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Insolvency Restructuring Creditors

K&L Gates LLP

Back to the Drawing Board for Restructuring Plans—Part 26A of the UK Companies Act 2006

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Saipem & Ors v Petrofac Limited and Petrofac International (UAE) LLC [2025] EWCA Civ 821 - Executive Summary: Negotiating Leverage Handed to Out of the Money Creditors - In a sweeping decision, the UK Court of Appeal has...more

King & Spalding

To Benefit or Not to Benefit: That is the Question for Plan Companies Post-Petrofac

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The Court of Appeal’s judgment in Petrofac provides a timely reminder that the primary purpose of the cross-class cram down power under Part 26A restructuring plans is to override the exercise of an unjustified veto by...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

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

Seward & Kissel LLP

Re-Volting, Short Circuit, and Seed of Doubt

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Li-Cycle files for bankruptcy, seeks protection for facilities in Greece | WXXI News - Li-Cycle filed a chapter 15 in the Southern District of New York on Wednesday to support its Canadian CCAA proceeding. The...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

Hogan Lovells

Restructuring Plans: how to plan for an exit

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An earlier version of this article appeared in Estates Gazette. Over the last 18 months we have seen a number of retailer restructuring plans, which have rewritten landlords’ leases and imposed sweeping rent cuts, whilst...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

Pillsbury Winthrop Shaw Pittman LLP

U.S. Bankruptcy Court Agrees to Enforce English Three-Step, with Third-Party Releases, Used by Mexican Auto Financer

Manipulation of “center of main interest” to secure UK bankruptcy venue does not bar chapter 15 recognition so long as creditors are not disadvantaged. On February 24, 2025, U.S. Bankruptcy Judge Michael E. Wiles granted...more

Latham & Watkins LLP

Holding Water: Thames Water Restructuring Plan Sanctioned

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The English court has sanctioned the group’s interim financing plan, but the opposing creditor group’s appeal will be heard on an expedited basis. The last 12 months have been turbulent for Thames Water. Following the...more

Latham & Watkins LLP

Cram-across: Sino-Ocean Restructuring Plan Makes Waves

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The evolution of the English RP continues to push the jurisdictional envelope. The English court’s sanction of the Sino-Ocean restructuring plan (RP) marks an interesting development in the evolution of the English RP....more

Jones Day

Business Restructuring Review Vol. 24 No. 1 | January–February 2025

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The Year in Bankruptcy: 2024 - A brief chronicle of the year's notable developments in corporate bankruptcy and restructuring, including business bankruptcy filings, significant court rulings, and legislative...more

Jones Day

New York Bankruptcy Court: "Defensive" Setoff Rights of Creditor that Did Not File Proof of Claim Cannot Be Extinguished Under...

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The ability of a creditor to offset any liability it may have to a debtor against the amount of the debtor's obligation to the creditor is an important right. The Bankruptcy Code expressly preserves that right, provided it...more

Troutman Pepper Locke

Can I Be Held Liable as a Petitioning Creditor When an Involuntary Bankruptcy Is Dismissed? - Creditor’s Rights Toolkit

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An involuntary bankruptcy can be a powerful tool in a creditor’s arsenal. Involuntary bankruptcies are rarely filed, however, because of the significant risk of liability for the petitioning creditor if the case is dismissed....more

A&O Shearman

Sanction for scheme of arrangement refused by Hong Kong court: Key takeaways

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Notwithstanding that the requisite statutory majority was obtained in the relevant creditors’ scheme meeting, the Hong Kong Companies Court refused to sanction a scheme of arrangement propounded by a company that professed to...more

Eversheds Sutherland (US) LLP

US Supreme Court weighs in on insurer rights in bankruptcy

In the ever-evolving landscape of insurance law, a recent decision by the Supreme Court has set a new precedent that could have far-reaching implications for insurers in bankruptcy cases. In the case of Truck...more

Paul Hastings LLP

The Legal 500’s Restructuring & Insolvency Comparative Guide

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Our London Financial Restructuring team authored the UK chapter of the 8th Edition of The Legal 500’s “Restructuring & Insolvency Comparative Guide". The guide provides information on the current issues affecting...more

McDermott Will & Emery

Das StaRUG und dessen Bedeutung für die Restrukturierung von Immobiliengesellschaften – Die wichtigsten Fragen und Antworten

McDermott Will & Emery on

Insolvenzanträge von namhaften Projektentwicklern und Immobiliengesellschaften stellen die betroffenen Unternehmen und ihre Gläubiger vor große Herausforderungen und setzen die gesamte Immobilienbranche unter Druck....more

Hogan Lovells

No clear picture - Hong Kong court criticises legal representatives in refusing to sanction scheme of arrangement

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A Hong Kong court has refused to sanction a scheme of arrangement, saying that practitioners should explain the key terms and effect of any proposed restructuring in a way which can be easily understood by the creditors and...more

White & Case LLP

Navigating Chapter 11 Restructurings in Australia: How Important is Recognition?

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In today's globalised economy, local recognition of foreign insolvency proceedings can be essential for the successful implementation of cross-border restructurings. This is particularly relevant in Australia — a popular host...more

White & Case LLP

APAC FRI Pulse

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As 2024 comes into full swing, it is timely to reflect on the lessons from 2023 and the impact that global economies have had on the financial landscape in Australia. Post-global pandemic and in the midst of the current...more

Opportune LLP

Financial Distress Solutions: Expert Advice for Businesses

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Imagine your business steadily climbing the ladder of success when a misstep in the market suddenly leads to a financial stumble. Assets underperform, capital markets dry up, and cash flows dwindle, causing financial...more

Pillsbury Winthrop Shaw Pittman LLP

Use It or Lose It! Indemnification Rights May Not Be Asserted against a Post-Confirmation Liquidation Trust

The Fifth Circuit recently held that claims and defenses arising from an indemnification agreement with a debtor could not be asserted against a liquidation trust because the chapter 11 plan barred those claims and defenses,...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

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