Regional news: United States of America
Australian cancer treatment groups enters Texas Chapter 11
GenesisCare, a KKR-backed Australian cancer care group, has secured a worldwide stay and access to a debtor-in-possession facility in Texas, as it seeks to sell its US business to investors who can implement a ready-to-go turnaround plan.
02 June 2023
Fourth time’s the charm: Samarco enters restructuring agreement
Two years and three plans down, Brazilian miner Samarco, its shareholders and creditors have finally reached a binding restructuring agreement that will need to be approved by a Brazilian bankruptcy court and recognised in New York.
01 June 2023
Wikeley rebuked for violating Chapter 15 stay
A Kentucky entity set up by Australia-based businessman Kenneth Wikeley has been reprimanded for violating a Chapter 15 stay obtained by liquidators appointed over the trustee of his family trust, which has been accused of fraud by a purported investor.
01 June 2023
Cash machine manufacturer plans parallel Ch11 and WHOA
Cash-strapped cash machine manufacturer Diebold Nixdorf has signed a restructuring support agreement with key creditors, as it set its sights on finishing a pre-packaged Chapter 11 and Dutch scheme within 80 days, with help from Jones Day and Jackson Walker.
31 May 2023
“Bankruptcy is inherently a creature of competing interests”: Purdue plan reinstated
Purdue Pharma’s restructuring plan has been reinstated after a lengthy appeal – but the Second Circuit, conflicting with the Third Circuit, found the bankruptcy court that originally authorised the plan lacked constitutional authority to enter a final order approving releases for its non-debtor owners.
31 May 2023
Gibson Dunn hires O’Melveny & Myers’ US co-head
O’Melveny & Myers’ former US restructuring co-chair has joined Gibson Dunn & Crutcher in New York, just over a month after O’Melveny recruited one of Gibson Dunn’s partners in London.
31 May 2023
US Supreme court to decide whether bankruptcy code abrogates tribal sovereign immunity
In a case that could have significant repercussions for the rights of Native American tribes, the US Supreme Court is set to decide whether the Bankruptcy Code “unequivocally expresses” the intent of Congress to abrogate tribal sovereign immunity.
26 May 2023
The first restructuring plan under the new Cayman restructuring officer regime
Walkers’ partners Rupert Bell and Niall Hanna run through the very first use of the new Cayman restructuring officer regime in conjunction with foreign proceedings, in the case of Rockley Photonics Holdings.
26 May 2023
Rolta chair ordered to pay creditors after New York contempt ruling
The chair of Indian IT group Rolta has been ordered to personally pay creditors almost US$188 million following a bond default in 2018, after a New York court found he directed the group to file bankruptcies in bad faith.
25 May 2023
Milbank continues New York expansion with Kirkland hire
Former Kirkland & Ellis partner Eugene Park has joined Milbank in New York, reuniting him with an old Paul Weiss colleague who joined the firm’s alternative investment group last month.
25 May 2023