In October 2019, syncreon Group Holdings B.V. and its subsidiaries (collectively, the syncreon Group) completed a landmark cross-border balance sheet restructuring of approximately US$1.1-billion of debt. The syncreon Group’s restructuring is believed to be the first time that English scheme of arrangement proceedings have been used to restructure debt issued by a U.S.-based multinational enterprise (Scheme Proceedings).
On November 1, 2019, certain amendments to the Bankruptcy and Insolvency Act (BIA) and the Companies’ Creditors Arrangement Act (CCAA) will come into force and have potentially far-reaching implications on the way in which restructuring and liquidation proceedings under those statutes are conducted.
As described in further detail below, the amendments:
On August 29, 2019, the Alberta Court of Appeal released its decision in Canada v. Canada North Group Inc. The majority – Justice P. Rowbotham and Justice F.
The judicial managers of offshore oil and gas group Swiber have announced a restructuring plan for the company – which includes handing over shares to its professional services providers in part-payment of fees.
Judicial managers Bob Yap Cheng Ghee, Ong Pang Thye and Tay Puay Cheng of KPMG published the plan on 7 May, urging creditors to vote in favour to avoid Swiber’s liquidation.
Hong Kong’s restructuring scene is one of the most cross-border in the world, with three-quarters of its listed companies incorporated offshore and most restructurings having a mainland China connection. But the territory still lacks a statutory regime for cross-border recognition – as recently brought into focus in the restructuring of Singaporean engineering company CW Group. What does this mean for international insolvencies in the region?
EY's Hunter Kelly and Alan Hudson have been appointed administrators over UK construction services company Interserve, hours after it failed to secure shareholder approval for a restructuring plan.
Kelly and Hudson were appointed over Interserve Plc, the holding company for the Interserve Group, on 15 March after the plan failed to win approval at a shareholders' general meeting earlier the same day.
On February 12, 2019, the Court of Appeal of Alberta (Court) released its long-anticipated decision in Northern Sunrise County v. Virginia Hills Oil Corp. (Virginia Hills).
On February 4, 2019, the Quebec Court of Appeal (Court of Appeal) ruled in the restructuring proceedings of Bluberi Gaming Technologies Inc., now 9354‑9186 Québec Inc., et al. (Bluberi) that under the Companies’ Creditors Arrangement Act (Canada) (CCAA), creditors have a right to vote in their own self-interest. In so doing, the Court of Appeal reversed the lower court’s decision.
Singapore’s new restrictions on ipso facto clauses are welcome news to the local restructuring community, and a strong step towards establishing it as one of the region’s premier restructuring hubs. But how will these restrictions affect innocent counterparties and existing commercial contracts, ask partner Guan Feng Chen and associate Jonathan Tang at Morgan Lewis Stamford?
New restrictions on ipso facto clauses
On January 31, 2019, the Supreme Court of Canada (SCC) released its decision in Orphan Well Association, et. al. v. Grant Thornton Limited, et. al. – a case commonly known as Redwater.