Regional news: North America

Former Bain Capital managing director joins Akin Gump in New York

Kirkland & Ellis partner Ranesh Ramanathan has joined Akin Gump Strauss Hauer & Feld to co-lead its special situations and private credit group in New York, bringing with him experience representing foreign investors in distressed acquisition transactions in India.

06 October 2022

Ready for lift off: exploring restructuring opportunities in outer space

Outer space is being commercialised at a frenetic pace and is throwing up some complex legal questions where distress presents itself as the recent Intelsat, OneWeb and Speedcast international Chapter 11s have shown. Scott Atkins, president of INSOL International and global co-chair of Norton Rose Fulbright’s restructuring group, discusses some of the pressing issues that practitioners could face in the event of an appointment over a private space enterprise.

06 October 2022

Lehman judge Shelley Chapman rejoins Willkie

Five days after making an historic order closing the liquidation of Lehman Brothers’ brokerage unit after its collapse 14 years ago, New York’s Judge Shelley Chapman has rejoined her old firm Willkie Farr & Gallagher.

05 October 2022

China’s E-House seeks US recognition of Cayman scheme

Struggling Chinese real estate services provider E-House (China) Enterprise is seeking Chapter 15 recognition of its Cayman scheme, which it recently amended to allow it to deal with notes held through sanctioned Russian banks.

04 October 2022

US Trustee objects to Celsius stablecoin sales

Following objections from state regulators in Texas and Vermont, the US Trustee has asked a New York court to deny Celsius Network’s motions to sell its stablecoin holdings and allow certain customers to reopen withdrawals.

03 October 2022

Global gas group seeks Ch15 recognition of Canadian restructuring

Updated: Toronto-listed sustainable gas provider Xebec Adsorption is seeking US recognition of its Canadian restructuring to preserve the group’s operations while it implements a sale and investment solicitation process.

03 October 2022

Alto Maipo: Delaware ruling poses jurisdictional challenges for Ch11 debtors

Norton Rose Fulbright partner Andrew Rosenblatt and senior counsel Jason Blanchard examine the “far-reaching” implications of a recent Delaware bankruptcy court decision that they say provides foreign counterparties in cross-border Chapter 11 cases with a potential tool to contest the assumption of their contracts.

30 September 2022

Celsius loses bid to redact creditor names

Bankrupt crypto lender Celsius has failed to persuade a New York court that its customers’ names should be redacted for commercial reasons and because revealing them could breach European data protection laws – as an examiner from Jenner & Block was appointed in the Chapter 11.

30 September 2022

Bahraini bank lodges Arcapita appeal in US Second Circuit

The Bahrain Islamic Bank has filed an appeal against a host of decisions made in asset manager Arcapita’s decade-long Chapter 11 bankruptcy, claiming the US courts do not have jurisdiction over it.

29 September 2022

Cineworld to seek Ch11 recognition in UK and Turkey, stay imposed in Canada

Canadian cinema chain Cineplex has failed to modify a Chapter 11 stay so an Ontario court can hear an appeal over its botched merger with bankrupt British film conglomerate Cineworld, as a Texas bankruptcy judge expressed disappointment creditors outside the US “feel they are not bound by the worldwide injunction imposed by Congress”.

29 September 2022

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