Regional news: North America
FTI Consulting hires from Deloitte in Montreal
FTI Consulting has made its first restructuring hire in the Canadian province of Québec, with a senior managing director who has worked at Big Four firms his entire career and has a credit on the restructuring of Canada’s largest airline.
23 November 2022
FTX Ch15 moves to Delaware as court hears “substantial amount of assets” are missing
The Bahamian joint provisional liquidators of collapsed crypto exchange FTX have agreed to move their Chapter 15 application from New York to Delaware, where the rest of the group sought Chapter 11 protection earlier this month.
22 November 2022
New managing partner for Jones Day
Jones Day has announced its global disputes practice head Gregory Shumaker, who worked on Detroit’s high-profile Chapter 9 bankruptcy and carmaker Chrysler’s Chapter 11 restructuring, will become the eighth managing partner in its 130-year history.
21 November 2022
SGRI, Singapore: Sontchi on 16 years on the Delaware bankruptcy bench
Closing the Singapore Global Restructuring Initiative’s inaugural conference, Judge Christopher Sontchi provided 16 observations from his 16 years on the Delaware bankruptcy bench, saying judges will only ever know “a small fraction” of the truth and settlements are “almost always” better than court decisions.
18 November 2022
FTX CEO lambasts “distressing” recognition petition filed by Bahamas JPLs
FTX’s Delaware Chapter 11 docket, which has sat largely empty for six days, has finally seen some action, with the group’s new CEO taking aim at concerning financial reporting and human resources practices at the group, and lambasting FTX’s Bahamian provisional liquidators for filing an un-announced Chapter 15 in New York as part of allegedly government-backed efforts to relocate the debtors’ assets to the Bahamas.
17 November 2022
E-House’s Cayman scheme receives US recognition
Chinese real estate services provider E-House has obtained Chapter 15 recognition of its Cayman scheme of arrangement, six days after the scheme was sanctioned in the Grand Court.
17 November 2022
Voyager restarts bidding process as FTX founder faces lawsuit in Miami
Bankrupt cryptocurrency brokerage Voyager Digital has reopened the Chapter 11 bidding process for its assets, having confirmed hours after FTX entered bankruptcy last week that their US$1.4 billion court-sanctioned deal had collapsed.
16 November 2022
Historic buildings investor’s Luxembourg liquidator seeks Chapter 15 recognition
The Luxembourgish liquidator of a mutual investment fund that invests in historic buildings has applied for Chapter 15 recognition in New York to enlist the local courts’ cooperation, as he seeks to investigate transactions allegedly carried out by the debtor’s US sub-fund in contravention of Luxembourg law.
15 November 2022
Crypto’s “Lehman” moment? FTX enters Chapter 11 after filings in Bahamas and Australia
The world’s second largest cryptocurrency institution FTX has filed for bankruptcy protection in the US after a tumultuous week, with lawyers expecting fresh regulation for digital assets among what some are calling crypto’s “Lehman” moment.
11 November 2022
Fried Frank partner joins Jones Day in New York amid latest promotions round
Jones Day has recruited a longtime Fried Frank Harris Shriver & Jacobson partner who advised fashion brand Jack Wills on its pre-packaged sale to British retail giant Sports Direct – and announced partnership promotions for four of its US restructuring lawyers.
10 November 2022