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Pacific Drilling’s shareholder pursues it for legal costs as bankruptcy end nears

Pacific Drilling’s shareholder pursues it for legal costs as bankruptcy end nears

22 October 2018

The Gibraltar-headquartered major shareholder of Luxembourg drill ship contractor Pacific Drilling has asked it to pay up to US$13 million in court costs, as the price of helping it out of Chapter 11 bankruptcy.

GRR Live Offshore: Is Singapore “coming for Cayman’s docket”?

GRR Live Offshore: Is Singapore “coming for Cayman’s docket”?

22 October 2018

Singapore is bidding to be the "Asian New York" of debt restructuring, but can it compete with the US’s experience and the Cayman Islands’ flexibility? A team of panellists at GRR Live Offshore considered the pros and cons of the respective regimes to see whether the city-state was “coming for Cayman’s docket”.

Nine West files amended Chapter 11 plan settling claims against its sponsors

Nine West files amended Chapter 11 plan settling claims against its sponsors

19 October 2018

Struggling US shoe and handbag retailer Nine West has filed an amended Chapter 11 restructuring plan that settles potential claims against its private equity sponsors - but its unsecured creditors appear to be continuing an adversary suit against them.


IWIRC treasurer joins Lowenstein Sandler

IWIRC treasurer joins Lowenstein Sandler

19 October 2018

Lowenstein Sandler has hired Jennifer Kimble, director of business development at Prime Clerk and treasurer of the International Women’s Insolvency and Restructuring Confederation, as counsel in its bankruptcy and restructuring group in New York.

Sberbank can proceed with US$20m claim against Azeri bank pending Gibbs challenge

Sberbank can proceed with US$20m claim against Azeri bank pending Gibbs challenge

19 October 2018

Russia’s Sberbank can proceed with a US$20 million debt recovery claim against the International Bank of Azerbaijan in the English High Court, while a separate dispute between the pair – in which the latter plans to challenge the controversial Gibbs rule – plays out its first leg in the Court of Appeal.


Steinhoff’s investors suspend Dutch class action so company can reorganise

Steinhoff’s investors suspend Dutch class action so company can reorganise

18 October 2018

Shareholders suing South African conglomerate Steinhoff International Holdings in the Netherlands have agreed to suspend their class action lawsuit to give the retailer breathing space to continue its ongoing UK restructuring.

Noble files Chapter 15 as creditors prepare for London scheme vote

Noble files Chapter 15 as creditors prepare for London scheme vote

18 October 2018

Commodities trader Noble Group has filed for Chapter 15 recognition of its English scheme in New York, as it prepares to put it and a parallel Bermudian scheme before creditors.

Money paid into court is recoverable, English appeal court says

Money paid into court is recoverable, English appeal court says

18 October 2018

The English Court of Appeal has ruled against the liquidators of British Virgin Islands (BVI) company Peak Hotels and Resorts, saying that the company’s fixed fee arrangement with its former solicitors had created a floating charge over two sums it had paid into court as security.

Hellas parent ordered to pay indemnity costs after “unexplained discontinuance”

Hellas parent ordered to pay indemnity costs after “unexplained discontinuance”

18 October 2018

The joint liquidators of the Luxembourg-based parent of Greek telecoms group Hellas have been ordered to pay indemnity costs to private equity houses Apax Partners and TPG after the “sudden, unexplained discontinuance” of a €1 billion avoidance claim against them.

“Enough is enough”: Australian judge slams vexatious litigant in New Zealand bankruptcy trust dispute

“Enough is enough”: Australian judge slams vexatious litigant in New Zealand bankruptcy trust dispute

17 October 2018

An Australian judge has stayed a trust dispute filed by a bankrupt “obsessive litigant”, the latest in a “disgraceful” string of vexatious lawsuits he has filed.

New York court upholds Yukos buyer’s Chapter 11 plan

New York court upholds Yukos buyer’s Chapter 11 plan

17 October 2018

A US shareholder has failed to overturn a restructuring plan for a Luxembourg-registered vehicle set up to buy the financial services arm of bankrupt Russian oil giant Yukos.

White & Case promotes nine restructuring lawyers

White & Case promotes nine restructuring lawyers

17 October 2018

White & Case has promoted nine lawyers with restructuring experience to its partnership in the US, Europe and Asia.