Work Area: Complex commercial litigation

Jersey court winds up “dual hatted” entity already in liquidation in Luxembourg

Fried Frank Harris Shriver & Jacobson and Appleby have secured the first substantive creditor winding up order under a new law in Jersey – against a rental guarantor company that is already in insolvency proceedings in Luxembourg.

15 June 2023

Objection to Orpea’s restructuring may trigger France’s first major cross class cramdown

A group of international creditors is challenging care home operator Orpea’s French restructuring plan, potentially opening the door for what could be the first major cross-class cramdown in France since it adopted the European directive on preventive restructuring frameworks in 2021.

13 June 2023

FTX’s Bahamian JPLs seek lift on Chapter 11 stay to settle non-US law issues

The joint provisional liquidators of FTX’s Bahamian entity are seeking to lift the crypto exchange’s Chapter 11 stay so they may apply for directions from the Supreme Court of The Bahamas on which of the two estates certain customer accounts belong to, in a hearing variously described as a “jurisdictional tug of war” and a “diplomatic event” between the two countries.

09 June 2023

Outcome of Serta Simmons uptiering transaction was “the only correct result”, Texas court rules

“Sophisticated financial titans engaged in a winner-takes-it-all battle. There was a winner and a loser”. North American bedding group Serta Simmons has secured approval of its “extraordinarily complex” Chapter 11 plan, after a Texas judge rejected objections from lenders who argued a 2020 liability management transaction the debtor engaged in breached an implied covenant of good faith.

08 June 2023

Cescon Barrieu grows team with promotion and hire

Brazil’s Cescon Barrieu Flesch & Barreto Advogados has gained two new partners in its litigation and stressed assets practices in São Paulo, after hiring a lawyer from BTG Pactual’s distressed debt subsidiary and promoting a senior associate.

06 June 2023

Akin Gump continues special situations growth with Hong Kong hire

Akin Gump Strauss Hauer & Feld has recruited a new partner from alternative investment firm Värde Partners in Hong Kong, continuing a recent hiring spree that has seen it add five new partners to its special situations and private credit group in the last eight months.

05 June 2023

Wikeley rebuked for violating Chapter 15 stay

A Kentucky entity set up by Australia-based businessman Kenneth Wikeley has been reprimanded for violating a Chapter 15 stay obtained by liquidators appointed over the trustee of his family trust, which has been accused of fraud by a purported investor.

01 June 2023

“Bankruptcy is inherently a creature of competing interests”: Purdue plan reinstated

Purdue Pharma’s restructuring plan has been reinstated after a lengthy appeal – but the Second Circuit, conflicting with the Third Circuit, found the bankruptcy court that originally authorised the plan lacked constitutional authority to enter a final order approving releases for its non-debtor owners.

31 May 2023

Hong Kong Airlines hit with HK$56.3 million injunction

Hong Kong Airlines has been ordered to hold HK$56.3 million on trust after failing to convince a Hong Kong court that a construction group’s claim for breach of contract against it was discharged when the airline’s dual Hong Kong-UK restructuring became effective last month.

30 May 2023

Bedzhamov battles Russian trustee again for permission to sell Belgravia properties

The bankrupt former owner of Russia’s Vneshprombank has again asked an English Court to let him sell two London properties for his legal and living expenses, as his Moscow-based bankruptcy trustee tries to block the deal ahead of a UK Supreme Court hearing in November.

30 May 2023

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