Fulltext Search
Sovereign Debt Restructuring. Stay of Proceedings. District court grants stay of proceedings for breach of contract claim against Sri Lanka pending restructuring negotiations with bilateral and private commercial creditors.

Hamilton Reserve Bank Ltd. v. Sri Lanka, No. 22-cv-5199 (S.D.N.Y. Nov. 1, 2023) [click for opinion]

USA, Insolvency & Restructuring, Litigation, Baker McKenzie
BlockFi Unsecured Creditors Seek to Liquidate the Company and End the “Extortion”

On June 27, 2023, the Official Committee of Unsecured Creditors (the “Committee”) in the BlockFi Chapter 11 bankruptcy reorganization case filed an Objection to the company’s Plan and essentially requested that the company be liquidated. The Official Committee is made up largely of 600,000 individual customers of BlockFi.

USA, Insolvency & Restructuring, Litigation, Baker McKenzie, FTX
SEC Agrees to Let Company Investors be Paid First in BlockFi Bankruptcy

BlockFi is a wealth management and trading firm for cryptocurrency holders that first commenced operations in 2017. In July 2021, we wrote about BlockFi’s bumpy road to going public, even though its valuation had just hit $5 billion.

USA, Capital Markets, Insolvency & Restructuring, Litigation, Baker McKenzie, Blockchain, Cryptocurrency, FTX
Interest Rates. Currency of Judgment. New York state court holds that interest rate set in bankruptcy proceeding controls over contractual interest rate and that New York law requires a New York judgment be rendered in U.S. dollars.

Lehman Bros. Int'l (Europe) (In Admin.) v. AG Fin. Prod., Inc., No. 653284/2011 (Sup. Ct. N.Y. County May 17, 2023) [click for opinion]

USA, Derivatives, Insolvency & Restructuring, Litigation, Baker McKenzie, International Swaps and Derivatives Association
Crisi d’impresa e risanamento aziendale: conversione del D.L. 118/21 - Il rinvio del Codice della Crisi e l’arrivo della Composizione Negoziata

Il D.L. 24 agosto 2021 n. 118 (Decreto Crisi d’Impresa) è ora legge: il 23 ottobre 2021 è stata pubblicata in Gazzetta Ufficiale la L. 147/2021 di conversione del D.L.

Italy, Insolvency & Restructuring, Hogan Lovells, Coronavirus
Negotiated settlements: New opportunities for Italian distressed businesses?

The conversion into statute on 23 October 2021 of the so-called Business Distress Bill adds new provisions to those recently adopted by the Italian government to address corporate distress following the COVID-19 pandemic, to provide companies with new legal tools to prevent the onset of economic distress or overcome reversible financial instability.

Italy, Insolvency & Restructuring, Hogan Lovells, Coronavirus
Arbitration. Confirmation of Award. District court confirms arbitration award of $2 million in fees and costs to prevailing party and refuses sanctions against petitioner who sought to vacate the award.

Cognac Ferrand S.A.S. v. Mystique Brands LLC, No. 20 Civ. 5933 (S.D.N.Y. Jan. 31, 2021) [click for opinion]

USA, Arbitration & ADR, Insolvency & Restructuring, Litigation, Baker McKenzie, US District Court for the Southern District of New York
Bankruptcy. Discovery. Sanctions. Bankruptcy court sanctions attorney for failing to make reasonable efforts to obtain discovery materials held outside the U.S. by incarcerated debtor's agents and attorneys.

In re Markus, 607 B.R. 379 (Bankr. S.D.N.Y. 2019) [click for opinion]  

USA, Insolvency & Restructuring, Litigation, Baker McKenzie, Bankruptcy, Debtor, Title 11 of the US Code, United States bankruptcy court
Business Restructuring and Insolvency in Italy - a revolution in the making?

Nearly a year ago, the Italian Parliament passed Law 155/2017 giving the Government twelve months to adopt a root and branch reform of the rules governing business distress and insolvency procedures, taking into account European legislation (EU Regulation 2015/848, Commission Recommendation 2014/135) and the principles of the United Nations Commission on International Trade Law.

Italy, Insolvency & Restructuring, Hogan Lovells
Astaldi files for concordato in bianco

Astaldi, the Italian multinational construction company, filed on Friday (28 September) for concordato in bianco. This is an in-court restructuring proceeding under the Italian Bankruptcy Law, which imposes a standstill period for up to six months. Astaldi’s reference to certain provisions in the Bankruptcy Law indicates that it intends to use the standstill period to prepare for a concordato preventivo filing.

Italy, Insolvency & Restructuring, Hogan Lovells