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Conyers

Cayman Islands Restructuring: Observations Following Petrofac

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This article follows our previous commentary on the English High Court’s decision in May 2023 to sanction the Adler Group’s restructuring plan and the Court of Appeal’s reversal of that decision in February 2024. The recent...more

Seward & Kissel LLP

Receiving Line, That’s the Spirit? and Booming Business

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Alex Jones’ Infowars will go up for sale yet again, judge rules | CNN Business - The Onion is set to revive its bid on Jones’s outlet and its assets after a federal judge halted the sale in December....more

Conyers

Recognition with Consequences: Singapore's Terraform Ruling and its Implications for the BVI

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On 11 July 2025, the Singapore International Commercial Court (SICC) in Re Terraform Labs Pte Ltd [2025] SGHC (I) 4 ordered a group of creditors to pay costs to the insolvent estate of blockchain company Terraform Labs. The...more

Jones Day

Clarity in Singapore: How COMI Is Determined Under the UNCITRAL Model Law on Cross-Border Insolvency

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In re Fullerton Capital Ltd [2025] SGCA 11, a BVI-incorporated company entered into insolvency proceedings in the British Virgin Islands ("BVI"). The liquidators sought recognition of the BVI liquidation as a "foreign main...more

Goldberg Segalla

Fourth Circuit: Federal Courts Have Subject-Matter Jurisdiction Over Solvent Debtor Cases

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Court: U.S. Court of Appeals for the Fourth Circuit - On appeal, the Fourth Circuit affirmed a bankruptcy court’s denial of a motion to dismiss for lack of subject matter jurisdiction. Founded in 1927, Georgia-Pacific LLC is...more

Loeb & Loeb LLP

Can Small Business Corporate Debtors Discharge Section 523(a) Debts in a Subchapter V? The Eleventh Circuit Joins the Widening...

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In Benshot, LLC v. 2 Monkey Trading, LLC et al., No. 23-12342, 2025 U.S. App. LEXIS 16936 (11th Cir. July 9, 2025), the U.S. Court of Appeals for the Eleventh Circuit addressed a difficult statutory question under the...more

White and Williams LLP

Uniform Law Commission Approves Uniform Assignment for Benefit of Creditors Act

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At its recently concluded annual meeting, the Uniform Law Commission (ULC) voted final approval of the Uniform Assignment for Benefit of Creditors Act (“Act”). Set forth below is a short discussion of “ABCs” as they...more

Jones Day

New York Bankruptcy Court Examines COMI for Purposes of Chapter 15 Recognition of Foreign Restructuring Proceedings Involving...

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As chapter 15 of the Bankruptcy Code quickly approaches its 20th anniversary in a global economy, the volume of cross-border bankruptcy cases has rapidly escalated. With multinational companies having affiliates throughout...more

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

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

Stark & Stark

Del Monte Foods Canned - Files Chapter 11 Bankruptcy in New Jersey

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Del Monte Foods and numerous affiliates (“Del Monte”) filed voluntary petitions for Chapter 11 bankruptcy protection in the District of New Jersey on July 1st (Case No. (Case no. 25-16984). Del Monte is one of the country’s...more

Patterson Belknap Webb & Tyler LLP

How Foreign Entities Can Obtain U.S. Bankruptcy Protections

Financial uncertainty has spread across the globe. The U.S. disrupted international commerce by repeatedly threatening to impose sweeping tariffs on dozens of countries, including some of the nation’s closest trading partners...more

Troutman Pepper Locke

What Is the Life Cycle of a Chapter 11 Bankruptcy Case and Why Do Stakeholders Need to Pay Attention to the Bankruptcy Case? (Part...

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A Chapter 11 bankruptcy is often called “reorganization bankruptcy” and is typically used to preserve and maximize the going concern value of the debtor’s business. The life cycle of a Chapter 11 bankruptcy case can be...more

Troutman Pepper Locke

What Is the Life Cycle of a Chapter 11 Bankruptcy Case and Why Do Stakeholders Need to Pay Attention to the Bankruptcy Case? (Part...

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A Chapter 11 bankruptcy is often called “reorganization bankruptcy” and is typically used to preserve and maximize the going concern value of the debtor’s business. The life cycle of a Chapter 11 bankruptcy case can be...more

Herbert Smith Freehills Kramer

HSF Kramer Bankruptcy & Restructuring Group Global reach, local knowledge

Debtors and creditors have options when choosing where to pursue a restructuring – particularly with operations across jurisdictions and debt instruments issued under different laws. Local knowledge is key to navigate those...more

Troutman Pepper Locke

How Does a Chapter 7 Case Work in General? - Creditor’s Rights Toolkit

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The essence of a Chapter 7 business bankruptcy is the orderly liquidation of the business debtor’s assets by a bankruptcy trustee and the distribution of funds to creditors. Troutman Pepper Locke's Creditor’s Rights...more

Loeb & Loeb LLP

SDNY Bankruptcy Court Explains Differences Between Preferential Judicial Liens v. Statutory Liens

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In Firstbase.io, Inc. v. Harbor Business Compliance Corporation, No. 24-04043, 2025 Bankr. LEXIS 1092 (Bankr. S.D.N.Y.), the U.S. Bankruptcy Court for the Southern District of New York found that a judgment execution lien...more

Pillsbury Winthrop Shaw Pittman LLP

Recent Decision Holds Bankruptcy Courts May Independently Grant Nonconsensual Third-Party Releases to Enforce Foreign...

On April 21, 2025, Chief Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York issued a memorandum opinion in In re Odebrecht Engenharia e Construção S.A., Case No. 25-10482 (MG), addressing...more

Vedder Price

Strengthening the Cape Town Convention in India: How the newly implemented Protection of Interests in Aircraft Objects Act...

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On May 1, 2025, new legislation came into force in India called The Protection of Interests in Aircraft Objects Act 2025 (the “Act”). The new legislation arises out of the insolvency of Indian airline Go First, where lessors...more

Troutman Pepper Locke

What Is a Receivership and How Does It Differ From Bankruptcy?

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A receivership is an equitable remedy in which an independent third party is appointed by a court to manage and preserve a company’s assets. Though bankruptcy and receiverships are similar, there are significant differences...more

Blake, Cassels & Graydon LLP

Landing in a Safe Harbour: Five Takeaways From the Red Lobster Cross-Border Restructuring

In May 2024, Red Lobster Management LLC (RL Management) and fourteen of its affiliates (collectively, Red Lobster), including Red Lobster Canada Inc. (Red Lobster Canada), commenced proceedings in the United States Bankruptcy...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

Paul Hastings LLP

English Court Approves Enzen Part 26A Restructuring Plans in First Case With HMRC Active Support

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On 25 March 2025, the English Court approved the interconditional dual restructuring plans of Enzen Global Limited and Enzen Limited (Enzen). The plans amend and extend £50 million senior secured liabilities, provide for new...more

Blake, Cassels & Graydon LLP

Insolvabilité au Canada : Principaux développements et tendances émergentes

Plusieurs décisions judiciaires notables qui sont pertinentes pour les prêteurs commerciaux, les entreprises et les professionnels de l’insolvabilité ont marqué l’année 2024. Le présent bulletin résume les principaux...more

Troutman Pepper Locke

What Is a Chapter 15 Bankruptcy and How is It Different from a Chapter 11 Case? - Creditor’s Rights Toolkit

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Chapter 15 of the Bankruptcy Code is a mechanism for debtors to have foreign insolvency proceedings recognized in the U.S. and to have the orders entered by a foreign court in those insolvency proceedings abroad given effect...more

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