Topic: Financial restructuring

Oi taps BMA Advogados as it secures protection in Rio

Lawyers from BMA Advogados have helped Brazil’s Oi and two of its Dutch affiliates obtain provisional protection from creditors in a Rio court, less than two months after the telecoms company formally exited a six-year-long judicial reorganisation process before the same court.

03 February 2023

Germany’s highest court finds Dusseldorf has jurisdiction over Galapagos proceedings

Contradicting an earlier English ruling, Germany’s Federal Court of Justice has found that heat exchange group Galapagos’ insolvency proceedings and disputes relating to them belong in Dusseldorf post-Brexit, and not in London where the group was wound up in June.

02 February 2023

Hong Kong’s Harris talks Gibbs, Modern Land and Model Law

Mr Justice Harris has predicted Hong Kong will soon become a signatory to the UNCITRAL Model Law and said US judges “don’t fully understand” the concerns of Hong Kong courts in the wake of the controversial cross-border restructuring of Chinese real estate developer Modern Land.

01 February 2023

Malaysia’s Sapura Energy obtains recognition in Singapore

Three subsidiaries of Malaysian oil and gas services company Sapura Energy have secured Singaporean recognition of their ongoing restructuring proceedings following a flurry of winding up petitions filed against the group last year.

01 February 2023

Adler ad hoc noteholder group proposes alternative restructuring

A noteholder group that blocked a consensual agreement that would have seen German real estate group Adler receive US$1 billion in fresh funding has published an alternative to the company’s English restructuring plan, which it claims would provide the group with more stability.

31 January 2023

Brown Rudnick team joins Parisian boutique

French private equity boutique Moncey Avocats has hired a partner from Brown Rudnick’s recently closed Paris office to lead its restructuring practice.

31 January 2023

Dolfin case tests disclosure under UK special administration rules

In a first-of-its-kind ruling, an English judge has refused a disclosure request by a client of investment manager Dolfin Financial in relation to the remuneration charged by its joint special administrators.

27 January 2023

Health sensor SPAC files dual US-Cayman restructuring

A company that develops sensors used in smart watches has filed the second known application for restructuring officers in the Cayman Islands and entered a pre-packaged Chapter 11 in New York to equitise two sets of notes.

27 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

Cuba challenges validity of sovereign debt assignment in English courts

An eight-day trial is under way in London to decide whether a Cayman fund can bring a claim against Cuba for payment of an almost 40-year-old sovereign debt governed by English law and denominated in now-defunct German Deutschmarks.

25 January 2023

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