The US Trustee is continuing to object to the speed of Spirit’s Chapter 11 restructuring amid a contentious second-day hearing that left a New York judge “frustrated”. https://lnkd.in/eyfwy64P
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Global Restructuring Review (GRR) is the trusted source of worldwide news and analysis for restructuring and insolvency practitioners. It keeps you up to speed with the global issues and trends that matter, giving you the detail, and depth you need to operate successfully. GRR is embedded in the global R&I community. Our comprehensive news and insight, as well as in-depth guidance, is curated to meet your specific requirements. Which is why the global restructuring community relies on GRR to keep it informed.
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Updates
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The former director of soft drink holding company SW Trust, now in liquidation, has been found liable for a US$5 million transaction at an undervalue claim, but the Singapore High Court criticised its liquidator for proposing an “inadequate and embarrassing” pleading against Coca-Cola. https://lnkd.in/eFj6ruYn
Singapore court criticises liquidator for “highly unsatisfactory” conduct in clawback claim
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The British Virgin Islands liquidators of two Dubai-based investment funds have sought Chapter 15 recognition in Miami to investigate losses stemming from “improper naked short trades” and the possible allocation of trading profits to two Cayman Islands affiliates. https://lnkd.in/eFKEUTSZ
Liquidators of Dubai-based, BVI-incorporated investment firms seek recognition in Florida
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The UK’s largest water utility Thames Water has secured approval to convene meetings for creditors to vote on its English restructuring plan, but a group of opposing bondholders said they will launch a competing plan that they said will be the relevant alternative to the company’s own plan. https://lnkd.in/dg7JC2qg
Thames Water bondholders to launch rival restructuring plan
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A New York bankruptcy judge has provisionally recognised South American cement group InterCement’s Brazilian in-court insolvency proceeding but requested further briefings on where its centre of main interests lies. https://lnkd.in/ee7Xv7N4
InterCement secures interim Ch15 relief, COMI questions remain
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A Scottish court has sanctioned garden centre chain Dobbies Garden Centres’ Part 26A restructuring plan and crammed down a group of its landlords and property creditors, marking the first time the Scottish courts have used the mechanism. https://lnkd.in/etDHDbWV
Macfarlanes advises on second Scottish Part 26A plan
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Most of UK invoice financing provider Stenn Technologies’ employees have been made redundant, a week after an English court appointed Interpath as administrator to two group companies following a petition by HSBC. https://lnkd.in/eiQrUZFY
British fintech Stenn falls into administration
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Months after the executive of an oil company was sentenced to seven years in prison in Switzerland for his part in the mammoth 1MDB fraud, a court in Malaysia has barred him from accessing US$340 million in funds allegedly embezzled from 1MDB. https://lnkd.in/ebU_TFfW
1MDB associate blocked from accessing US$340 million in Malaysia
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Months after staying a landmark English plan over its inability to pay a security for costs order, hospital facilities provider Consort Healthcare has reached a settlement with an NHS Trust creditor to cancel the plan and continue work on the hospital it was set up to redevelop. https://lnkd.in/e_3NXS8K
Consort Healthcare cancels English plan after reaching settlement with NHS Trust
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The English Court of Appeal has been asked to overturn a lower court’s finding that an unrecognised and unregistered Russian judgment could form the basis of an English bankruptcy order against Russian national Valeriy Drelle. https://lnkd.in/eXuxVHp5
Russian national challenges bankruptcy order in English Court of Appeal
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