Work Area: Complex commercial litigation

English court upholds freezing order against directors of Ukrainian grain group

The owners of Ukrainian grain terminal operator GNT Group have failed to overturn a worldwide freezing order issued against them by an English court last year at the request of security trustee Madison Pacific Trust, which is pursuing enforcement action against the pair in the UK, Ukraine, Cyprus, Switzerland and Dubai.

12 February 2024

Fund wins sanction of contested English scheme, MPs label decision “disastrous”

A fund services provider has secured sanction of a heavily contested “take it or leave it” English scheme that will see creditors release their rights to make claims under the UK’s statutory financial services compensation scheme but receive a share of up to £230 million to settle claims stemming from the liquidation of a fund it managed.

09 February 2024

Adler decision raised again as McDermott’s six-day sanction hearing begins

A hearing on US oil and gas group McDermott International’s bid to use an English restructuring plan to discharge a US$1 billion arbitral award and extend the maturities of five secured credit facilities has kicked off in London, with a dissenting creditor citing the Court of Appeal’s Adler decision last month in its objections.

08 February 2024

New York judge lifts stay on class action against failed Cayman SPAC

The Cayman liquidators of a bankrupt SPAC have failed to stay a class action brought against it in New York after a US bankruptcy judge found it would be “absurdly presumptuous” of him to differ with the conclusions of a district court judge in a related case.

08 February 2024

Judge Costa launches boutique firm after 25 years on the bench

After sitting on the bench in Brazil for a quarter of a century, Judge Daniel Carnio Costa has stepped down and tells GRR he is establishing his own boutique firm in São Paulo and Brasilia.

07 February 2024

“The restructuring plan’s coming of age”: readers react to Adler

A week on from the Court of Appeal overturning sanction of German property group Adler’s Part 26A restructuring plan, GRR caught up with members of the UK restructuring community to find out what impact the judgment will have and whether it has given comfort or pause for thought to those whose plans are live before the courts.

01 February 2024

Heads-Up: Amy Caton at Kramer Levin in New York

Featured in Heads-Up

Kramer Levin restructuring co-head Amy Caton discusses why she thinks creative creditors are driving an increase in liability management transactions, how climate change may have helped her niche practice in municipal bonds and whether Puerto Rico’s electric utility PREPA might finally exit bankruptcy this year.

01 February 2024

Community round-up: US law firm moves in January

Morrison Foerster has hired from Paul Hastings in New York, Dentons has a new partner from Texas firm Bonds Ellis, Covington has nabbed two from Mintz, and Troutman Pepper’s former co-head of restructuring has joined ArentFox as a partner in Boston.

26 January 2024

Milbank and Dechert advising as Brazilian airline GOL files Ch11

Brazilian airline GOL Linhas Aéreas Inteligentes has filed for bankruptcy in New York after securing a US$950 million debtor-in-possession financing package from a bondholder group.

25 January 2024

Canadian opioid claimants told to take Endo restructuring complaints to New York

A judge in Quebec has told a proposed class representative of a group of Canadian plaintiffs with opioid-related claims against Irish pharma group Endo that he should have taken his grievances to New York where the group’s Chapter 11 proceedings are playing out.

25 January 2024

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