Topic: Bankruptcy

Greek shipping tycoon brings statutory demand against former Newcastle United chair

The former chair of Premier League football club Newcastle United is trying to throw out a £36.7 million statutory demand brought against her by Greek shipping tycoon Victor Restis, claiming documents she signed making her personally liable for a loan were obtained through threats of violence.

29 February 2024

Hornblower secures emergency DIP funding in Texas

Global tourism and transportation group Hornblower has received interim approval to access two debtors-in-possession facilities after a judge in Texas said the fact the loans would provide stability and an exit plan was “far more important” to him than the cost of the borrowing.

27 February 2024

US marketing group OSG sells UK arm through administration

Days before its former parent’s pre-packaged Chapter 11 closed in Texas, the joint administrators of a Leeds-based marketing business have said the most likely exit route for the company is dissolution after it completed a partial sale to consulting group Paragon last year.

09 February 2024

Judge Costa launches boutique firm after 25 years on the bench

After sitting on the bench in Brazil for a quarter of a century, Judge Daniel Carnio Costa has stepped down and tells GRR he is establishing his own boutique firm in São Paulo and Brasilia.

07 February 2024

Edu-tech startup’s US arm enters contested Ch11, parent faces Indian CIRP

A US affiliate of Indian edu-tech group Byju has entered Chapter 11 to pursue a hedge fund apparently registered to a Florida fast food restaurant for over US$500 million, as the group’s parent faces an insolvency petition in India from GLAS.

06 February 2024

“The devil is in the detail”: Brazilian lawyers sceptical of new bankruptcy rules

Lawyers in São Paulo tell GRR that new bankruptcy rules proposed by Brazil’s government earlier this month are a good first step, but they need to be fleshed out before they will fulfil their aims of making liquidation processes more efficient, reducing litigation and giving creditors greater control.

31 January 2024

Singaporean judgments held in “extremely high regard”, English court says

Bond trustee service provider GLAS has failed to secure a summary judgment against Chinese fashion conglomerate Shandong Ruyi after an English judge allowed the group an extension of time to file a defence and urged a Singapore court to deanonymize a related ruling set to be issued soon so the two jurisdictions can avoid inconsistency.

29 January 2024

A look at cross-border restructuring and the year ahead

McDermott Will & Emery partners from the UK, US, Germany and France try to predict what 2024 might have in store for the restructuring sector in their respective jurisdictions, following several years of global unpredictability. Above all, they anticipate changes in what a restructuring is – and what it might be used for.

24 January 2024

Pension fund seeks US$5bn arbitration in Yellow bankruptcy

While a former Delaware judge has said US bankruptcy courts have so far resisted deferring to arbitration and have “in effect” ignored the Federal Arbitration Act, a pension fund has sought an order compelling collapsed trucking giant Yellow to open arbitration over a US$4.8 billion pension liability dispute.

12 January 2024

Russian trustee goes after London properties in the UK Supreme Court

The Russian bankruptcy trustee of former Vneshprombank owner Georgy Bedzhamov has spent the last two days trying to persuade the UK Supreme Court that her recognition under common law gives the English courts jurisdiction to assist her in realising his immovable property in London.

22 November 2023

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