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US court recognises Imperial Tobacco Canada’s bankruptcy proceeding

US court recognises Imperial Tobacco Canada’s bankruptcy proceeding

18 April 2019

A US bankruptcy court has granted Chapter 15 protection to British American Tobacco’s Canadian arm, which faces nearly US$6.7 billion in class action claims north of the border.

Oil company chairman bankrupt in Hong Kong over personal guarantee

Oil company chairman bankrupt in Hong Kong over personal guarantee

18 April 2019

The chairman of Chinese oil company Brightoil has been declared bankrupt in Hong Kong over a personal guarantee for the company’s Singaporean subsidiary.

Carlyle Capital loses on appeal against former directors in Guernsey

Carlyle Capital loses on appeal against former directors in Guernsey

18 April 2019

Bankrupt investment fund Carlyle Capital Corporation and its joint liquidators have lost their US$360 million appeal against the fund’s former directors and investment manager in Guernsey.

AHAB considers Chapter 11 filing after second Saudi restructuring bid rejected

AHAB considers Chapter 11 filing after second Saudi restructuring bid rejected

17 April 2019

Saudi conglomerate Ahmad Hamad Algosaibi & Brothers is exploring appeals and a possible Chapter 11 filing after a court rejected its second application to restructure under Saudi Arabia’s new insolvency law.

Cambridge Analytica placed into liquidation in England

Cambridge Analytica placed into liquidation in England

17 April 2019

Political consultancy firm Cambridge Analytica’s six UK companies have been placed into liquidation, with their joint administrators from Crowe UK appointed as liquidators over objections from a New York-based creditor.

Eight firms close Brazil’s largest retail restructuring

17 April 2019

Brazil’s Thomaz Bastos, Waisberg, Kurzweil Advogados and Pinheiro Neto have helped retailer Máquina de Vendas close a deal to restructure its 3 billion reais (US$779 million) debt, in what is thought to be the country’s largest ever retail debt restructuring.

Hyflux sues white knight for alleged plan breach, hires more advisers

Hyflux sues white knight for alleged plan breach, hires more advisers

16 April 2019

Embattled Singaporean water treatment company Hyflux is suing its erstwhile white knight investor for allegedly breaking off a restructuring plan, and has hired local boutique nTan for additional advice.

Online travel platform obtains Singapore’s first super priority order

Online travel platform obtains Singapore’s first super priority order

16 April 2019

A Singapore court has issued the first-ever super priority order under the city-state’s new Companies Act, in favour of a creditor of struggling online travel platform Asiatravel.com Holdings.

Irish re-insurer Ballantyne proposes US$1.6 billion scheme

Irish re-insurer Ballantyne proposes US$1.6 billion scheme

15 April 2019

Irish reinsurer Ballantyne Re has proposed a scheme of arrangement in Dublin to restructure US$1.65 billion in notes governed by New York law, with William Fry and Davis Polk advising.

New SME insolvency funder launches with artificial intelligence deal

15 April 2019

A new insolvency litigation funder aimed at small- to medium-sized business has launched in the UK, partnering up with a tech platform for legal analytics.

Herbert Smith Freehills promotes in London

Herbert Smith Freehills promotes in London

15 April 2019

Herbert Smith Freehills has promoted restructuring lawyer John Chetwood to the firm’s partnership in London.

India Column: Insolvency and Bankruptcy Code 2016 – evolution over the first two years

India Column: Insolvency and Bankruptcy Code 2016 – evolution over the first two years

15 April 2019

Pulkit Gupta and Rob Downey, directors at Ernst & Young India, talk through the evolution of the Indian Insolvency and Bankruptcy Code in its first two years and consider what to expect in the near future. They argue that, while the Code is not perfect, there has been a drastic improvement and it is the best possible law India could have hoped for in the circumstances.