Work Area: Corporate reorganisations

Rite Aid secures US$3.45bn DIP financing as notes downgraded

The third-largest drugstore chain in the US has secured interim access to a substantial debtor-in-possession facility, two days after filing a long-expected Chapter 11 petition after accumulating a US$4 billion debt pile and exposure to over 1,600 opioid-related lawsuits.

23 October 2023

Swedish electric trucker’s UK subsidiary calls in Linklaters, Hilco and Alvarez

Linklaters and Hilco are advising a trio from Alvarez & Marsal as administrators of Swedish electric vehicle maker Volta Trucks’ UK subsidiary, which collapsed last week as its parent entered insolvency in Sweden.

23 October 2023

Irish court rejects examinership scheme sanction based on class composition

A Northern Irish interiors company has entered liquidation in the Republic of Ireland after a local court declined to sanction its examinership scheme on class composition grounds, in what has been described as “by far the most detailed judicial analysis” of class composition since the examinership process came into force.

19 October 2023

Solvent liquidation recognised in Singapore on appeal

A company’s solvency is not a relevant consideration for recognition under Singapore’s version of the UNCITRAL Model Law, according to the Lion City’s Court of Appeal, which has overturned a decision from April.

18 October 2023

NCBJ, Austin: ‘liability management is here to stay’

The stigma of liability management has gone and higher interest rates are driving a new wave of transactions, according to a panellist at the National Conference of Bankruptcy Judges’ annual conference in Texas.

18 October 2023

UK energy supplier secures single meeting for GDPR claims scheme

A British energy supplier that has been in administration for more than two years has secured the English High Court’s approval to convene a meeting for creditors to vote on a scheme that would help it deal with up to 300,000 customer claims for data breaches under the GDPR.

17 October 2023

Struggling Malaysian engineering company faces arbitrations in Singapore

A joint venture between Shell and the Brunei government has filed two arbitration claims in Singapore against a Malaysian engineering contractor undergoing a US$3 billion debt restructuring.

17 October 2023

Brazilian airline settles restructuring with US$370 million offering

Shearman & Sterling, Pinheiro Neto Advogados and Nantes Mello Advogados have helped Brazilian airline Azul issue US$370 million worth of notes, allowing it to complete the restructuring of its obligations with several stakeholders.

16 October 2023

NCBJ, Austin: ‘if you have a global problem, you have to think globally’

One of the architects of the UNCITRAL Model Law has warned against Chapter 15 being used to avoid US policy, while a former New York bankruptcy judge has suggested choice of law analysis could be a “proper solution” for disputes over the enforcement of foreign court rulings.

13 October 2023

Maples hires new of counsel in Dublin

Former Skadden corporate restructuring lawyer and IWIRC’s European regional director Kathlene Burke has relocated from London to Dublin to join offshore firm Maples, telling GRR the Irish market “offers a unique appeal” for restructurings.

12 October 2023

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