The NCLAT, in its recent decision in Union of India v.Vijaykumar V Iyer,[1] has arguably created a new class of creditors, not previously known to the provisions of the Insolvency and Bankruptcy Code, 2016 (‘IBC’).
On May 31, 2021, Houston, Texas-based OFS International, LLC, also known as OFSi, a privately held company which provides a full complement of services required to supply oil country tubular goods for the oil and gas industry, along with affiliates, filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (Case No. 21-31784).
On May 31, 2021, ALH Properties No. Fourteen, LP, owner and operator of the Embassy Suites Houston Downtown hotel in Houston, TX, filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (Case No. 21-31797). The company estimated $50 million to $100 million in assets and $10 million to $50 million in liabilities.
On May 30, 2021, Certa Dose, Inc, a New York-based pharmaceutical technology company that has developed a proprietary and patented method of delivering medicine to eliminate the risk of life-threatening overdoes, filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Case No. 21-11045).
In 2018, the liquidating trustee for Venoco, LLC and its affiliated debtors (collectively, the “Debtors”) commenced an action in the United States Bankruptcy Court for the District of Delaware seeking monetary damages from the State of California and its Lands Commission (collectively, the “State”) as compensation for the alleged taking of a refinery (the “Onshore Facility”) that belonged to the Debtors (the “Adversary Proceeding”). The State moved to dismiss, claiming, among other things, sovereign immunity.
The COVID-19 pandemic shook the global real estate and hospitality industry as lockdowns were put in place across the globe. The sudden and unexpected lack of footfall caused revenues in physical centers such as restaurants, shopping malls and hotels to plummet, compounding existing structural inefficiencies and accelerating the speed of change for many businesses.
On June 1, 2021, JDS Fourth Avenue LLC, a New York-based real estate development company, filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-10888). The company estimated $1 million to $10 million in both assets and liabilities.
Introduction
COVID-19
Government Intervention Schemes
Current as of 21 May 2021
Government Intervention Schemes
COVID-19 Government Intervention Schemes 2
Countries around the globe are facing unprecedented and rapid change due to the COVID-19 pandemic. This guide provides a summary of key government interventions around the globe in relation to: EU State Aid Approvals (for EMEA region), foreign investment restrictions, debt, equity and taxation.
On May 31, 2021, Kumtor Gold Company CSJC, a Kyrgyz Republic-based operator of the Kumtor mine located in the Kyrgyz Republic, along with Kumtor Operating Company CSJC, filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Case No. 21-11051). The company estimated $1 billion to $10 billion in assets and $100 million to $500 million in liabilities.