Regional news: International
Citibank seeks lender status in Revlon Ch11 following US$900m blunder
New York-headquartered Citibank is suing Revlon for US$500 million over allegations it was unjustly enriched when the bank mistakenly used its own money to repay one of the multinational cosmetics group’s term loans in full.
16 August 2022
Altera secures interim financing as unsecured noteholders raise objections
UK-headquartered oil and gas services provider Altera Infrastructure has secured a host of first day orders after filing Chapter 11 proceedings in Texas late last week, despite objections from a group of unsecured noteholders who say they will receive “virtually no recovery” under the group’s pre-packaged plan.
15 August 2022
“Winter is coming and it’s starting with crypto”: NY lawyers react to month of turmoil
With the market reeling after crypto firms Three Arrows Capital, Voyager Digital and Celsius all sought bankruptcy protection in New York earlier this month, local lawyers compare the disarray to the collapse of Lehman Brothers, discuss the many novel legal issues that need to be resolved in the first Chapter 11 cases and predict crypto debtors will struggle to survive without completing M&A deals.
22 July 2022
Cayman Islands restructuring officer regime and the Gibbs rule
Harneys partners Ian Mann in Hong Kong and Jayson Wood in Bermuda consider how the Gibbs rule might apply to the Caymans Islands’ new restructuring officer regime in the third and final article of the firm’s three-part series examining the forthcoming Companies (Amendment) Act.
08 July 2022
Sidley hires new global leader from Kirkland
Stephen Hessler has joined Sidley Austin in New York as the new global leader of its restructuring group, after almost two decades at Kirkland & Ellis where he advised on the Frontier Communications and Windstream Holdings Chapter 11 cases.
06 July 2022
Revlon secures Canadian recognition amid employee lawsuits
Two Canadian subsidiaries of multinational cosmetics group Revlon have secured recognition of their Chapter 11 proceedings in Toronto, placing a stop on various employee and labour union claims.
28 June 2022
Bondholder sues Sri Lanka in US as foreign investors form creditor group
Sri Lanka is facing a US$250 million claim from a bondholder in New York who accuses the country of discriminating against US investors in its debt restructuring, after it defaulted for the first time in its history last month.
24 June 2022
Cozen hires former Blakes restructuring leader in Toronto
Philadelphia-headquartered Cozen O’Connor has made its first restructuring hire in Canada to help expand its cross-border offering for domestic and international clients with business operations across North America.
15 June 2022
The Model Law on Cross-Border Insolvency: a silver lining but not a silver bullet
On the 25th Anniversary of UNCITRAL's adoption of the Model Law for Cross-Border Insolvency, INSOL International president Scott Atkins and International Insolvency Institute president John Martin explain why it reflects a silver lining but not a silver bullet for modified universalism and harmonisation.
30 May 2022
LATAM objecting creditors to reopen expert deposition
A group of creditors opposed to South American airline LATAM’s Chapter 11 plan have won the right to reopen the deposition of an FTI Consulting specialist who carried out a liquidation analysis of the group.
19 May 2022