Topic: Bankruptcy
Canadian-US cannabis group obtains CCAA protection as receiver appointed in Oregon
Ontario-incorporated cannabis company Chalice Brands has secured CCAA protection in Canada and placed its US operating subsidiaries into receivership, saying it is unable to seek Chapter 15 recognition given the cannabis industry is still illegal under US federal law.
08 June 2023
Crypto roundup: Genesis, Symbiont, Celsius, and Core Scientific
Cryptocurrency lender Genesis has won a two-week extension to mediation talks with its creditors, while Bitcoin miner LM Funding America is set to acquire blockchain start-up Symbiont; and crypto miner Core Scientific is seeking summary judgment on a claim brought against it by the Celsius network, which itself will be acquired out of bankruptcy by consortium Fahrenheit.
07 June 2023
Akin Gump continues special situations growth with Hong Kong hire
Akin Gump Strauss Hauer & Feld has recruited a new partner from alternative investment firm Värde Partners in Hong Kong, continuing a recent hiring spree that has seen it add five new partners to its special situations and private credit group in the last eight months.
05 June 2023
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
Bedzhamov battles Russian trustee again for permission to sell Belgravia properties
The bankrupt former owner of Russia’s Vneshprombank has again asked an English Court to let him sell two London properties for his legal and living expenses, as his Moscow-based bankruptcy trustee tries to block the deal ahead of a UK Supreme Court hearing in November.
30 May 2023
Mission failure: Virgin Orbit shuts down, sells assets
Three California-based aerospace companies have won separate auctions for parts of British entrepreneur Sir Richard Branson’s rocket launch company Virgin Orbit, nearly two months after the company crashed into bankruptcy in Delaware.
25 May 2023
Portage Point picks up new turnaround co-head and managing director in New York
Chicago-headquartered boutique advisory firm Portage Point has added two new managing partners to its ranks in New York, and named one of them co-chair of its turnaround practice.
18 May 2023
“Pharma Bro” group files Ch11 following antitrust suit
A biopharmaceutical group whose founder Martin Shkreli infamously hiked the price of one of its best-selling drugs by 4,000% has entered Chapter 11, citing “reputation harm” and expensive litigation caused by Shkreli’s leadership.
16 May 2023
Exclusive jurisdiction clauses trump bankruptcy code in absence of public interest, Hong Kong court rules
The Hong Kong Court of Final Appeal has held that exclusive jurisdiction clauses in private agreements should take precedence over bankruptcy petitions in certain circumstances.
09 May 2023
BVI freezing injunction extended, but not for bankruptcy creditors
In a decision clarifying the scope of its powers to grant freezing orders in aid of foreign proceedings, the Eastern Caribbean Supreme Court has extended a Chabra injunction against a BVI-incorporated arms dealer for a pair of unsecured creditors with civil claims against its bankrupt former director in the Czech Republic – but declined to join two other creditors with claims in his bankruptcy.
05 May 2023