Insolvency

Sklar Kirsh Bankruptcy and Restructuring Partner Robbin Itkin Named to 2021 Chambers USA

Retrieved on: 
Wednesday, May 26, 2021
Debt, Finance, Money, Law firms, Bankruptcy, Corporate finance, Human resource management, Restructuring, Kirsh, Insolvency, DLA Piper, Itkin

LOS ANGELES, May 26, 2021 /PRNewswire/ -- Top boutique law firm Sklar Kirsh announced today that Chambers USA: America's Leading Lawyers for Business has once again named Partner Robbin Itkin as a leader in Bankruptcy/Restructuring in its 2021 rankings.

Key Points: 
  • LOS ANGELES, May 26, 2021 /PRNewswire/ -- Top boutique law firm Sklar Kirsh announced today that Chambers USA: America's Leading Lawyers for Business has once again named Partner Robbin Itkin as a leader in Bankruptcy/Restructuring in its 2021 rankings.
  • Itkin, a Partner in Sklar Kirsh's Bankruptcy practice, has experience restructuring billions of dollars of debt and obtaining insolvency resolutions in chapter 11 cases and numerous restructurings outside of the courtroom.
  • Prior to joining Sklar Kirsh, Itkin was a partner with DLA Piper where she served as chair of its Business Solutions and Financial Restructuring Group.
  • Itkin was also featured on the inaugural list of LawDragon's 2020 Leading U.S. Bankruptcy & Restructuring Lawyers.

DGAP-News: Steinhoff International Holdings N.V. : UPDATE ON PROVISIONAL LIQUIDATION APPLICATION

Retrieved on: 
Wednesday, May 26, 2021
Insolvency, Business law, Bankruptcy, Economy, Steinhoff International, Finance, Liquidation, Provisional liquidation, Steinhoff

Steinhoff International Holdings N.V. ("SIHNV" or the "Company", together with its subsidiaries, "Steinhoff" or the "Steinhoff Group") provides the following update in respect of the application for provisional liquidation of SIHNV ("the Liquidation Application") made by the entities affiliated with the former shareholders of Tekkie Town (Pty) Ltd ("Tekkie Town Claimants") in the Western Cape Division of the High Court of South Africa (the "Court") previously announced by the Company on 13 May 2021.

Key Points: 
  • Steinhoff International Holdings N.V. ("SIHNV" or the "Company", together with its subsidiaries, "Steinhoff" or the "Steinhoff Group") provides the following update in respect of the application for provisional liquidation of SIHNV ("the Liquidation Application") made by the entities affiliated with the former shareholders of Tekkie Town (Pty) Ltd ("Tekkie Town Claimants") in the Western Cape Division of the High Court of South Africa (the "Court") previously announced by the Company on 13 May 2021.
  • Yesterday (25 May 2021), the Court directed that the hearing will take place between 1 September and 3 September 2021.
  • The Court also set a timetable for the Parties, including any intervening parties, to deliver papers in the Liquidation Application and / or in support of applications to intervene in the Liquidation Application, prior to the hearing of the Liquidation Application.
  • Further updates in relation to Steinhoff settlement process and related matters will be provided in due course.

DGAP-News: K&E Treuhand GmbH: Wirecard AG (in Administration) - First Status Report Available

Retrieved on: 
Friday, May 21, 2021
Online payments, Wirecard, States of Germany, Finance, Money, Debt, Insolvency, Berlin Brandenburg Airport

b"The issuer is solely responsible for the content of this announcement.\nThe administrator has provided their first status report on the progress of Wirecard AG's insolvency proceedings (FN 1542 IN 1308/20).

Key Points: 
  • b"The issuer is solely responsible for the content of this announcement.\nThe administrator has provided their first status report on the progress of Wirecard AG's insolvency proceedings (FN 1542 IN 1308/20).
  • The report spans the period from 19 November 2020 until 18 May 2021.\nNoteholders are invited to request the report from the common representative upon delivery of up-to-date evidence of holdings.
  • The common representative will not assess whether or not the report in fact contains any such information or sweep the report from (potential) such information.\nPlease further note that the report is currently only available in German.
  • Please reach out under [email protected] if you want to receive a notice once the translation is available.\n"

Private Debt Investors Doubt Their Ability To Handle Defaults in a Post Pandemic Downturn - a Report Commissioned by Ocorian

Retrieved on: 
Thursday, May 20, 2021
Debt, Bankruptcy, Debt restructuring, Insolvency, Fiduciary, Economy, Articles, Law

As this support is wound down and interest rates rise we can expect to see distress and indeed opportunities in certain sectors.

