Regional news: International
Valaris completes restructuring with UK administration
Two months after a Texas court confirmed its Chapter 11 plan, UK-incorporated offshore drilling contractor Valaris has completed a US$7.1 billion restructuring through a complementary pre-pack administration sale in the UK.
04 May 2021
IWIRC bolsters European offering
The International Women’s Insolvency & Restructuring Confederation has announced plans to expand its presence in Europe after launching a new chapter in Ireland on the same day it kick-started its Europe network.
28 April 2021
World Bank targets MSEs in new insolvency principles
The World Bank has updated its principles for effective insolvency regimes, encouraging the use of out-of-court restructurings and streamlined insolvency proceedings for smaller businesses.
27 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
IBA releases toolkit on insolvency and arbitration
The International Bar Association has released a toolkit providing guidance for when a party to an arbitration is subject to insolvency proceedings.
08 April 2021
US paparazzi agency files for bankruptcy following Meghan Markle lawsuit
Blaming an “unbearably expensive” privacy claim lodged against it in England by Meghan Markle, US paparazzi outlet Splash News & Picture Agency has filed Chapter 11 proceedings in Nevada – with plans to hire Pinsent Masons to seek recognition in the UK.
25 March 2021
Luckin Coffee wins New York recognition but objections remain
China’s Luckin Coffee has secured US recognition of its Cayman liquidation – but a New York court has asked for more information before it decides the scope of further Chapter 15 relief, in light of objections lodged over a stay on claims against non-debtor parties.
24 March 2021
Ashurst advising as Norwegian oil services group secures scheme meeting
The holding company for a Norwegian seismic imaging group has secured a single meeting for some of its creditors to vote on an English scheme restructuring US$872 million of debt.
21 December 2020
Community roundup: IWIRC gets its first Hispanic chair amid new year hires and promotions
The International Women’s Insolvency and Restructuring Confederation will have its first Hispanic chair come 1 January, as a Dutch firm hires from Loyens & Loeff, and Vinson & Elkins and Cooley promote in New York.
16 December 2020
Eastman Kodak re-opened, but shutter closes on discharge claims
After persuading a New York judge to re-open the long-finished Eastman Kodak bankruptcy, a group of underwriters at Lloyd’s has failed to convince him the Chapter 11 case discharged their asbestos claims obligations for a company dissolved in 1971.
10 December 2020
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