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Novo Banco debt transfer not a “successor event”, ISDA says

Novo Banco debt transfer not a “successor event”, ISDA says

08 March 2016

Former bondholders in Portugal’s Novo Banco who saw the value of their bonds fall by 90 per cent when they were transferred to a “bad bank” late last year are facing another hurdle in recouping their losses, after the International Swaps & Derivatives Association declined to give the transfer “successor event” status last week.

Fishing group appoints restructuring officer after deal ends Hong Kong and Cayman liquidations

Fishing group appoints restructuring officer after deal ends Hong Kong and Cayman liquidations

08 March 2016

Industrial fishing company China Fishery Group has appointed a new chief restructuring officer after reaching a deal with lenders to sell its Peruvian unit, bringing an end to liquidation proceedings in the Cayman Islands and Hong Kong.

Norwegian shipper liquidates after Japanese creditors veto restructuring plan

Norwegian shipper liquidates after Japanese creditors veto restructuring plan

08 March 2016

A Norwegian shipping company has entered liquidation after a group of Japanese creditors vetoed its restructuring plan and tried to reverse the sale of its subsidiary for an allegedly reduced price.

Vinson & Elkins boosts London practice with Freshfields hire

Vinson & Elkins boosts London practice with Freshfields hire

07 March 2016

Vinson & Elkins has added a partner from Freshfields Bruckhaus Deringer to its London office.

Chilean auto company restructures US$700 million debt

Chilean auto company restructures US$700 million debt

04 March 2016

Automotores Gildermeister, the main importer and distributor of Hyundai vehicles in Chile, last week sealed a deal with bondholders to restructure US$700 million worth of senior unsecured notes with help from an international cadre of law firms.

Australian court gives guidance on bankruptcies featuring foreign currency debts

Australian court gives guidance on bankruptcies featuring foreign currency debts

04 March 2016

In the decision that heralded the bankruptcy of Australian mining magnate Nathan Tinkler, the Federal Court of Australia ruled that creditors issuing bankruptcy notices over debts expressed in a foreign currency must lodge the notice within two days of ascertaining the relevant exchange rate.

US affiliates of German energy company file Chapter 11 case in Louisiana

US affiliates of German energy company file Chapter 11 case in Louisiana

04 March 2016

Two US affiliates of a German energy company have filed for Chapter 11 restructuring in Louisiana, as their parent faces potential liquidation under the aegis of a court in northern Germany.

White & Case poaches HSF China restructuring head

White & Case poaches HSF China restructuring head

04 March 2016

White & Case has hired Herbert Smith Freehills’ restructuring head for Greater China as a partner in its Hong Kong office.

ECJ settles 22-year wage dispute over insolvent Maltese ship

ECJ settles 22-year wage dispute over insolvent Maltese ship

04 March 2016

The European Court of Justice has found that seven Greek sailors who worked for a Maltese cruise ship company that went bankrupt before Malta entered the EU, are still protected by EU law - ending a 22-year wage dispute that pitched an EU directive against Greek domestic law and the UN Convention for the Law of the Sea.

US Supreme Court denies review of Lehman creditor’s “customer” claim

US Supreme Court denies review of Lehman creditor’s “customer” claim

03 March 2016

The US Supreme Court has denied a writ of certoriari to a UK-based investment fund for a claim against Lehman Brothers, effectively barring it from the advantaged status of “customer” and the privileges that come with it.

UK court recognises luxury hotel owner's BVI liquidation

UK court recognises luxury hotel owner's BVI liquidation

02 March 2016

A UK court has recognised liquidation proceedings commenced in the British Virgin Islands against luxury hotel owner Peak Hotels, through which China’s Jinpeng Group is seeking to recover a US$35 million debt.

Community round-up: International laterals and Midwest moves

Community round-up: International laterals and Midwest moves

02 March 2016

Jones Day, White & Case, Travers Smith and domestic US firm Dykema have all poached restructuring talent from rival firms in recent weeks, while former Detroit bankruptcy judge Steven Rhodes received a new municipal appointment.