Topic: Super-priority financing

Singapore court approves priority status for liquidation funding creditors

A Hong Kong-based supplier and a Cayman Islands fund have secured an order in Singapore giving them priority over other creditors of an international commodities trader, after agreeing to finance the company’s liquidation.

11 September 2023

Atento enters RSA with advice from Sidley, Loyens & Loeff, Houlihan and FTI

Lawyers from Sidley Austin and Loyens & Loeff, and financial advisers from Houlihan Lokey and FTI Consulting, have helped a business process outsourcing firm with a focus on Latin America enter a bridge financing deal that will help it raise US$30 million in new money, while it contemplates a restructuring through a Part 26A plan in the UK.

04 July 2023

Kitchenware maker secures Ch11 recognition in Canada

Instant Pot and Pyrex maker Instant Brands has secured recognition of its Chapter 11 in Canada, after a Texas court allowed it to tap into a debtor-in-possession facility that it will use to repay a promissory note issued to its equity sponsor as part of refinancing in January.

21 June 2023

Zipmex secures scheme sanction as court permits “administrative convenience” class

Zipmex has become the first crypto platform to persuade a court to sanction a scheme restructuring its debts, having secured a landmark ruling in Singapore allowing it to exclude small retail creditors from voting on the scheme for “administrative convenience”.

06 April 2023

Financial Restructuring MENA, Abu Dhabi: a wish list for the future

Specialist insolvency judges, greater clarity on the priority status of new money and better understanding and cooperation between onshore and offshore regimes: speakers from law and advisory firms, funds and banks in the Middle East provided food for thought for future restructuring reforms in the UAE and Saudi Arabia.

16 March 2023

Care home group secures seven-plan sanction with cramdown

A British care home group has secured sanction of seven UK restructuring plans, each voted on by up to five classes of creditors, with the court cramming down landlords and other unsecured creditors who dissented against three of the plans.

22 February 2023

Boardriders decision sparks new Serta Simmons priming transaction challenge

Citing last month’s Boardriders decision, a group of first lien lenders to US bedding group Serta Simmons have sued the company in the same New York state court, claiming a 2020 restructuring it executed “brazenly upended the priorities” in a pre-existing creditor agreement, stripping them of their bargained-for rights.

07 November 2022

GRR Live, Singapore: the hub, five years on

Singapore’s freshly appointed official receiver, Francis Ng SC, reflected on the five years since the city-state declared its ambition to be a regional restructuring hub and looked to its future as a potential centre for restructuring troubled cryptocurrency platforms in his keynote at GRR Live.

25 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

Morgan Lewis advising Singapore-based food company with debt restructuring

An investor that is set to acquire a majority shareholding in a struggling Singaporean restaurant operator does not need to make a mandatory offer for the company, after a local regulator waived the obligation while the company pursues a restructuring scheme.

08 August 2022

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