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    Jet Airways’ Return to the Skies
    2024-03-22

    After a long and arduous litigation Jet Airways’ insolvency woes have finally reached a conclusion. At least that is the hope unless the litigation is taken to the Supreme Court. Having said that, the National Company Law Appellate Tribunal (“NCLAT”) in its decision dated 12.03.2024, in Company Appeal (AT) (Insolvency) No. 129 & 130 of 2023, approved the transfer of ownership of Jet Airways to the Jalan Kalrock Consortium (“JKC”). This hopefully leads the path for the commencement of a new era for the airline.

    Filed under:
    India, Aviation, Insolvency & Restructuring, Litigation, JSA, Insolvency, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
    Authors:
    Poonam Verma Sengupta , Pradyumn Amit Sharma
    Location:
    India
    Firm:
    JSA
    Debt arising under unrecognised foreign judgment sufficient to found English bankruptcy proceedings
    2024-03-26

    The High Court has handed down an important decision confirming that an unrecognised foreign judgment can be used to form the basis of a bankruptcy petition.

    In rejecting the bankrupt’s appeal, the court confirmed that a debt arising pursuant to such a judgment is capable of constituting a “debt” for the purposes of section 267 Insolvency Act 1986 (the Act), despite the fact that the underlying judgment had not been the subject of recognition proceedings in England.

    Facts

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Stevens & Bolton LLP
    Authors:
    Tim Carter , Louise Corcoran
    Location:
    United Kingdom
    Firm:
    Stevens & Bolton LLP
    存续可转债在上市公司破产重整中的处理
    2024-03-26

    引言

    自2022年5月起,上市公司“携带”未到期可转债进入预重整或重整程序的案例逐步在A股视野中涌现。截至目前,重整计划成功执行并顺利处置可转债违约风险的只有*ST正邦(002157)和*ST全筑(603030)两个案例。作为一种上市公司破产重整领域的新兴产品,由于可转债具有债权性、股权性和二级市场可交易等特点,较重整中的其他普通债权更具特殊性,给上市公司破产重整提出了“新课题”,应当在重整中进行定制化处理。

    可转债在上市公司破产重整中的处理方式保持了其作为金融工具“进可攻,退可守”的特点,债券持有人可以选择到期兑付、转卖或转股。因此,重整方案设计中最为核心的是保护可转债原持有人在可转债产品项下的合法权利。通常做法为保留可转债持有人一定期限的交易及转股权利,利用可转债的特殊规则为持有人做好权利保护衔接,实现上市公司与持有人的利益共赢。

    本文谨从可转债的特殊性及权利保护措施、实践中主要案例总结及重整方案设计要点等三个方面展开,对存续可转债在上市公司破产重整中的处理方式进行总结和探讨。

    一、可转债的特殊性及权利保护

    (一)可转债的特殊性

    Filed under:
    China, Company & Commercial, Insolvency & Restructuring, Zhong Lun Law Firm, Bankruptcy, Convertible bonds
    Authors:
    Zhang Ming
    Location:
    China
    Firm:
    Zhong Lun Law Firm
    Restructuring Plans and Tax Liabilities: A More Assertive HMRC
    2024-03-25

    Ever since unpaid taxes due to HMRC were “crammed down” pursuant to a restructuring plan that it voted against but did not actively oppose in Houst,1 HMRC has challenged restructuring plans and asserted its interests more aggressively, causing the failure of restructuring plans inNasmyth

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Public, Tax, Latham & Watkins LLP, HM Revenue and Customs (UK)
    Authors:
    Bruce Bell , Tom Davies
    Location:
    United Kingdom
    Firm:
    Latham & Watkins LLP
    Debtor is Liable for Insolvency even if Creditor Receives the Debt through Insurance
    2024-03-26

    Businesses often rely on trade credit insurance to protect themselves from customers’ inability to pay for products or services. An interesting question that arose recently in the Indian insolvency context was that when a creditor’s claim for pending dues is paid out by an insurer, can the creditor, having received such pay-out, maintain an insolvency action against the debtor? The National Company Law Tribunal (“NCLAT”) has answered this in the affirmative.

    Filed under:
    India, Insolvency & Restructuring, Litigation, Khaitan Legal Associates, Insolvency, National Company Law Tribunal
    Authors:
    Smiti Tewari , Simran R. Grover
    Location:
    India
    Firm:
    Khaitan Legal Associates
    Keeping It in the Family: Bankruptcy Court Discusses Factors for Application of New Value Exception to Absolute Priority Rule
    2024-03-26

    One of the fundamental goals of a chapter 11 bankruptcy is the maximization of value available for distribution to creditors. The "absolute priority rule" generally applicable in chapter 11 requires that each class of impaired and unaccepting creditors be paid in full before any junior class of claims or interests may receive distributions under the plan. Courts recognize a limited exception to the absolute priority rule, however, allowing prepetition shareholders to retain their interest in the debtor where they contribute new value toward the debtor's reorganization.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Supreme Court of the United States
    Authors:
    Daniel J. Merrett (Dan) , Ashton Taylor Williams
    Location:
    USA
    Firm:
    Jones Day
    Cayman Islands Schemes of Arrangement now available for Exempted Limited Partnerships using the Restructuring Officer Regime
    2024-03-26

    A Cayman Islands scheme of arrangement is a court approved compromise or arrangement between a company and its creditors or shareholders (or classes thereof). A scheme of arrangement is frequently used to implement a financial restructuring by varying or cramming in the rights of the relevant creditors and/or shareholders of a company but may also be used to complete corporate transactions such as a group restructuring or reorganisation, acquisitions, mergers and take-private transactions.

    Filed under:
    Cayman Islands, Company & Commercial, Insolvency & Restructuring, Walkers
    Authors:
    Luke Petith , Cate Barbour , Tania Diab , Michael Testori , Charlotte O'Neill , Brett Basdeo
    Location:
    Cayman Islands
    Firm:
    Walkers
    What if the CEO asks me about… the options available for a company facing financial difficulties?
    2024-03-26

    The latest government insolvency statistics highlight that the downturn in the UK economy is still taking a significant toll and the number of UK corporate insolvencies in February 2024 remains high (and 17% higher compared to February 2023).

    Latest insolvency statistics

    February 2024 saw 2,102 company insolvencies, the highest February figures for at least four years.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Reynolds Porter Chamberlain, Insolvency, HM Revenue and Customs (UK)
    Authors:
    Paul Bagon , Will Beck , Harriet Ainsworth
    Location:
    United Kingdom
    Firm:
    Reynolds Porter Chamberlain
    Recent Bankruptcy Court Decision Leaves the Door Open to Bankruptcy Relief for Those in the Cannabis Industry
    2024-03-26

    A Massachusetts Bankruptcy Court’s recent appellate decision in Blumsack v. Harrington (In re Blumsack) leaves the door open for those employed in the cannabis industry to seek bankruptcy relief where certain conditions are met.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mintz, Bankruptcy, Cannabis
    Authors:
    Jane T. Haviland , Kathryn Droumbakis
    Location:
    USA
    Firm:
    Mintz
    What to Do if You Discharge a Security Registration in Error at UK Companies House?
    2024-03-26

    While there is a statutory requirement to register most forms of security granted by limited companies incorporated in the UK at Companies House, it is worth remembering that there is no statutory requirement for the holder of registered security to inform Companies House if, e.g., the debt secured by a registered charge has been satisfied.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Companies Act 2006 (UK), Economic Crime and Corporate Transparency Act 2023 (UK)
    Authors:
    Rachael Markham , Charlotte Møller
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs

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