Topic: DIP financing

Crypto miner replaces DIP facility after “unusual” rise in Bitcoin value

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

Crypto miner Core Scientific authorised to reject contracts with Celsius

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

III NextGen, Toronto: DIP roll-ups across jurisdictions

“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

Kirkland advising as former Kodak x-ray unit files Ch11

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

Paul Hastings partner moves to King & Spalding in New York

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

INSOL International, London: Developing a rescue finance market

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

TPC minority lenders fail to block upcoming DIP hearing

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

Singapore regulator rebukes crypto hedge fund as liquidators appointed in BVI

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

Exit financing helps Brazil's Moreno complete judicial reorganisation

Felsberg Advogados has helped Brazilian sugar-ethanol company Grupo Moreno implement a judicial recovery plan and pay off a debt pile of 1 billion reais, with one of the first exit financings in Brazil.

28 January 2022

DIPping a toe in the water: US-style rescue finance comes to the EU

A Hogan Lovells team looks at some of the differences in the way post-petition finance provisions have been (or will be) implemented in France, Germany, Italy and the Netherlands, drawing comparisons with the established DIP finance regime in the US.

26 January 2022

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