Topic: Super-priority financing

Fraud allegations lead to Ch11 filing for global software group

A global software group with operations around the world has sought Chapter 11 protection in New York, blaming its former management for misstating revenues in 2018 and 2019.

18 May 2022

ED&F Man and NMC complete restructurings on same day

Freshfields Bruckhaus Deringer and Norton Rose Fulbright have helped agricultural commodities trader ED&F Man complete its restructuring featuring a Part 26A plan; while a court in Abu Dhabi’s financial free zone has sealed Middle Eastern healthcare group NMC’s US$7.6 billion restructuring, by affirming the first judicial reorganisation in the UAE through an administration.

01 April 2022

ED&F Man secures plan meetings, noteholders may contest sanction

Agricultural commodities trader ED&F Man has secured court permission to convene five meetings of creditors and two meetings of shareholders for what it terms an “urgent” Part 26A restructuring plan, which noteholders say they may challenge.

24 February 2022

Third party arbitration funding granted super-priority in Singapore scheme

Funding provided by Omni Bridgeway to help a struggling commodity trader pursue an arbitration in Hong Kong has been granted super-priority status in the trader’s Singaporean scheme proceedings.

02 September 2021

Intelsat re-submits plan after mediation, but challenges persist

After a multi-party mediation lasting four months, the world’s biggest satellite company Intelsat has submitted an amended Chapter 11 plan and disclosure statement before a Virginia bankruptcy court – but the group admits the plan is still at risk, including from litigation by disgruntled creditors.

25 August 2021

Bedding group fends off US district court challenge

A group of Cayman-incorporated first-lien debt holders who tried to challenge a mattress manufacturer’s novel new money restructuring before a US district court have failed at the jurisdictional stage after the court found their collective principal place of business was in New York.

19 March 2021

The Brazilian Bankruptcy Law’s 2020 reform

More than 15 years after its enactment, the Brazilian Bankruptcy Law has finally gone through its first major reform and gained cross-border insolvency provisions. Felsberg Advogados partner Thomas Benes Felsberg and senior associate Thiago Dias Costa discuss the critical provisions that were altered on 24 December when the new law was enacted.

18 February 2021

Singapore schemes sanctioned in new firsts for Asiatravel.com and MNC

Online travel agency Asiatravel.com has secured a Singapore scheme alongside an unprecedented second round of rescue financing, while Trump partner MNC Investema has become the first Indonesian company to implement a pre-packaged scheme in the city-state.

01 February 2021

ADGM: A commercially fair and efficient Middle Eastern regime

Alexander Wood, a partner at Shearman & Sterling in London whose firm advised on the establishment of the Abu Dhabi Global Market’s legal and regulatory framework, discusses why parties to regional restructurings and insolvencies should now consider the ADGM regime.

23 October 2020

A balancing Act: the UK’s new corporate insolvency and governance law

When the clock struck midnight on 25 June, the UK’s restructuring and insolvency regime suddenly looked a lot friendlier for debtors, both temporarily pending the coronavirus’ havoc on the UK economy, and permanently. But does the new legislation rushed through parliament in under a month provide a serious contender to Chapter 11’s crown, or does it merely bring the UK up-to-date with the 1970s as one practitioner suggested?

11 September 2020

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