Regional news: North America
Japanese restaurant operator enters CCAA, files for US recognition
A group of companies that operate the Japanese restaurant chain Sarku Japan in the US have entered CCAA proceedings in Canada and sought Chapter 15 recognition to make amendments across the group’s lease portfolio and close underperforming locations.
26 January 2021
McDermott adds new restructuring head in London
Proskauer Rose’s former European head of restructuring Mark Fennessy has moved to McDermott Will & Emery in London, telling GRR his new firm's strong finance, corporate and litigation offering will be important in the post-Brexit world.
22 January 2021
Speedcast Chapter 11 sale approved in Texas
Australian satellite communications group Speedcast has won a Texan court’s approval for a Chapter 11 sale plan after reaching a creditor settlement that allows it to potentially file for voluntary administration in Australia.
22 January 2021
Delaware safe harbour ruling splits from New York courts
Bankruptcy safe harbour rules can apply to transfers made by debtors according to a Delaware court that has departed from a New York ruling that debtor transfers are not protected from avoidance actions.
20 January 2021
English court will hear Galapagos claim amid international challenges
An English court will hear a claim for declaratory relief concerning the validity of the Galapagos group’s controversial 2019 restructuring after finding that an “anchor defendant” in the form of a non-participating high yield note trustee gave it jurisdiction over a Luxembourg fund and a German insolvency administrator.
20 January 2021
Community round-up: Pachulski Stang, Piper Sandler and RSM beef up, as Duff & Phelps opens in Gibraltar
The new year flurry of personnel changes is showing no sign of abating with Pachulski Stang Ziehl & Jones and Piper Sandler acquiring restructuring teams in the US, Duff & Phelps opening a new office in Gibraltar, and RSM adding an investigations partner in London.
19 January 2021
Crystallex can proceed with sale of PDVSA refinery
A Delaware court has granted Canadian miner Crystallex permission to sell shares in the US refinery business owned by Venezuela’s national oil and gas company PDVSA, saying each day the creditor cannot collect a US$1.6 billion arbitration award is an “affront” to the US judicial system.
19 January 2021
Community roundup: hires at Simmons, Dentons and Hunton Andrews Kurth, as Begbies Traynor acquisition launches it offshore
Simmons & Simmons, Dentons and Hunton Andrews Kurth have hired in London, Portland in Maine and Bangkok respectively; while Begbies Traynor has acquired insolvency advisory group CVR Global, adding its first overseas offices.
18 January 2021
AlixPartners strengthens globally
AlixPartners has announced seven promotions across its restructuring group in the US and Europe, and hired McKinsey & Co partner Karsten Lafrenz in Germany.
14 January 2021
Hemp-related products company’s Chapter 11 dismissed in Colorado
A US producer of hemp-related CBD products has had its Chapter 11 case thrown out in Colorado, following government concerns about the status of its intellectual property licensing business under federal law.
14 January 2021
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