days after its deed of company arrangement came into effect.

07 December 2020

Santander snaps up Wirecard payments platform, with A&O advising

Allen & Overy is advising Santander on its acquisition of Wirecard’s core technology assets, the latest in a series of firesales at the collapsed German payments firm that is facing over €12 billion worth of claims.

19 November 2020

IMF Bentham co-founder launches new litigation funder in Australia

With demand for insolvency-related cases expected to grow, the co-founder of IMF Bentham and the former CEO of Australia and New Zealand-based Litigation Lending Services have joined forces to launch a new third-party funder.

11 November 2020

A&M Middle East head joins KordaMentha in Sydney

Asia-Pacific advisory firm KordaMentha has hired the former head of Alvarez & Marsal’s Middle East turnaround and restructuring practice.

27 October 2020

Australian court reinterprets Cape Town Convention ruling on appeal

Virgin Australia’s administrators may no longer have to fund the return of airline engines to their owner in the US, after a federal appeal panel weighed in on what it means to “give possession” under the Cape Town Convention.

12 October 2020

Australian tax officer denied costs over Senvion recognition

An Australian court has refused to award costs to a tax officer who abandoned his request for relief from a stay that followed the local recognition of wind turbine maker Senvion’s German self-administration proceedings.

22 September 2020

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