Topic: Multinational corporate groups
Evergrande in default as Cayman insolvency filing looms
Credit rating agency Fitch has declared Chinese property group Evergrande’s foreign bonds in default after it missed interest payments earlier this week – while a German investor says it will file an insolvency application against the group’s holding company in the Cayman Islands in the next few days.
09 December 2021
Evergrande moves towards restructuring as shares plummet
Struggling Chinese property group Evergrande has established a risk management committee to help it “overcome the challenges it currently faces” – three days after it revealed plans to engage with offshore creditors on a restructuring plan.
06 December 2021
Intelsat kicks off contested Ch11 hearing
Global satellite group Intelsat said it has reached settlements with all objecting creditors and shareholders apart from one group of convertible noteholders, which claims advisers that signed off on its amended Chapter 11 plan were conflicted.
06 December 2021
Swissport administration comes to an end
The administrators of Swissport’s Luxembourg-incorporated former parent have secured discharge orders from the High Court in London, despite there being no process available for them to dissolve the company in its home jurisdiction.
29 November 2021
Delaware’s Judge Sontchi to serve in Singapore
Judge Christopher Sontchi has announced his intention to step down from the Delaware bankruptcy bench and take up a position as a judge of the Singapore International Commercial Court.
15 November 2021
SEC harmed public investors, says Hertz counsel
Counsel to car rental company Hertz, which emerged from bankruptcy in June, says the US Securities and Exchange Commission harmed the interests of public investors when it intervened in the company’s share sale last summer.
15 October 2021
Dechert launches Asia restructuring practice with Kirkland hire
Eight months after adding a new global co-head of restructuring in London, Dechert has hired Kirkland & Ellis partner Daniel Margulies to lead its new Asia restructuring practice and help “capture the growth” in activity in the region.
12 October 2021
Nortel’s main French arm to end English administration
The largest French arm of Nortel Networks is set to terminate its “unique” 12-year English administration, eight months after a court in Versailles closed its secondary liquidation.
20 September 2021
Boart Longyear schemes sanctioned in Australia
Australian mining group Boart Longyear has won court approval for two schemes of arrangement in Sydney that aim to convert about US$795 million of debt into equity – while plans to redomicile in Canada continue apace.
17 September 2021
Steinhoff settlement in danger
Embattled South African conglomerate Steinhoff’s global settlement is in jeopardy, after a Cape Town court ruled that a key part of its plan is invalid.
05 July 2021