Work Area: Corporate reorganisations
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
Europe column: The need for a pan-European approach on Russia sanctions impacting insolvencies
Bob Wessels, professor emeritus of international insolvency law at Leiden University and expert counsel on restructuring and insolvency to the European Commission, discusses how Russia sanctions have permeated a Dutch insolvency, and makes a case for a pan-European approach towards the impact of public law measures on insolvency law.
16 January 2023