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1 month ago | 
globalrestructuringreview.com | Sidney Watson
Credit: Shutterstock/Ian Dewar Photography A British member of parliament has called Thames Water a “cash cow for its lenders” after the Court of Appeal allowed the troubled utility to move forward with its £3 billion (US$3.89 billion) interim rescue plan, dismissing appeals from the MP, the company’s owner and a group of its creditors.
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1 month ago | 
globalrestructuringreview.com | Sidney Watson
An Akin Gump Strauss Hauer & Feld partner who worked on the restructurings of Hong Kong-headquartered commodities trader Noble Group and Caribbean telecoms giant Digicel has moved to Proskauer Rose after nearly four years with her former firm. To read more Subscribe to Global Restructuring Review Register for limited access Register to receive our newsletter and gain limited access to subscriber content.
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1 month ago | 
globalrestructuringreview.com | Sidney Watson
Credit: Shutterstock/Richard M Lee The English Court of Appeal is set to provide a decision on whether to overturn the sanction of British utility Thames Water’s Part 26A plan next week, after the utility defended the plan as helping to facilitate its recovery from being a “poor performer” in the UK’s water industry. To read more Subscribe to Global Restructuring Review Register for limited access Register to receive our newsletter and gain limited access to subscriber content.
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1 month ago | 
globalrestructuringreview.com | Sidney Watson
Credit: Shutterstock/Alasdair Jones On the second day of a hearing to decide whether to cancel Thames Water’s English plan, the embattled British utility faced claims that its plan provides “disproportionate” value to new money creditors, is a “bad deal” for the company, and that it should give greater weight to the public interest attached to Thames Water.
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1 month ago | 
globalrestructuringreview.com | Sidney Watson
Credit: Shutterstock/Ceri Breeze At the opening of a three-day hearing to decide on whether to overturn British utility Thames Water’s English plan, a crammed-down group of Class B bondholders told the English Court of Appeal that the plan was unfair and that the sanction judge made “significant errors” on valuation. To read more Subscribe to Global Restructuring Review Register for limited access Register to receive our newsletter and gain limited access to subscriber content.
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1 month ago | 
globalrestructuringreview.com | Sidney Watson
Credit: Shutterstock/Robson90 Alvarez & Marsal has been appointed as monitor to 355-year-old Canadian retailer Hudson’s Bay after it entered CCAA proceedings in Ontario blaming headwinds in Canada’s economy, market changes following the covid-19 pandemic and business uncertainty caused the escalating trade war with the USA. To read more Subscribe to Global Restructuring Review Register for limited access Register to receive our newsletter and gain limited access to subscriber content.
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1 month ago | 
globalrestructuringreview.com | Sidney Watson
Credit: Shutterstock/Wirestock Creators Counsel to German battery maker Varta tells GRR the company is set to implement its restructuring “in the next few weeks” after Germany’s constitutional court dismissed a complaint brought by shareholders against the plan’s alleged violation of their rights. To read more Subscribe to Global Restructuring Review Register for limited access Register to receive our newsletter and gain limited access to subscriber content.
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1 month ago | 
globalrestructuringreview.com | Sidney Watson
Praveen "Prav" Reddy (Credit: Orrick Herrington & Sutcliffe) A Katten Muchin Rosenman partner who launched the firm’s UK restructuring offering five years ago has jumped ship for Orrick Herrington & Sutcliffe with two of his team, telling GRR he is excited to collaborate with his new colleagues in the US and Europe to “build something special”.
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1 month ago | 
globalrestructuringreview.com | Sidney Watson
Credit: Shutterstock/Andy.LIU The final weeks of February were a mixed bag for Chinese property developers, as Kaisa and Logan received overwhelming majorities of creditor support on their restructurings, while Yuzhou extended its scheme longstop date as it sources new funding, and Powerlong’s scheme fell through. To read more Subscribe to Global Restructuring Review Register for limited access Register to receive our newsletter and gain limited access to subscriber content.
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1 month ago | 
globalrestructuringreview.com | Sidney Watson
One Hyde Park apartment buildings. (Credit: Shutterstock/Jane Rix) An English court has declined to grant security for costs to bankrupt former billionaire Pan Sutong in recognition proceedings pursued by his Hong Kong bankruptcy trustees, warning that doing so might “open the floodgates” to other similar applications that might disrupt the operation of the UNCITRAL Model Law on Cross-Border Insolvency.
