Regional news: North America
Spanish gamer’s UK scheme faces class composition questions over fees
After completing a successful COMI-shift and English scheme in 2015, Spanish gaming company Codere is pursuing another English restructuring – but a disgruntled noteholder is opposing its plans to place creditors in a single class.
03 September 2020
Katten bolsters practice in Chicago and Dallas
Katten Muchin Rosenman has expanded in Chicago and Dallas, hiring the co-chair of Fox Rothschild’s bankruptcy litigation practice, and a partner from Akerman.
03 September 2020
Arnold & Porter hires from Proskauer Rose in New York
Arnold & Porter has added a new partner in New York with credits on the Puerto Rico restructuring and MF Global bankruptcy.
03 September 2020
English court sanctions Virgin restructuring plan
Virgin Atlantic’s landmark restructuring plan has received court sanction, after a short, unopposed hearing in which the judge pressed for “respectable commercial reasons” why some trade creditors had been excluded.
02 September 2020
Creditors approve ED&F Man’s UK scheme
International commodity trader ED&F Man has secured unanimous backing for its UK scheme of arrangement during two creditors’ meetings.
02 September 2020
Wirecard sells assets in UK, Brazil and Germany
Scandal-hit payment processor Wirecard has agreed to sell assets in the UK, Brazil and Germany, while a Munich court has accepted its parent’s administration filing and insolvency proceedings continue in Australia and New Zealand.
01 September 2020
Omni Bridgeway hires Morgan Lewis partner to focus on LatAm
Australian dispute finance firm Omni Bridgeway has appointed a new leader for its global distress-related litigation funding business in New York.
01 September 2020
J Crew’s confirmed Chapter 11 set to swap debts and reject leases
Weil, Gotshal & Manges and Virginia-based Hunton Andrews Kurth have secured court approval for American retailer J Crew’s pre-packed debt-for-equity swap plan, despite a slew of objections.
01 September 2020
US appeals court weighs in on “unfair discrimination” standard in cramdown provisions
The US Third Circuit appeals court has weighed in on the little-analysed “unfair discrimination” standard applying to creditor cramdown in the US – rejecting calls from senior noteholders of Tribune media company to revise subordination payments in a plan approved eight years ago.
28 August 2020
Neiman Marcus sues creditors committee co-chair over bid “coercion”
Luxury department store chain Neiman Marcus is suing its largest unsecured creditor, which the US trustee has accused of coercing a rival bidder into dropping its interest in a Chapter 11 asset acquisition.
28 August 2020
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