Regional news: International

Purdue Pharma ruling could lead to more Ch15 cases, ABI panellists say

The US could be put at a competitive disadvantage if the country’s highest court finds that third-party releases granted to Purdue Pharma’s non-debtor owners are not authorised by the Bankruptcy Code, according to a pair of prominent academics.

04 October 2023

Former Paul Hastings restructuring vice-chair joins Ropes & Gray

After hiring Paul Hasting partner Chris Dickerson in Chicago, one of Ropes & Gray’s restructuring co-chairs tells GRR the firm has plans to continue to grow its restructuring and special situations practice and expand its share of the market.

03 October 2023

Former Pareteum executives arrested over “massive” accounting fraud

The US Securities and Exchange Commission and federal law enforcement agencies have brought fraud charges against former executives of global software group Pareteum, which filed Chapter 11 proceedings last year after blaming its management for misstating revenues.

29 September 2023

Industry groups urge US Supreme Court not to ban all third-party releases

The American College of Bankruptcy has cautioned the country's top court against “categorically barring” all types of third-party releases, in one of several amicus briefs filed by industry organisations, lawyers and other interested parties in Purdue Pharma’s Chapter 11 restructuring.

28 September 2023

GRR Live Americas: could Cayman’s new regime override Gibbs?

Following a recent restructuring that saw an Irish scheme used to discharge English law-governed debt, a panellist at GRR Live in New York has argued that the Cayman Islands’ new restructuring officer regime could be used to override the rule in Gibbs.

22 September 2023

GRR Live, New York: in pictures

GRR Live returned to New York this week with a packed schedule that saw practitioners on the frontline of the major crypto bankruptcies discuss key lessons they have learned so far, and other panels delve into cross-border recognition issues, distressed financing in Latin America and an expected rise in commercial real estate restructurings.

22 September 2023

Sunac seeks US recognition after Hong Kong scheme approval

Chinese real estate developer Sunac has sought Chapter 15 recognition in New York, one day after creditors voted to support a Hong Kong scheme dealing with US$9 billion of its offshore debt.

19 September 2023

Sunac creditors back offshore restructuring scheme

Creditors holding US$9 billion of struggling Chinese real estate developer Sunac’s offshore debt have voted to approve a Hong Kong scheme that will see them swap their claims for new notes, convertible bonds and equity.

18 September 2023

Three US states say they won’t take part in Purdue’s Supreme Court case

As the US Trustee is set to file a brief in the Supreme Court this week opposing Purdue Pharma’s bankruptcy plan, a group of states that argued against the restructuring in the lower courts have said they will not be participating in the case.

18 September 2023

Model Law draftsman responds to COMI proposals

Responding to a letter urging UNCITRAL to abolish the concept of centre of main interests, one of the architects of the Model Law on Cross-Border Insolvency has warned that changing the eligibility requirement for recognition will not eliminate the possibility of litigation by opportunistic opponents.

15 September 2023

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