Topic: DIP financing

Specialist insolvency judges, greater clarity on the priority status of new money and better understanding and cooperation between onshore and offshore regimes: speakers from law and advisory firms, funds and banks in the Middle East provided food for thought for future restructuring reforms in the UAE and Saudi Arabia.

16 March 2023

UPDATED: Rio de Janeiro-headquartered retailer Americanas has secured recognition of its Brazilian restructuring in New York, as it dismissed reports that its shareholders had offered to boost a capital injection presented to creditors.

07 March 2023

Bankrupt crypto miner Core Scientific has been allowed to replace a debtor-in-possession financing facility it obtained interim approval of in December, after telling a Texas court the rising price of Bitcoin had substantially improved its cashflow since it entered Chapter 11.

02 February 2023

Texas-headquartered crypto miner Core Scientific has been allowed to reject executory contracts with bankrupt trading platform Celsius that are the subject of a dispute in a New York bankruptcy court, after a Texas judge reasoned that rejecting a contract does not violate the Chapter 11 automatic stay.

04 January 2023

“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

X-ray imaging products supplier Carestream Health, which was sold to Canadian investor Onex by Eastman Kodak, has filed a pre-packaged bankruptcy plan in Delaware to halve its US$1 billion debt pile and hand its equity over to lenders.

24 August 2022

King & Spalding has hired a New York-based partner from Paul Hastings who it said will be a “key component” in the international growth of its corporate, finance and investments practice.

18 August 2022

Lower costs of enforcement in the US, speedier, specialised courts in Europe with a “proper” cross-border recognition regime, and Asian regulators that understand distress: a panel of investors from around the world shared their wish lists for an ideal environment to encourage the development of a global rescue financing market fit for the future.

10 August 2022

Cerberus and Bayside Capital have lost a bid to stay bankrupt chemical business TPC Group’s attempts to obtain debtor-in-possession financing, which would roll up almost US$240 million of debt owed to other lenders who claim to be senior to them.

12 July 2022

Two Teneo senior directors have been appointed as the joint liquidators of cryptocurrency hedge fund Three Arrows Capital in the British Virgin Islands, while Singapore’s financial regulator has accused its manager of providing false information.

30 June 2022