Regional news: Germany
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
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