Topic: Financial restructuring

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

Weil and Gibson Dunn advising as Serta Simmons files Ch11

North American bedding group Serta Simmons has sought bankruptcy protection in Texas, automatically staying a claim brought against it in New York last year by lenders who claim they were robbed of their rights during a refinancing in 2020.

25 January 2023

Care home group’s shareholders blocked from participating in Part 26A sanction hearings

Shareholders of a British care home group may not participate in the sanction hearings for seven restructuring plans it is pursuing because the plans neither affect their rights nor the economic value of those rights, an English judge has ruled.

23 January 2023

China Fortune Land's English scheme sanctioned

Distressed Chinese property developer China Fortune Land Development has secured court-approval of its English scheme after making last minute changes following the UK’s introduction of sanctions banning the provision of trust services to Russian persons or entities.

23 January 2023

FTX authorised to retain S&C in face of “incendiary” last-minute allegations

Sullivan & Cromwell has won court approval to represent FTX, despite facing what partner Jim Bromley described as “assault by twitter” and accusations of misconduct by the exchange’s former chief compliance officer.

20 January 2023

German car parts maker Leoni reappoints pandemic CRO after failed sale

Latham & Watkins and Hengeler Mueller are advising German automotive wiring manufacturer Leoni as it reinstates a chief restructuring officer it relied on during the pandemic, following the failed disposal of a subsidiary that jeopardised its 2022 restructuring plan.

20 January 2023

Foreign creditors violated Avianca’s Ch11 plan, New York court finds

Latin American airline Avianca has asked a New York court to make a first-of-its-kind order sanctioning over 160 foreign creditors for violating the injunction terms of its Chapter 11 plan.

19 January 2023

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