Regional news: Australia
Greensill files Chapter 11 in New York, fails to secure interim DIP order
One day after a US unit of collapsed finance group Greensill filed for Chapter 11 protection, a New York court has adjourned a first-day hearing to approve interim debtor-in-possession financing after raising issues with “awfully expensive” exit fees.
26 March 2021
Dissolved BVI companies restored after “catastrophic” mistake
Two BVI companies that were part of Tokyo-headquartered alternative investor Pacific Alliance Group and were erroneously liquidated and dissolved following a “massive breakdown” of communications will be restored to the islands’ company register.
19 March 2021
US coal miner sues Greensill for fraud
A US coal miner owned by the governor of West Virgina has sued collapsed finance group Greensill for alleged fraud, a week after an English court appointed Grant Thornton as its administrators.
18 March 2021
Lawyers line up to save Greensill’s business
Lawyers are working fast to complete the “urgent” sale of collapsed finance group Greensill’s IP and IT assets to Apollo Global Management, after partners from Grant Thornton were appointed administrators of three Greensill companies in the UK and Australia on Monday.
09 March 2021
California court reverses recognition of Australian judgment
An Australian woman’s US$1.2 million claim in a skin care manufacturer’s US bankruptcy has been thrown out after a California district court reversed the recognition of an Australian judgment.
05 March 2021
Bryan Cave restructuring head to join Simmons & Simmons in London
Simmons & Simmons has hired Bryan Cave Leighton Paisner’s EMEA head of restructuring in London, labelling the practice area “an investment priority” for the firm.
01 March 2021
Australian voluntary administrators to serve claim on Harneys in BVI
In separate actions in Australia, the voluntary administrators of a Congolese gold mine owner have secured permission to serve a security interest claim on a Harneys arm in the BVI, while a Queensland court is to consider recognising a Singaporean personal bankruptcy.
23 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
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