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Ropes & Gray LLP

Petrofac Restructuring Plans Overturned: When Considering Restructuring Surplus’ Allocation, Sharing is Caring

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In a much-anticipated judgment (Saipem SPA & Ors v Petrofac Limited & Anor [2025] EWCA Civ 821), the English Court of Appeal overturned the High Court’s sanction of Petrofac’s restructuring plans (the Plans). Petrofac was...more

Seward & Kissel LLP

Mayday, Mav’s in Trouble and Missing Linq

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Maverick Gaming, which owns 5 Nevada casinos, files for bankruptcy | The Nevada Independent - The Washington-based casino and card-room operator filed for Chapter 11 bankruptcy in the Southern District of Texas on Monday....more

Blake, Cassels & Graydon LLP

Un tribunal albertain applique l’arrêt Petrowest pour suspendre un arbitrage en faveur d’une procédure de mise sous séquestre

Le 26 mai 2025, la Cour du Banc du Roi de l’Alberta (la « CBRA ») a suspendu un projet d’arbitrage en faveur d’une procédure de mise sous séquestre en cours dans l’affaire Mayfield Investments Ltd (Re). C’était la première...more

Blake, Cassels & Graydon LLP

Alberta Court Applies Petrowest to Stay Arbitration in Favour of Receivership Proceeding

On May 26, 2025, the Court of King’s Bench of Alberta stayed a proposed arbitration in favour of an ongoing receivership proceeding in Mayfield Investments Ltd (Re). This decision marks the first time that an Alberta court...more

Akin Gump Strauss Hauer & Feld LLP

Case Comment: Petrofac Restructuring Plans

The Petrofac group, a leading international service provider to the energy and infrastructure industries, has successfully obtained an order sanctioning two inter-conditional restructuring plans (Plans). We explore here the...more

Jones Day

Revisiting Singapore's Corporate Restructuring and Insolvency Regime: Cross-Class Cramdown in Schemes of Arrangement

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On March 11, 2025, the Committee to Enhance Singapore's Corporate Restructuring and Insolvency Regime (the "Committee") published a report (the "Report") outlining its recommendations to further enhance and modernize...more

King & Spalding

Second Circuit Refines Fraudulent Transfer Defense Under Bankruptcy Code’s “Safe Harbor” Provision

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On November 27, 2023, the U.S. Court of Appeals for the Second Circuit revived some of a bankruptcy litigation trustee’s fraudulent transfer claims stemming from the leveraged buyout of apparel retailer Nine West. The lawsuit...more

Bennett Jones LLP

The Function and Limits of Directors and Officers Insurance Policies in Class Actions and the Companies’ Creditors Arrangement Act

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The Ontario Superior Court has held that claims made insurance policies issued to directors and officers upon a company filing for protection under the Companies' Creditors Arrangement Act, RSC 1985, c C-36 (the CCAA) could...more

DLA Piper

US Bankruptcy Court Establishes Guidelines for “New Value” Plans of Reorganization in Competing Plan Scenarios

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Introduction - On October 25, 2024, Judge John P. Mastando III of the US Bankruptcy Court for the Southern District of New York issued a ruling in Eletson Holdings Inc., Case No. 23-10322, pursuant to which he (a) denied...more

Proskauer Rose LLP

Private Credit Restructuring Trends: Sponsor Capital Infusions in Times of Distress

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One common denominator links nearly all stressed businesses: tight liquidity. After the liquidity hole is identified and sized, the discussion inevitably turns to the question of who will fund the necessary capital to extend...more

Latham & Watkins LLP

Restructuring Plans and the Price of Dissent

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Despite three recent landmark UK restructuring plan decisions, uncertainty remains around the value, if any, a plan company should offer dissenting creditors as the “deliverability price” of a plan....more

Mayer Brown

I Shall (Not) Be Released: With Purdue Pharma Decision, US Supreme Court Remakes Chapter 11 Landscape

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They say every man needs protection, they say that every man must fall. For over 40 years, “the bankruptcy community has recognized the resolution of mass tort claims as a widely accepted core function of bankruptcy courts,”...more

