Work Area: Loans and secured financing

Financial Restructuring MENA, Abu Dhabi: a wish list for the future

Specialist insolvency judges, greater clarity on the priority status of new money and better understanding and cooperation between onshore and offshore regimes: speakers from law and advisory firms, funds and banks in the Middle East provided food for thought for future restructuring reforms in the UAE and Saudi Arabia.

16 March 2023

Former Baccarat owner fails to annul Hong Kong bankruptcy

The former owner of French luxury crystal manufacturer Baccarat has been rebuked by a Hong Kong court for failing to comply with a bankruptcy order and offering “incredible” explanations for her conduct.

14 March 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

Norwegian firms team up with Kirkland for refinancing of Oslo-listed offshore driller

Norwegian firms Schjødt, Wiersholm and Thommenssen, along with Kirkland & Ellis, have helped an Olso-listed offshore services company negotiate a US$660 million debt refinancing and equity deal that will see a major Seadrill investor double its stake.

08 March 2023

Weil counsel joins Reed Smith in London

Reed Smith has recruited a new partner from Weil Gotshal & Manges in London, who brings with him 20 years of experience advising banks and hedge funds on international and domestic restructurings.

28 February 2023

SME engineering group secures plan meetings at contested hearing

An SME that provides engineering services in the aerospace sector has been permitted to convene meetings for six creditor classes as part of a contested restructuring plan, with issues raised by the UK tax authority and two of its former directors being postponed to the sanction stage.

15 February 2023

Hogan Lovells advising as US investors' agent pursues Ukrainian grain terminal bankruptcy

Hogan Lovells is advising a security trustee that has filed a bankruptcy petition against a Ukrainian grain terminal operator on behalf of a pair of US investors, after successfully obtaining a worldwide freezing order from an English court against its owners last month.

13 February 2023

Health sensor SPAC files dual US-Cayman restructuring

A company that develops sensors used in smart watches has filed the second known application for restructuring officers in the Cayman Islands and entered a pre-packaged Chapter 11 in New York to equitise two sets of notes.

27 January 2023

Australian court recognises businessman’s Singaporean bankruptcy

The Singaporean trustees of a bankrupt Australian businessman have secured recognition of their appointments in Australia so they can investigate his assets after he failed to file a statement of affairs in compliance with Singapore’s insolvency laws.

25 January 2023

Petropavlovsk schemes sanctioned as Citibank deadline looms

The administrators of London-listed Russian gold miner Petropavlovsk have secured relief from an English court in a race to distribute the proceeds of the group’s sale to a Russian mining conglomerate before its Citibank accounts are closed.

24 January 2023

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