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Singapore Legal Update - August 2016

MAS Proposes Enhancements to the Regulatory Requirements on Protection of Customer’s Moneys and Assets - The MAS Consultation Paper on Enhancements to the Regulatory Requirements on Protection of Customer’s Moneys and...more

New Delaware Chapter 15 Filing – Altos Hornos de México, S.A.B. de C.V.

Francisco Javier Gaxiola Fernández, the foreign representative of Altos Hornos de México, S.A.B. de C.V. (the “Debtor”) in a proceeding under Mexico’s Bankruptcy and Suspension of Payments law pending before the First Civil...more

Singapore to Become International Centre for Debt Restructuring

Singapore to Become International Centre for Debt Restructuring August 04, 2016 Singapore is set to adopt the recommendations of the Committee to Strengthen Singapore as an International Centre for Debt Restructuring....more

Court decides to ‘wait and see’ in its refusal to grant an administration order

Rowntree Ventures Ltd v Oak Property Partners Ltd [2016] EWHC 1523 (Ch) - The High Court recently re-affirmed the discretionary nature of its right to grant an administration order. In this case, the court refused to...more

MoFo Brexit Briefing: Flourishing by becoming familiar: how to attract restructuring investors to the post-Brexit UK

The process of Brexit will take years, and the implications for our clients’ businesses will unfold over time. Our MoFo Brexit Task Force is coordinating Brexit-related legal analysis across all of our offices, and working...more

Michael Fiddy, Co-chair of DLA Piper's global restructuring group, reflects on significant restructuring developments around the...

This edition of Global Insight comes to you shortly after the United Kingdom voted to leave the European Union. The morning after the vote we provided clients with a summary of its immediate impact, stressing that the...more

New OHADA Uniform Act Streamlines Collective Insolvency Proceedings

Innovations to the Act in late 2015 seek to modernize and simplify collective proceedings in OHADA member states. On 10 September 2015 in Grand-Bassam (Republic of Côte d’Ivoire), the Organization for the Harmonization...more

Essar Steel Affiliates File Chapter 11 and Chapter 15 Petitions in Delaware

Certain North American based affiliates of Essar Steel Ltd (Mumbai) have today filed Chapter 11 and Chapter 15 petitions in Delaware. ESML Holdings Inc. and Essar Steel Minnesota LLC have filed Chapter 11 proceedings in...more

New Delaware Chapter 15 Filing – Toshiba Samsung Storage Technology Korea Corporation

Toshiba Samsung Storage Technology Korea Corporation has commenced a case (Case No. 16-11602) under Chapter 15 of the Bankruptcy Code by filing a petition with the U.S. Bankruptcy Court for the District of Delaware....more

Brexit Q&A: Business Implications

On Thursday 23 June 2016, the UK electorate voted to leave the European Union. While this vote was advisory in nature, we expect that ultimately the UK Government and Parliament will respect the outcome and serve notice to...more

Contractual Close-Out Netting Ineffective in the Event of Insolvency

In a decision of 9 June 2016, the German Federal Court of Justice (Bundesgerichtshof, "BGH") has ruled that the determination of the close-out amount in a netting provision based on the German Master Agreement for Financial...more

Litigation Funder Communications Protected by the Attorney-Client Privilege and Work Product Doctrine

Addressing a novel issue in In re: International Oil Trading Company, LLC, 548 B.R. 825 (Bankr. S.D. Fla. 2016), the United States Bankruptcy Court for the Southern District of Florida recently denied in part an involuntary...more

Oman Market Developments

The Sultanate of Oman is the longest continually independent Arab country in modern history, having marked the 45th anniversary of its establishment last year. Looking to the future the Sultanate's long term strategy, Vision...more

Additional Delaware Chapter 11 Filings Related to Abeinsa Holding Inc. (Case No. 16-10790)

On April 6, 2016, eight additional affiliates of Abeinsa Holding Inc. filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware. These entities include Abener Teyma Hugoton General...more

New Delaware Chapter 15 Filing – Abengoa, S.A.

Christopher Morris, the foreign representative of Abengoa, S.A. (Nasdaq: ABGB), a debtor in a foreign proceeding pending in Spain, and 24 affiliates have filed a chapter 15 petitions before the United States Bankruptcy Court...more

"There Can Sometimes Be Good Forum Shopping"

In Re Codere Finance (UK) Ltd [2015] EWHC 3778 (Ch), 17 December 2015, the English High Court sanctioned a scheme of arrangement involving an English company deliberately acquired by a foreign parent to attract the court's...more

Banking and Finance. Major Russian Legislation Changes for 2015

Throughout 2015, both external and internal factors had a considerable negative impact on the Russian economy. It is precisely in this context that amendments intended to modernize legislation to develop regulation of the...more

Indah Kiat Scheme – Preparation is Key

The judgment of Snowden J. in the adjournment of the convening hearing relating to a scheme of arrangement (the “Scheme”) proposed by Indah Kiat International Finance Company B.V. (“Indah Kiat”) emphasises some important...more

Innovation and collaboration are driving leveraged debt markets

European high yield and leveraged loan markets have a distinctly different feel from 12 months ago. Volumes and values notably dropped over 2015, leaving issuers and lenders wondering what to expect in 2016 and beyond....more

"Berau May Expand US Restructuring Options for Foreign Issuers"

A recent decision in the U.S. Bankruptcy Court for the Southern District of New York clarifies that restructuring options under Chapter 11 or Chapter 15 are available to foreign issuers of U.S. debt, even if those issuers...more

New Case Filing – Chapter 15 – PT Holdco, Inc.

PT Holdco, Inc. and four of its affiliates, including Primus Telecommunications Canada, Inc., which resell residential and business telecommunications services, have commenced cases (Lead Case No. 16-10131 (LSS)) under...more

New Delaware Chapter 15 Filing – Eastern Continental Mining and Development Ltd.

Ninos Koumettou, the foreign representative of Eastern Continental Mining and Development Ltd. has filed a chapter 15 petition before the United States Bankruptcy Court for the District of Delaware (Case No. 16-10121-BLS)... ...more

New Delaware Chapter 15 Filing – Madison Niche Assets Fund, LTD.

The official liquidators of Madison Niche Assets Fund, Ltd. and Madison Niche Opportunities Fund, Ltd., two Cayman Islands entities, have filed chapter 15 petitions on behalf of those entities (Case No. 16-10043).  The case...more

New Delaware Chapter 15 Filing – FC Windenergy GmbH

Holger Blümle, the insolvency administrator and foreign representative of FC Windenergy GmbH, which owns and operates wind farms, has commenced a case (Case No. 16-10056 (MFW)) under Chapter 15 of the Bankruptcy Code by...more

COMI and get it: international approaches to cross-border insolvencies

In our increasingly global world, cross-border insolvencies have become relatively commonplace. Lehman Brothers and Nortel Networks are just two of the matters where parallel proceedings in multiple jurisdictions were...more

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