Latham & Watkins LLP

Adler: A Spanish Perspective

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How would the Spanish court tackle the issues faced by the English Court of Appeal in Adler? Our analysis provides an instructive comparison for groups, shareholders, and creditors when considering where to restructure....more

Mintz - Bankruptcy & Restructuring Viewpoints

FTX: Forcing The Examiner Mandate in the Third Circuit

It is a rare occasion that one can be assured with certainty that, if they file a motion with a bankruptcy court, it will be granted. But, in the Third Circuit, that is exactly what will happen if a creditor or other party in...more

Jones Day

Adler: English Court of Appeal Overturns Restructuring Plan

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The Situation: The Adler Group sought to restructure more than €6 billion of debt by means of a UK restructuring plan ("RP"), to give itself a runway for a planned wind-down and asset sales, leading to an enhanced return for...more

Jones Day

Second Circuit Adopts "Transfer-by-Transfer" Approach to Bankruptcy Code's Safe Harbor for Securities Contracts Payments

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The scope of the Bankruptcy Code's "safe harbor" shielding certain securities, commodity, or forward-contract payments from avoidance as fraudulent transfers has long been a magnet for controversy, particularly after the U.S....more

Hogan Lovells

2023 Doing Business in the United States

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The U.S. is one of the easiest jurisdictions in the world in which to do business and continues to be the world’s top destination for foreign direct investment. Regulatory barriers are generally low, establishing a branch...more

Rivkin Radler LLP

Debtor Corp’s S Election: “Property” in Bankruptcy?

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Uncertain Future- The Congressional Budget Office (“CBO”) recently released some data for the federal government’s 2023 fiscal year. According to the CBO, the federal budget deficit for the year was $1.7 trillion, or...more

Bennett Jones LLP

Broer v. Multiguide GmbH—Is the Subsequent Conduct of the Parties More Relevant Than You Think in the Context of Shareholder Loans...

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It has long been established that where the circumstances in which funds are advanced by a shareholder to the company in which they own shares is unclear, the court must consider the "surrounding circumstances" when...more

ArentFox Schiff

Pocket Full of Crypto-Volatility: Stakeholders in Bankrupt Crypto Firms Must be Flexible, Agile & Educated

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Valuation is a key element in bankruptcies. Generally, a higher valuation of a bankrupt firm means larger creditor recoveries, and a higher valuation of pre-petition collateral means a smaller “adequate protection” package...more

Goodwin

BTI v. Sequana - What’s new for directors in the zone of insolvency?

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In BTI 2014 LLC v. Sequana SA and Others [2022] UKSC 25 (“Sequana”), the Supreme Court confirmed the existence of a duty owed at common law by company directors to consider the interests of its creditors, and also provided...more

Greenberg Glusker LLP

[Webinar] Crypto Contagion: The World of Cryptocurrency Bankruptcies - January 26th, 2:00 pm - 3:00 pm PST

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This panel will explore various aspects of cryptocurrency bankruptcies including: - The turmoil with crypto companies - How stakeholders fare in bankruptcy - Legal issues of first impression - What’s on the horizon ...more

Venable LLP

UK Supreme Court Issues Long-Awaited Judgment Regarding Company Directors' Duties to Creditors

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​​​​​​​In an important decision for U.S. companies with UK subsidiaries, the UK Supreme Court recently handed down its long-awaited judgment in BTI 2014 LLC v. Sequana S.A., the first case in which the UK's highest court...more

A&O Shearman

Luxembourg case law briefing – corporate law highlights

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We are very pleased to present our second Luxembourg corporate law focused case law briefing. - In this second edition, we have focused on those decisions published in 2020 and 2021 which we have identified as the...more

Latham & Watkins LLP

Directors’ Duties: Shining Light in the Tunnel?

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In a new ruling, the UK Supreme Court concluded that the rule applies only when a company is “insolvent or bordering on insolvency”. On 5 October 2022, the UK Supreme Court handed down judgment in BTI 2014 LLC v. Sequana...more

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