Work Area: Debt capital markets

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

Gernandt & Danielsson assists Swedish property manager as distress hits local real estate

Stockholm firm Gernandt & Danielsson has helped a local residential property manager complete a US$218 million equity restructuring to help it weather plummeting property prices in Sweden.

23 May 2023

Canadian theme park ride creator rolls into bankruptcy

A Toronto-listed roller coaster manufacturer that builds rides for Disney and Universal Studios resorts in the US, Japan and China has sought Chapter 15 relief in Texas while it negotiates a sale to its debtor-in-possession lender.

18 May 2023

Canadian pharma group wins temporary stay in Delaware

Nova Scotia-based pharma group IMV has secured interim relief in Delaware to protect its property in the United States while it seeks recognition of a Canadian restructuring.

10 May 2023

Milbank hires fund specialist in Singapore

Former Clifford Chance partner Nicholas Dunstone has joined Milbank in Singapore after spending over a decade at an asset management firm he launched in Hong Kong after the global financial crisis.

14 April 2023

Cuban debt was validly assigned but guarantee was not, English court finds

An offshore fund holding defaulted Cuban sovereign debt obtained the necessary consents to be assigned that debt and may pursue enforcement against the state’s former central bank, an English court has found – but it did not obtain consent to transfer accompanying guarantees provided by the Cuban government.

05 April 2023

Willkie partner joins Greenberg as European restructuring co-head

Greenberg Traurig has hired a partner from Willkie Farr & Gallagher’s Italian affiliate to co-chair its restructuring and compliance groups.

04 April 2023

TozziniFreire welcomes back restructuring partner from Itaú

Brazilian firm TozziniFreire Advogados has re-hired an in-house lawyer from Itaú BBA as a restructuring partner, after five years at the bank.

31 March 2023

Ukraine can defend Russia bond default, UK Supreme Court rules

The UK’s highest court has ruled that Ukraine can defend its non-payment of a US$3 billion Eurobond debt to Russia at a full trial, after finding it has an arguable and justiciable defence of duress.

15 March 2023

Heads-Up: Jifree Cader and Mark Knight at Sidley Austin in London

Featured in Heads-Up

The co-heads of Sidley Austin’s London restructuring group discuss their high-profile work on Chinese real estate restructurings, the recent back-and-forth between US and Hong Kong courts over the Gibbs rule, and how the UK’s new cross-class cramdown tool will allow sponsors to “game the capital structure” and play creditors off against each other.

13 March 2023

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