Regional news: United Kingdom

Strong US dollar could lead to increase in restructurings, lawyers say after pound hits record low

The British pound’s collapse following the UK government’s adoption of a tax cutting budget will impact all industries exposed to sterling income with dollar or euro costs, restructuring lawyers have warned – but they noted that most businesses should have hedged against currency fluctuations.

26 September 2022

Another Brown Rudnick partner joins Squire Patton Boggs

Squire Patton Boggs has recruited another partner from Brown Rudnick in Paris, weeks after it added a five-strong team from the firm in London.

26 September 2022

Shearman & Sterling partner rejoins Akin Gump

After spending 18 months at Shearman & Sterling, London partner Sam Brodie has returned to his former firm, Akin Gump Strauss Hauer & Feld.

23 September 2022

III NextGen, Toronto: DIP roll-ups across jurisdictions

“You can’t put the toothpaste back in the tube.” Comparing the evolution of rescue financing in the US with Singapore, Spain and Italy, speakers at the International Insolvency Institute’s NextGen conference in Toronto discussed the controversial rise of roll-ups and noted lenders will not stop asking for them now they are used so frequently.

21 September 2022

Interpol-wanted businessman fails to annul bankruptcy on COMI grounds

A former businessman subject to an Interpol Red Notice after breaching bail in Bermuda in “extraordinary circumstances” has failed to annul an English bankruptcy order, after a judge found his centre of main interests was in the UK at the time the petition was served on him in a Dutch jail, where he was serving time for bankruptcy fraud.

21 September 2022

Sidley, Admiralty Harbour advising as China Fortune Land reveals restructuring terms

Property developer China Fortune Land has revealed details of a proposed debt swap that it will offer to holders of eleven tranches of bonds issued by a Cayman subsidiary – with plans to pursue an English scheme of arrangement if a consent proposal fails.

16 September 2022

English court sanctions China Fishery’s restructuring plan

A Peruvian arm of industrial fishing group China Fishery has secured sanction of its UK restructuring plan, after dealing with bankruptcy petitions filed against it in Peru that caused a year-long delay.

13 September 2022

Cineworld’s secures interim DIP facility

Struggling British entertainment conglomerate Cineworld has received approval to access part of its proposed debtor-in-possession financing but a Texas judge has refused to grant the full package without amendments.

09 September 2022

Citibank wins appeal over US$900m Revlon blunder

A US federal appeals court has ruled that New York-headquartered Citibank can recover about US$500 million it mistakenly paid to lenders of bankrupt multinational cosmetics group Revlon two years ago.

09 September 2022

Kirkland, Jackson Walker and Slaughters advising London-based Cineworld in Texas Ch11

British film entertainment conglomerate Cineworld has brought in Kirkland & Ellis, AlixPartners, Jackson Walker and Slaughter and May to advise on its Chapter 11 filed yesterday, where the curtain has already come down on immediate approval of a proposed US$2 billion debtor-in-possession financing.

08 September 2022

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