Regional news: Germany
Greensill and Archegos losses lead to Credit Suisse class action
Credit Suisse is facing a proposed class action in New York over allegations it hid defects in its risk policies so it could extend excessive leverage to scandal-hit trade finance provider Greensill and family office Archegos Capital – exposing it to billions of dollars of losses.
20 April 2021
Chinese-backed GreatStar Europe acquires insolvent German toolmaker
Teams from Heuking Kühn Lüer Wojtek, Hengeler Mueller and numerous other firms have helped insolvent German toolmaker Joh Friedrich Behrens sell its international business operations to a subsidiary of Chinese-backed tools manufacturer GreatStar Europe.
20 April 2021
Scandal hit-Bermudian groups seek New York recognition, Wirecard secures stay
A New York court is due to hear recognition requests from separate pairs of Bermudian provisional liquidators that have been appointed over unrelated scandal-hit groups, while Wirecard’s German administrator has reached an agreement to stay securities litigation against the payment processor in California.
14 April 2021
MoFo advising as Wirecard seeks US recognition
The German administrator of scandal-hit payment processor Wirecard has asked a Pennsylvania court to recognise its Munich-based insolvency and to block securities litigation pending in the US.
12 April 2021
Texas court recognises Just Energy’s CCAA process
A Texas bankruptcy court has granted full recognition to Canadian retail energy provider Just Energy’s CCAA proceedings, which were triggered by the unprecedented winter storms and skyrocketing electricity prices in Texas in February.
09 April 2021
No assets? No problem! Israeli trustee accesses UK concealment structure
The Israeli trustee of a property investor once rumoured to be Israel’s largest private bankrupt has persuaded an English court to transfer him the rights to a UK company believed to be at the top of a structure intended to hide German assets – though no assets have been identified as yet, even by private investigators.
08 April 2021
Interim recognition in Australia for Greensill Bank administrator
Greensill Bank’s German insolvency administrator has obtained interim recognition in Australia and has used Eversheds Sutherland to make a similar application in the UK.
07 April 2021
Hogan Lovells leads on €4.5 billion restructuring of French hotel operator
A long list of law and advisory firms have helped international hotel operator AccorInvest Group secure additional financing and complete a multi-jurisdictional restructuring of its €4.5 billion debt pile.
07 April 2021
Greensill enters provisional liquidation in Singapore
Greensill’s Asia arm has entered provisional liquidation in Singapore, following the finance group’s UK and Australian administration proceedings, German insolvency filing and US Chapter 11.
30 March 2021
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