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Oct 10, 2024 | 
ionanalytics.com | Joshua Klein |Dawn Grocock |Arthur Almeida |Ryan Patwell
Report Mediation has become a fairly standard feature of Chapter 11 cases over recent years, with some high-profile cases providing notable examples of successful mediations. As the UK in-court restructuring landscape becomes increasingly contentious since the introduction of the new restructuring plan tool some four years ago, lessons can be learned from the US approach.
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Aug 26, 2024 | 
ionanalytics.com | Arthur Almeida |Ryan Patwell |Ben Miller
Data Insight In 1H24, restructuring situations in Latin America maintained the pace seen in 2023, with 12 new in-court and out-of-court cases, compared to 13 in 1H23 (and 25 in the full year).
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Apr 25, 2024 | 
ionanalytics.com | Arthur Almeida |Ashley Bell |Dawn Grocock |Paul Gunther
During the first quarter of 2024, appellate and bankruptcy-specialized courts worldwide set significant precedents in several high-profile cases. In the US, the Court of Appeals for the Third Circuit reversed a decision issued in the FTX Trading Chapter 11 case, finding that a bankruptcy court must grant a request by the US Trustee to appoint an examiner in large Chapter 11 cases in which there is suspected fraud or misconduct.
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Mar 13, 2024 | 
ionanalytics.com | Arthur Almeida |Ben Miller
Brazilian petrochemical producer Unigel and Vortx – the trustee for the BRL 500m domestic bonds issued by the company – are fighting over an unprecedented situation in the country’s bankruptcy landscape: the possibility of amending prepackaged plans in the period between the filing of an extrajudicial recovery process and the deadline for obtaining support from the majority of creditors for the prepackaged plan.
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Feb 29, 2024 | 
ionanalytics.com | Arthur Almeida |Ben Miller
Last month, the Americanas debt restructuring plan was confirmed by the court handling the Brazilian retailer’s bankruptcy, following creditor approval in late 2023 and favorable legal opinions provided both by the judicial manager and the Public Prosecutor. The plan is centered on a BRL 12bn (USD 2.4bn) capital increase from the largest shareholders, and a debt-for-equity swap option for unsecured creditors.
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Jan 31, 2024 | 
ionanalytics.com | Arthur Almeida |Jayjeet Sharma |Ben Miller
Pressured by the prolonged economic consequences of the COVID-19 pandemic, Brazilian airline Gol Linhas Aereas SA(Gol) recently started an in-court restructuring to deal with its multi-billion debt, which stems mostly from defaulted obligations related to bonds and operating aircraft leasing claims.
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Jan 12, 2024 | 
ionanalytics.com | Ben Miller |Jonathan Szwarc |Arthur Almeida
It is no surprise Unigel is in a very complicated situation, and it has been several months without any positive news. The latest tangible good development was in September when the company agreed to a 90-day extension with debenture-holders (which then expired in December and was not renewed). The key problem, in our view, is that the Brazil-based chemical producer no longer depends on itself, but is at the mercy of others, such as Petrobras and creditors.
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Jan 8, 2024 | 
ionanalytics.com | Ben Miller |Arthur Almeida
Throughout 2023, several Brazilian distressed companies elected debt restructuring strategies that involved requesting a preliminary injunction to suspend debt enforcement measures, either in advance of a bankruptcy filing or while a ruling admitting a bankruptcy protection request was pending.
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Jan 3, 2024 | 
ionanalytics.com | Ben Miller |Arthur Almeida
Last month, creditors of Brazilian retailer Americanas SA approved its debt restructuring plan, which is centered on a capital increase from its main shareholders and also provides for a debt-for-equity option. The court handling the case is expected to decide whether to confirm the creditors’ approval following a year-end pause in court activity.
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Dec 14, 2023 | 
ionanalytics.com | Fabíola Gomes |Álvaro Ledgard |Arthur Almeida |Ben Miller
Brazilian chemicals firm Unigel requested a precautionary measure on 11 December from the Second Bankruptcy Court of Sao Paulo, citing the need to pursue mediation with creditors. Despite an initial rejection, the pre-bankruptcy protection was granted 14 December. Unigel reported approximately BRL 3.667bn (USD 743m) in debt in its petition.
