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Indian insolvencies: From blank slate to boomtown

Indian insolvencies: From blank slate to boomtown

11 January 2018

With the first real test of India's newly reformed insolvency laws looming in the form of the Indian banking system’s huge volume of non-performing assets, GRR spoke to practitioners in and outside the country about the opportunities presented for lawyers, advisers and distressed investors.

GRR meets Rome Court of Appeal president Luciano Panzani

GRR meets Rome Court of Appeal president Luciano Panzani

10 January 2018

GRR met Judge Luciano Panzani, the president of the Court of Appeal in Rome, at INSOL Europe’s annual congress in Warsaw in October, where he was speaking as part of the organisation’s Judicial Wing. He offered his views on the most important aspects of Italy’s newly approved insolvency reforms (which he helped to draft), the difficulties with court-to-court communication in civil law countries, and the problem of non-performing loans in the Italian banking system.

Chapter 15 court puts comity ahead of contract clauses

Chapter 15 court puts comity ahead of contract clauses

10 January 2018

The Delaware Bankruptcy Court has ruled that a former supplier to the insolvent Italian fossil fuel company Energy Coal can pursue claims against the bankrupt company in Florida under the terms of its cancelled contracts – but it must seek recovery of any judgments in the Italian courts.

Linklaters advises accounting scandal-hit South African retailer Steinhoff

Linklaters advises accounting scandal-hit South African retailer Steinhoff

10 January 2018

South African conglomerate Steinhoff International, a household goods, clothing and logistics company that is parent to car rental group Hertz, has retained advisers from Linklaters, AlixPartners and Moelis & Company as it tries to “stabilise the business” following a potential accounting scandal.

English trustee for alleged Ponzi schemers applies for recognition in Miami

English trustee for alleged Ponzi schemers applies for recognition in Miami

10 January 2018

An English trustee appointed to deal with the estates of two bankrupt company directors has applied for Chapter 15 recognition in Miami, alleging the pair have generated “tens of millions of dollars” through Ponzi schemes in various jurisdictions.

Weil and Willkie advise as Toshiba divests Westinghouse interests to Brookfield

Weil and Willkie advise as Toshiba divests Westinghouse interests to Brookfield

09 January 2018

Canada’s Brookfield Business Partners will buy beleaguered US nuclear supplier Westinghouse Electric Company and all of its affiliated Chapter 11 debtors from Japanese parent Toshiba, following a deal advised on by Weil Gotshal & Manges and Willkie Farr & Gallagher.

Berlin appeals court finds Niki insolvency belongs in Austria

Berlin appeals court finds Niki insolvency belongs in Austria

09 January 2018

In a reversal of last week’s order by a German district court, the Regional Court of Berlin has found that Air Berlin subsidiary Niki’s insolvency proceedings should be heard in Vienna.

Brazilian court approves Oi restructuring plan

Brazilian court approves Oi restructuring plan

09 January 2018

The Rio de Janeiro court supervising the high-profile restructuring of Brazilian telecoms group Oi has approved a US$20 billion restructuring plan that was agreed by creditors last month.

SunEdison exits bankruptcy after implementing “remarkable” restructuring plan

SunEdison exits bankruptcy after implementing “remarkable” restructuring plan

08 January 2018

SunEdison, once the largest renewable energy company in the world, has emerged from Chapter 11 bankruptcy after implementing a plan described by the presiding judge as “a remarkable feat” given the “wars and skirmishes” that occurred during the proceedings.

PDVSA subsidiary wins appeal over fraudulent transfer of US assets

PDVSA subsidiary wins appeal over fraudulent transfer of US assets

08 January 2018

A US subsidiary of Venezuela’s national oil company PDVSA did not commit a fraudulent transfer when it moved US$2.8 billion of assets out of the US in an alleged bid to evade creditors, a Delaware appeals court has ruled.

Veteran Jones Day partner joins ADR firm in Detroit

Veteran Jones Day partner joins ADR firm in Detroit

08 January 2018

The founder of Jones Day’s bankruptcy practice David Heiman has retired from the international firm after almost 35 years to become a member of alternative dispute resolution provider JAMS.

Berlin court claims jurisdiction over Niki insolvency as COMI dispute goes to appeal

Berlin court claims jurisdiction over Niki insolvency as COMI dispute goes to appeal

05 January 2018

A district court in Berlin has upheld its decision to hear insolvency proceedings for Austrian airline Niki in Germany, referring a petition to move the case to Vienna to a regional court of appeal.