Topic: Distressed transactions
Petropavlovsk schemes sanctioned as Citibank deadline looms
The administrators of London-listed Russian gold miner Petropavlovsk have secured relief from an English court in a race to distribute the proceeds of the group’s sale to a Russian mining conglomerate before its Citibank accounts are closed.
24 January 2023
Petropavlovsk scheme meetings greenlit as Citibank threatens to close accounts
The administrators of London-listed Russian gold miner Petropavlovsk have received a nod from an English court to place two of its Jersey-incorporated subsidiaries into administration and hold three scheme meetings for the trio, as Citibank threatens to close the group’s accounts and drop all business related to Russia.
21 December 2022
Omni Bridgeway recruits Stephenson Harwood partner in Hong Kong
Australia-headquartered litigation funder Omni Bridgeway has boosted its offering in Asia with the hire of one of GRR’s recently named “40 under 40” from Stephenson Harwood in Hong Kong.
23 November 2022
Voyager restarts bidding process as FTX founder faces lawsuit in Miami
Bankrupt cryptocurrency brokerage Voyager Digital has reopened the Chapter 11 bidding process for its assets, having confirmed hours after FTX entered bankruptcy last week that their US$1.4 billion court-sanctioned deal had collapsed.
16 November 2022
Former Bain Capital managing director joins Akin Gump in New York
Kirkland & Ellis partner Ranesh Ramanathan has joined Akin Gump Strauss Hauer & Feld to co-lead its special situations and private credit group in New York, bringing with him experience representing foreign investors in distressed acquisition transactions in India.
06 October 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
Petropavlovsk minority shareholders lose bid to adjourn sale
Minority shareholders of London-listed gold producer Petropavlovsk have failed to persuade an English judge to adjourn its sale to a Russian metals producer, days after he allowed the transaction to go ahead in the wake of UK and EU sanctions.
05 August 2022
Cerberus and Bayside lose bondholder battle in TPC bankruptcy
Two distressed investors have failed to convince a Delaware court that Texas-based chemical business TPC Group acted unlawfully when loan documents were amended to leave them sitting in a junior tranche of debt.
07 July 2022
Maltese Evan Group lays foundations for cross-border StaRUG case
Malta-registered real estate company Evan Group has petitioned a Düsseldorf court to open a German StaRUG restructuring process, ahead of a €125 million bond repayment that looms at the end of the month.
07 July 2022
Heads-Up: Luc Despins and Kris Hansen at Paul Hastings in New York
Featured in Heads-Up
The co-chairs of Paul Hastings’ restructuring practice, Luc Despins and Kris Hansen, recently brought to work together when Stroock Stroock & Lavan's restructuring team moved to the firm in March, tell GRR their expectations for the global economy in the next 12 months, why Singapore and the Cayman Islands are emerging jurisdictions for restructuring, and their secrets for good brief writing.
01 July 2022