Regional news: United Kingdom

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

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

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

“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

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

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

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

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

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

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