Work Area: Loans and secured financing
Promotion roundup: Weil, Simpson Thacher, Cleary, White & Case and Interpath
Weil’s Houston office is gaining a new restructuring partner, Simpson Thacher is promoting in London, and Cleary is elevating a senior attorney in New York, as White & Case names four new partners across the US and Europe for 2024, and Interpath promotes two new directors.
28 November 2023
China Aoyuan to seek creditor approval for Cayman, BVI and HK schemes
Cayman Islands-incorporated China Aoyuan Group has become the latest Chinese real estate developer to try and restructure its offshore debt, filing scheme proceedings in the Cayman Islands, British Virgin Islands and Hong Kong to deal with US$6.25 billion of obligations.
14 November 2023
Kirkland and Cole Schotz advising as WeWork files Ch11
Co-working start-up WeWork has sought Chapter 11 protection in New Jersey after weeks of speculation, announcing a plan to slash its debt by US$3 billion and secure funding from its majority shareholder, Japanese technology investment group SoftBank.
07 November 2023
Former Skadden restructuring head launches boutique advisory firm
Featured in Heads-Up
Pre-pack pioneer and former longtime chair of Skadden Arps Slate Meagher & Flom’s global restructuring group Jay Goffman and former UBS global restructuring head Steve Smith have started what they tell GRR is a unique “pre-restructuring” advisory boutique in New York.
02 November 2023
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
That’s a wrap: Bron Media obtains Ch15 order despite venue dispute
Canada-headquartered production company Bron Media, responsible for financing and producing critically acclaimed films such as Joker and Liquorice Pizza, has secured Chapter 15 recognition of its Canadian restructuring in the face of opposition from two US-based investors.
21 August 2023
Bankrupt Manhattan hotel must pay default interest to “cure” mortgaged loan
The owner of a bankrupt Manhattan hotel must pay the default interest rate envisaged in its loan agreement, in order to cure and reinstate the loan in its reorganisation plan, a New York court has found, addressing a long-running issue under the US Bankruptcy Code.
03 August 2023
Heads-Up: Bahram Vakil and Nilang Desai at AZB & Partners in Mumbai
Featured in Heads-Up
One of the draftsmen behind India’s Insolvency and Bankruptcy Code and a senior partner at his firm discuss how delays are weighing down India’s seven-year-old bankruptcy system and whether the country might adopt the UNCITRAL Model Law on Cross Border Insolvency this year.
28 June 2023
Vroon: sanctioning court “struggled” with slicing through seven years of restructuring efforts
An English court has explained it would still have sanctioned shipping group Vroon’s seven-years-in-the-making scheme of arrangement, even if objecting shareholders had persuaded it that the relevant comparator was an orderly and solvent wind-down, not an insolvent liquidation.
26 June 2023