Work Area: High-yield debt

Effective cross-border restructuring in a modern commercial world: time for an alternative to the rule in Gibbs?

It may be time for an alternative to the rule in Gibbs, says Scott Atkins, president of INSOL International and Australian chair at Norton Rose Fulbright, as he examines recent jurisprudence on the 130-year-old rule from around the common law world, and the potential impact – or lack thereof – that the UK’s contemplated implementation of the UNCITRAL Model Law on the Recognition and Enforcement of Insolvency-Related Judgments will have on its operation.

18 November 2022

ABI, London: new UNCITRAL Model Laws and Gibbs, strange bedfellows

A panel presented by the International Insolvency Institute at the American Bankruptcy Institute's London conference took stock of what the UK’s potential adoption of two new UNCITRAL Model Laws could mean for cross-border insolvencies running through England, and for the controversial 19th century Gibbs rule that requires English law-governed debt to be restructured in the UK.

27 October 2022

Lefosse adds trio of partners in São Paulo

Brazilian firm Lefosse has bolstered its insolvency offering with the addition of Cescon Barrieu Flesch & Barreto’s former restructuring head Fábio Rosas and two other partners in São Paulo.

18 October 2022

INSOL International, London: Developing a rescue finance market

Lower costs of enforcement in the US, speedier, specialised courts in Europe with a “proper” cross-border recognition regime, and Asian regulators that understand distress: a panel of investors from around the world shared their wish lists for an ideal environment to encourage the development of a global rescue financing market fit for the future.

10 August 2022

Galapagos wound up in England

Updated: Senior creditors of the Galapagos group have obtained a winding up order against one of its entities in England, following a jurisdictional battle between English, German and Luxembourgish courts that was complicated by Brexit and a European Court of Justice case.

30 June 2022

Galapagos jurisdictional battles reach EU Court of Justice

Jurisdictional battles surrounding the restructuring of the Galapagos group have reached the European Court of Justice, in a ruling on which courts have jurisdiction to open insolvency proceedings where there has been centre of main interests shift to the UK, then potentially to Germany, against the backdrop of Brexit.

25 March 2022

Kirkland advises gambling group bondholders on asset reinstatement deal

Kirkland & Ellis is advising noteholders of Estonian casino and gaming operator Olympic Entertainment Group on the terms of a restructuring that tightens the notes’ covenants and reinstates certain assets hived out from the group in 2020.

15 February 2022

CWT completes cross-border pre-pack Ch11 in 18 hours

Travel management company CWT and 37 international affiliates have secured confirmation of a pre-packaged Chapter 11 plan within 18 hours of filing for bankruptcy, in what is believed to be the first speedy Chapter 11 with a cross-border element.

17 November 2021

English court will hear Galapagos claim amid international challenges

An English court will hear a claim for declaratory relief concerning the validity of the Galapagos group’s controversial 2019 restructuring after finding that an “anchor defendant” in the form of a non-participating high yield note trustee gave it jurisdiction over a Luxembourg fund and a German insolvency administrator.

20 January 2021

Heated debate as Galapagos jurisdictional wrangles exchanged

A Luxembourg fund and a German insolvency administrator that are challenging the Galapagos group’s 2019 UK restructuring in the US and Europe, have laid out before an English court why they shouldn’t be joined in a claim for declaratory relief that the restructuring was valid.

18 December 2020

Unlock unlimited access to all Global Restructuring Review content