Regional news: Luxembourg

Advertising tech company’s bankruptcy gets Chapter 15 recognition

Ernst & Young has obtained Chapter 15 protection for a Toronto-based advertising technology company, which it said was hit by Facebook’s deletion of over a billion fake accounts.

21 June 2019

M&G’s Mexican arms file Chapter 15 petitions in New York

Two Mexican subsidiaries of Italian plastic manufacturer Mossi & Ghisolfi have filed for Chapter 15 protection in New York after their proposed foreign representative accused a US corporation of “ignoring” a Mexican injunction order.

23 April 2019

ArcelorMittal plan for Essar Steel approved

Luxembourg-headquartered steel manufacturer ArcelorMittal has won approval for its 500 billion rupee (US$7.15 billion) resolution plan for debt-laden Essar Steel India from a National Company Law Tribunal in Ahmedabad.

11 March 2019

Sidley and Weil guide Greek pharma restructuring

Sidley Austin pharmaceuticals client Famar has completed a €174 million debt restructuring in Greece with support from a KKR bad loan management platform advised by Weil Gotshal & Manges.

13 December 2018

Hellas parent ordered to pay indemnity costs after “unexplained discontinuance”

The joint liquidators of the Luxembourg-based parent of Greek telecoms group Hellas have been ordered to pay indemnity costs to private equity houses Apax Partners and TPG after the “sudden, unexplained discontinuance” of a €1 billion avoidance claim against them.

18 October 2018

New York court upholds Yukos buyer’s Chapter 11 plan

A US shareholder has failed to overturn a restructuring plan for a Luxembourg-registered vehicle set up to buy the financial services arm of bankrupt Russian oil giant Yukos.

17 October 2018

Community round-up: Miami, Hong Kong, Vienna and Luxembourg

Sequor Law has added to its Miami practice, while Holman Fenwick Willan has shifted a senior partner to its Hong Kong office, Austria’s Jaksch Schoeller Riel has rebranded amid a police investigation, and Maples and Calder has expanded to Luxembourg.

02 October 2018

Luxembourg investment vehicle’s foreign representative “violated” US Bankruptcy Code

In the latest development in a US case at the centre of a “major international fraud”, the foreign representative of a Luxembourg-based investment vehicle and his counsel have been accused of manipulating the Chapter 15 process to enrich themselves.

23 August 2018

ECJ ends 13-year dispute over Danish TV station bailout

More than a decade after litigation first began, the European Court of Justice (ECJ) has dismissed efforts to reopen proceedings over the funding and subsequent bailout of a Danish public broadcaster.

09 March 2017

Discovery and privilege clarified as Cayman courts break new ground in three Primeo judgments

The Grand Court and Appeals Court of the Cayman Islands have handed down three judgments related to different international discovery proceedings in the ongoing litigation surrounding the Primeo Fund, a Cayman-based investment vehicle that was brought down by Bernard Madoff’s Ponzi scheme.

09 December 2016

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