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READING: Comparing bank resolution regimes in the US & Europe

READING: Comparing bank resolution regimes in the US & Europe

15 June 2016

The traditional dichotomy between banking resolution and corporate resolution is obsolete, said speakers at a conference at the University of Reading, as they considered the practical, political and legal challenges that have distorted the development of a new regulatory landscape for financial institutions post-2008.

Singapore court recognises BVI companies' Japanese insolvency proceedings

Singapore court recognises BVI companies' Japanese insolvency proceedings

14 June 2016

UPDATED: The Singapore Supreme Court has recognised a Japanese trustee appointed over a pair of British Virgin Islands-incorporated medical companies, affirming for the first time that bankruptcy proceedings in a company’s centre of main interests, but outside its place of incorporation, can be recognised in the city-state.

Dorsey hires from Gibson Dunn in New York

Dorsey hires from Gibson Dunn in New York

14 June 2016

Dorsey & Whitney has hired Gibson Dunn & Crutcher’s Janet Weiss as a partner in New York.

Community round-up: Promotions and laterals in the US, Europe and India

Community round-up: Promotions and laterals in the US, Europe and India

14 June 2016

Skadden has promoted four lawyers in the US and UK; Indian firm S&R Associates has made up a new partner in Delhi; and there were lateral hires for Paul Hastings, US firm McGlinchey Stafford, GT Restructuring and Begbies Traynor.

Supreme Court strikes down Puerto Rican restructuring law

Supreme Court strikes down Puerto Rican restructuring law

13 June 2016

The US Supreme Court has affirmed that a Puerto Rican law based on Chapter 9 of the US Bankruptcy Code, through which the island was hoping to restructure its US$73 billion in debt, conflicts with federal legislation – leaving it to a bill pending before congress to help the territory with its woes.

Chapter 15: Hong Kong and Canadian cases recognised in NY, Cayman filing lands in Dallas

Chapter 15: Hong Kong and Canadian cases recognised in NY, Cayman filing lands in Dallas

13 June 2016

Over the past two weeks, judges in New York have recognised foreign proceedings in Hong Kong and Canada under Chapter 15, while a further filing in the Wyly saga was registered in Texas.

Willkie Farr and Clifford Chance end Mexican steelmaker’s 17-year bankruptcy

Willkie Farr and Clifford Chance end Mexican steelmaker’s 17-year bankruptcy

13 June 2016

A Mexican court has lifted a 17-year-long suspension of payment proceeding imposed on steelworks Altos Hornos de México (AHMSA), paving the way for it to restructure some US$1.7 billion worth of debt.

Ukraine’s Metinvest files for US recognition of second moratorium

Ukraine’s Metinvest files for US recognition of second moratorium

10 June 2016

Ukrainian steelmaker Metinvest has filed for Chapter 15 protection for the second time this year in a bid to extend an international moratorium on noteholder claims.

NEW YORK: DIP financing has broken ground in Latin America but remains “dysfunctional”

NEW YORK: DIP financing has broken ground in Latin America but remains “dysfunctional”

10 June 2016

A number of recent high-profile cross-border restructurings have brought changes to the way Latin American lawyers approach debtor-in-possession financing, but applicable laws remain “dysfunctional” according to a panel at Latin Lawyer – GRR Restructuring Summit in New York last Monday.

G20 advisory body issues living wills guidance for insurers

G20 advisory body issues living wills guidance for insurers

09 June 2016

The Financial Stability Board, an advisory body established under the auspices of the G20 in 2009, has issued guidance on designing resolution plans for global systemically important insurers (G-SIIs).

Korean government moves to galvanise shipbuilding sector as Hyundai announces reorganisation plan

Korean government moves to galvanise shipbuilding sector as Hyundai announces reorganisation plan

09 June 2016

The government of South Korea has announced the creation of a support fund to help restructure the country’s troubled ship-building sector on the same day that the world’s largest shipbuilder, Ulsan-based Hyundai Heavy Industries, announced a US$3 billion reorganisation plan.

Haynes and Boone adds partners from Winstead

Haynes and Boone adds partners from Winstead

09 June 2016

Haynes and Boone has added three bankruptcy partners from US firm Winstead.