Work Area: Corporate reorganisations

Germany’s highest court finds Dusseldorf has jurisdiction over Galapagos proceedings

Contradicting an earlier English ruling, Germany’s Federal Court of Justice has found that heat exchange group Galapagos’ insolvency proceedings and disputes relating to them belong in Dusseldorf post-Brexit, and not in London where the group was wound up in June.

02 February 2023

Hong Kong’s Harris talks Gibbs, Modern Land and Model Law

Mr Justice Harris has predicted Hong Kong will soon become a signatory to the UNCITRAL Model Law and said US judges “don’t fully understand” the concerns of Hong Kong courts in the wake of the controversial cross-border restructuring of Chinese real estate developer Modern Land.

01 February 2023

Malaysia’s Sapura Energy obtains recognition in Singapore

Three subsidiaries of Malaysian oil and gas services company Sapura Energy have secured Singaporean recognition of their ongoing restructuring proceedings following a flurry of winding up petitions filed against the group last year.

01 February 2023

Health sensor SPAC files dual US-Cayman restructuring

A company that develops sensors used in smart watches has filed the second known application for restructuring officers in the Cayman Islands and entered a pre-packaged Chapter 11 in New York to equitise two sets of notes.

27 January 2023

India proposes “comprehensive” Bankruptcy Code shake-up

The Indian government is inviting comments on a suite of proposed reforms to the country’s Insolvency and Bankruptcy Code, from a new electronic case management platform to special rules for real estate developers.

26 January 2023

Weil and Gibson Dunn advising as Serta Simmons files Ch11

North American bedding group Serta Simmons has sought bankruptcy protection in Texas, automatically staying a claim brought against it in New York last year by lenders who claim they were robbed of their rights during a refinancing in 2020.

25 January 2023

FTX authorised to retain S&C in face of “incendiary” last-minute allegations

Sullivan & Cromwell has won court approval to represent FTX, despite facing what partner Jim Bromley described as “assault by twitter” and accusations of misconduct by the exchange’s former chief compliance officer.

20 January 2023

Foreign creditors violated Avianca’s Ch11 plan, New York court finds

Latin American airline Avianca has asked a New York court to make a first-of-its-kind order sanctioning over 160 foreign creditors for violating the injunction terms of its Chapter 11 plan.

19 January 2023

Transatlantic restructuring trends: challenges and opportunities in 2023

Partners from McDermott Will & Emery in the UK and US examine how struggling companies fared in 2022 with reduced access to liquidity, and predict an increase in distressed M&A activity and out-of-court transactions as debtors look to deal with those liquidity issues in the year ahead.

17 January 2023

New Silkroutes Group seeks moratorium in Singapore after asset sales falter

Shook Lin & Bok and KordaMentha are advising a Singaporean investment holding company that has applied for a moratorium amid a delayed restructuring with a Canadian group, a failed deal to sell some dental clinics, and letters of demand from a bank.

16 January 2023

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