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DLA Piper, Grant Thornton help Gourmet Burger Kitchen pass CVA

DLA Piper, Grant Thornton help Gourmet Burger Kitchen pass CVA

12 December 2018

UK burger chain Gourmet Burger Kitchen has shut 14 failing restaurants after seeing through a company voluntary arrangement with DLA Piper and Grant Thornton.

Bankrupt helicopter-leasing company strikes sale agreement

Bankrupt helicopter-leasing company strikes sale agreement

12 December 2018

An Irish helicopter-leasing company backed by vehicles of George Soros and Michael Dell is seeking a New York bankruptcy court’s approval for a heavily discounted sale of its assets and US$45 million in DIP financing.

Carey Olsen promotes in Guernsey

Carey Olsen promotes in Guernsey

12 December 2018

Offshore firm Carey Olsen has promoted restructuring and insolvency lawyer David Jones to its partnership in the Channel Islands.

Brinkmann & Partner advising Hansa Heavy Lift in Hamburg insolvency

Brinkmann & Partner advising Hansa Heavy Lift in Hamburg insolvency

11 December 2018

German shipping company Hansa Heavy Lift (HHL) has entered preliminary insolvency proceedings in Hamburg, with local firm Brinkmann & Partner providing the administrator.

Fairfield liquidators to proceed with 305 clawback cases in New York

Fairfield liquidators to proceed with 305 clawback cases in New York

11 December 2018

Almost 10 years to the day that convicted fraudster Bernie Madoff was arrested, a US bankruptcy court has allowed three of his investment company’s feeder funds to proceed with 305 adversary claims in New York.

Australian court casts off yacht injunction

Australian court casts off yacht injunction

11 December 2018

The Chapter 7 trustee of luxury private plane operator Zetta Jet has failed to prolong an interim injunction barring a Marshall Islands-registered ship from leaving Australian waters, with a court rejecting arguments that the UNCITRAL Model Law permits foreign companies to seek substantive remedies in Australia.

Europe column: Interpreting a no-action clause in a trust deed

Europe column: Interpreting a no-action clause in a trust deed

10 December 2018

Bob Wessels, professor emeritus of international insolvency law at Leiden University and expert counsel on restructuring and insolvency to the European Commission, discusses the interpretation of a no-action clause in a trust deed, with a focus on the restructuring of the Brazilian telecom group Oi.

Slaughter and May and Ashurst advising as Interserve seeks rescue plan

Slaughter and May and Ashurst advising as Interserve seeks rescue plan

10 December 2018

Shares in UK-based construction company Interserve have nosedived after it announced details of a planned restructuring that could result in “material dilution” for its shareholders.

Singapore rulings keep litigation funding door open

Singapore rulings keep litigation funding door open

10 December 2018

Two recent rulings by the Singapore courts have upheld litigation-funding agreements in insolvency cases, rejecting arguments that recent legislation allowing the practice in international arbitration impliedly barred it for other areas.

Singapore blocks Noble stock re-listing

Singapore blocks Noble stock re-listing

07 December 2018

Asian commodities trader Noble Group may be forced to seek insolvency protection after Singaporean authorities refused to let it re-list its restructured stock, following an investigation into alleged improper accounting.

Global oil group files for Chapter 15 recognition of Brazilian reorganisation

Global oil group files for Chapter 15 recognition of Brazilian reorganisation

07 December 2018

An oil and gas driller that counted Petrobras as its principal customer has filed for Chapter 15 recognition of its Brazilian reorganisation proceedings.

Nine West seeks approval for more DIP financing

Nine West seeks approval for more DIP financing

07 December 2018

Fashion company Nine West is seeking approval for an additional US$22 million in debtor-in-possession financing following the extension of its Chapter 11 exit deadline.