Work Area: High-yield debt
GRR Live returns to New York next week
There is still time to secure a spot at GRR Live in New York, which returns next week with a packed schedule covering the ongoing crypto fallout, post-insolvency financings in Latin America, growing headwinds for cross-border recognition and the new Cayman Islands restructuring officer regime.
15 September 2023
GRR Live returns to New York on 20 September
Bringing together top speakers from the international insolvency circuit, GRR Live is returning to New York with a packed day covering global developments in distressed financing, growing headwinds for cross-border recognition, commercial real estate turmoil and the ongoing crypto fallout.
25 August 2023
Chinese property developer schemes move ahead across key jurisdictions
UPDATED: Sidley Austin-advised property developers Sunac and Evergrande have been allowed to convene creditors’ meetings for schemes across Hong Kong, the British Virgin Islands and the Cayman Islands; while E-House, which is relying on Skadden and Maples, has finally re-opened scheme proceedings in the Cayman Islands, this time with a parallel scheme in Hong Kong.
01 August 2023
Galapagos' 2019 restructuring was valid, English court finds
The Galapagos group’s internationally contested 2019 restructuring, which left its private equity shareholder in control and high yield noteholders with nothing, was valid under the group’s English law-governed intercreditor agreement, an English court has ruled.
28 July 2023
French court approves first major cross-class cramdown in Orpea sanction
In the first major case in France to utilise a cross-class cramdown since the country adopted the EU's preventive frameworks directive, care home operator Orpea has obtained sanction of its accelerated safeguard plan, successfully cramming down a group of dissenting convertible bondholders known as the Support Club.
26 July 2023
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
Cescon Barrieu grows team with promotion and hire
Brazil’s Cescon Barrieu Flesch & Barreto Advogados has gained two new partners in its litigation and stressed assets practices in São Paulo, after hiring a lawyer from BTG Pactual’s distressed debt subsidiary and promoting a senior associate.
06 June 2023
Akin Gump continues special situations growth with Hong Kong hire
Akin Gump Strauss Hauer & Feld has recruited a new partner from alternative investment firm Värde Partners in Hong Kong, continuing a recent hiring spree that has seen it add five new partners to its special situations and private credit group in the last eight months.
05 June 2023
Chinese property group faces New York suit over “highly suspicious” missed payments
A group of offshore bondholders advised by Kobre & Kim has filed a claim against Chinese real estate developer Glory Health Industry in New York, claiming it has missed several payments on its senior notes since last July.
19 April 2023
Galapagos declaratory trial kicks off in London
A two-week trial is under way in London to consider the validity of the Galapagos group’s heavily contested 2019 restructuring, which left its private equity shareholder in place and high yield noteholders with nothing – and a German insolvency administrator has already asked the court not to make any findings of fact because they could result in inconsistent rulings across Europe.
10 March 2023