Regional news: Germany
GPG payments arm’s insolvency opened in Bremen
A company that acted as the finance raising arm for the disgraced German Property Group, into which thousands of British and Irish investors poured their life savings, has been placed into formal insolvency proceedings in Bremen along with the rest of the group.
24 May 2021
Alvarez & Marsal hires in Asia and Europe
Private investor and consultant Tod Macri has joined Alvarez & Marsal as a senior adviser in Hong Kong, while the firm has also hired three directors in its debt advisory teams in London and Frankfurt.
11 May 2021
Sanjeev Gupta’s Liberty Steel appoints restructuring committee, faces winding-up petitions
Norton Rose Fulbright, PJT Partners and Alvarez & Marsal are advising a new international restructuring and transformation committee appointed by Sanjeev Gupta’s Liberty Steel Group to help it navigate trade finance provider Greensill’s collapse.
06 May 2021
Enyo hires from Eversheds following Greensill’s UK recognition
Just weeks after helping the German administrator of Greensill Bank secure recognition in the UK, Eversheds Sutherland partner Jamie Leader has left the firm for Enyo Law.
26 April 2021
Third party payments subject to contract’s governing law not insolvency rules, CJEU says
A shipping company’s German liquidator has failed to recover payment of an affiliate’s Dutch law debt, after an EU court found that third party payments are subject to the governing law of their contract rather than insolvency proceedings.
23 April 2021
Greensill’s Australian parent enters liquidation
Creditors of Greensill’s Australian parent company have voted to put it in liquidation, with some of the biggest name creditors like Credit Suisse, Softbank Vision Fund and the Association of German Banks being appointed to a committee of inspection.
22 April 2021
Willkie Farr hires from Kirkland in Germany
A Kirkland & Ellis partner with credits on Croatian conglomerate Agrokor’s restructuring and the resolution of Austrian bad bank HETA is joining Willkie Farr & Gallagher in Frankfurt next month.
21 April 2021
Chapter 15 round-up: DTEK, Greensill and Samarco seek recognition in New York
Ukrainian coal miner DTEK has sought US recognition of its English scheme compromising New York bonds, while Greensill Bank’s German insolvency administrator and Brazilian mining company Samarco Mineração have also made Chapter 15 applications for their respective proceedings in Bremen and Belo Horizonte.
21 April 2021
Osler advising as US cannabis producer completes restructuring
Nevada-based cannabis producer Flower One has temporarily delisted its debentures in Canada so it can implement a restructuring; and struggling Canadian cannabis company CannTrust has secured an US$18 million credit facility in Ontario.
21 April 2021
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