Topic: Bankruptcy

White & Case advising as Americanas files Ch15 in New York

Rio de Janeiro-headquartered retail giant Americanas has sought New York recognition of its Brazilian judicial recovery proceedings to protects its US assets, two weeks after it disclosed a near four-billion-dollar gap in its balance sheet.

26 January 2023

India proposes “comprehensive” Bankruptcy Code shake-up

The Indian government is inviting comments on a suite of proposed reforms to the country’s Insolvency and Bankruptcy Code, from a new electronic case management platform to special rules for real estate developers.

26 January 2023

Weil and Gibson Dunn advising as Serta Simmons files Ch11

North American bedding group Serta Simmons has sought bankruptcy protection in Texas, automatically staying a claim brought against it in New York last year by lenders who claim they were robbed of their rights during a refinancing in 2020.

25 January 2023

Australian court recognises businessman’s Singaporean bankruptcy

The Singaporean trustees of a bankrupt Australian businessman have secured recognition of their appointments in Australia so they can investigate his assets after he failed to file a statement of affairs in compliance with Singapore’s insolvency laws.

25 January 2023

English court orders Chinese businessman to disclose documents to Ch11 trustee

An exiled Chinese businessman, who filed for bankruptcy in the US last year claiming to be in “continuous fear” of the Chinese government, has been ordered to disclose documents to his Chapter 11 trustee in relation to a claim he is pursuing against Swiss bank UBS in London.

24 January 2023

Crypto lender Genesis outlines restructuring plans in Chapter 11

Following months of speculation, cryptocurrency lender Genesis has entered Chapter 11 in New York and already filed a plan contemplating a potential sale or equitisation transaction, after being charged by the US Securities and Exchange Commission with illegally selling crypto assets.

20 January 2023

Saudi adds cross-border bankruptcy rules based on UNCITRAL Model Law

New procedures for recognising and enforcing foreign bankruptcies have been introduced in Saudi Arabia for the first time, which one local lawyer tells GRR should help to encourage investment in the country.

19 January 2023

Gibraltarian appeals court overturns Scotsman’s bankruptcy discharge

The Gibraltarian bankruptcy trustees of a Scottish former hedge fund manager have overturned a lower court order discharging his bankruptcy, after an appeals court found the bankrupt’s failure to comply with his statutory obligations to them went “well beyond” a limited failure to evade service.

19 January 2023

Baccarat investor staves off possible UK jail time with last-minute concessions

A Chinese former owner of French luxury crystal manufacturer Baccarat has averted possible jail time in the UK, after brokering an out-of-court deal with her Hong Kong bankruptcy trustees to adjourn a contempt application over her refusal to cooperate with them.

18 January 2023

Spain’s new pre-pack law tested as nine bidders vie for Abengoa’s businesses

Rival bidders seeking to buy Spanish renewables conglomerate Abengoa’s operating assets are testing new powers to scrutinise pre-pack sales under Spain’s recently enacted transposition of the EU preventive frameworks directive.

13 January 2023

Unlock unlimited access to all Global Restructuring Review content