Work Area: Insolvency

Sberbank subsidiary seeks Houlihan discovery for Agrokor litigation

A former subsidiary of Russia’s Sberbank has asked a US court to help it obtain discovery from Houlihan Lokey for use in Maltese litigation it launched last year, claiming it is the victim of a scheme to “fraudulently remove” it from the ownership of restructured Croatian conglomerate Agrokor.

22 February 2024

Seyfarth Shaw bolsters new restructuring group

A month after launching a new restructuring and insolvency group, Seyfarth Shaw has boosted the practice with the hire of a New York-based Windels Marx Lane & Mittendorf partner who worked on the groundbreaking cross-border restructurings of Parmalat and Lehman Brothers.

22 February 2024

Paul Weiss special situations partner joins Selendy Gay

A longtime Paul Weiss partner who represented Mexican broadcaster TV Azteca in a bankruptcy forum dispute last year is set to move to New York-based litigation boutique Selendy Gay.

21 February 2024

The Body Shop to shut nearly half its UK stores as German arm enters insolvency

Days after the German arm of ethical cosmetics group The Body Shop entered administration in Düsseldorf, the joint administrators of its UK business have announced a spate of store closures and head office job cuts to “secure the future” of the stalwart high street retailer.

20 February 2024

WHOA is a “one stop shop”: Reficar denied appeal of McDermott COMI decision

Colombian oil refinery Reficar has failed to overturn a Dutch court’s decision that a Netherlands subsidiary of US oil group McDermott International had its COMI in that jurisdiction and not in the United States, with the Amsterdam Court of Appeal rejecting arguments that the EU Insolvency Regulation requires Dutch courts to offer appeal processes in WHOA proceedings.

19 February 2024

“Three heads should be better than one!”: an interview with Justice Sir Anthony Smellie KC

Recent appointee to the Cayman Court of Appeal Justice Sir Anthony Smellie KC tells GRR about the legislative changes he oversaw in the jurisdiction during his 24-year tenure as Cayman Islands chief justice, the “critical importance” of court-to-court cross-border cooperation, and the cases he is looking forward to hearing in his new role.

19 February 2024

Casino entities seek recognition of French process restructuring New York debt

Seven companies belonging to French supermarket group Casino have applied for US recognition of their accelerated safeguard proceedings in Paris, where they are seeking to relieve themselves of €1.5 billion in New York law-governed debt.

19 February 2024

E-House seeks US recognition again as two-year restructuring nears end

Chinese real estate services group E-House is seeking recognition in New York for the second time in two years, three months after courts in the Cayman Islands and Hong Kong sanctioned its parallel schemes of arrangement.

16 February 2024

Invitae wins court approval for Chapter 11 sale process

Softbank and ARK-backed medical genetics company Invitae has secured several first-day orders in New Jersey, two days after launching Chapter 11 proceedings to deal with its US$1.5 billion debt pile.

15 February 2024

Jones Day advising The Body Shop as UK administrators appointed

The UK arm of British cosmetics group The Body Shop has been placed into administration, three months after it was bought by pan-European private equity investor Aurelius.

14 February 2024

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