Key Points: 
  • As this support is wound down and interest rates rise we can expect to see distress and indeed opportunities in certain sectors.
  • How private debt managers react will be varied and we are likely to see the hawks outnumber the doves.\n"Despite their operational concerns and a weakening in the short-term fundamentals in private credit markets, investors are increasingly drawn to the sector in anticipation of debt restructurings as well as M&A activity arising from the pandemic.
  • All respondents were involved in business decision-making processes and were evenly spread across Europe, North America, Africa and Asia, coming from either mid-cap or large-cap investment banks or private capital businesses.
  • Respondents worked at businesses with balance sheets ranging from circa $50bn to over $1trn.\nOcorian is a global leader in corporate and fiduciary services, fund administration and capital markets.

Private Debt Investors Doubt Their Ability To Handle Defaults in a Post Pandemic Downturn - a Report Commissioned by Ocorian

Retrieved on: 
Thursday, May 20, 2021
Debt, Bankruptcy, Debt restructuring, Insolvency, Fiduciary, Economy, Articles, Law

As this support is wound down and interest rates rise we can expect to see distress and indeed opportunities in certain sectors.

Key Points: 
  • As this support is wound down and interest rates rise we can expect to see distress and indeed opportunities in certain sectors.
  • How private debt managers react will be varied and we are likely to see the hawks outnumber the doves.\n"Despite their operational concerns and a weakening in the short-term fundamentals in private credit markets, investors are increasingly drawn to the sector in anticipation of debt restructurings as well as M&A activity arising from the pandemic.
  • All respondents were involved in business decision-making processes and were evenly spread across Europe, North America, Africa and Asia, coming from either mid-cap or large-cap investment banks or private capital businesses.
  • Respondents worked at businesses with balance sheets ranging from circa $50bn to over $1trn.\nOcorian is a global leader in corporate and fiduciary services, fund administration and capital markets.

EIP proposes five measures to improve the insolvency situation in European Union countries

Retrieved on: 
Thursday, May 20, 2021
Debt, Insolvency, Insolvency law, Finance, Money, Liability financial accounting), Economy of the European Union, Eurozone, Eurogroup

b'The European Insolvency Practitioners Association (EIP) shares the keys that Member States need to follow to alleviate the economic impact from the pandemic.\nBRUSSELS, May 20, 2021 /PRNewswire/ -- The health crisis caused by COVID-19 has also brought about an economic crisis particularly concentrated around the tourism, hospitality, and retail sectors.\nDespite the economic measures taken by institutions in Europe more specific measures regarding insolvency should be taken in the region.

Key Points: 
  • b'The European Insolvency Practitioners Association (EIP) shares the keys that Member States need to follow to alleviate the economic impact from the pandemic.\nBRUSSELS, May 20, 2021 /PRNewswire/ -- The health crisis caused by COVID-19 has also brought about an economic crisis particularly concentrated around the tourism, hospitality, and retail sectors.\nDespite the economic measures taken by institutions in Europe more specific measures regarding insolvency should be taken in the region.
  • Although the European Commission, proposed on a first stage the Solvency Support Instrument a mechanism with the aim of supporting otherwise viable companies in the Union that face solvency difficulties because of the coronavirus crisis.\nThus, the European Insolvency Practitioners Association has published a position paper about the state of insolvency in Europe.
  • This document analyses the current context and also proposes some measures to alleviate the situation of the European Fabric.\nThe great consensus and similarity among legislation in European countries will help make processes faster and more agile when acting in companies that have solvency issues, fundamentally for cross-border procedures.\nFor this purpose, the European Directive was approved on preventive restructuring and second chance frameworks, to level up the legislation in all countries of the European Union.
  • We are calling on all European countries to push this transposition through as quickly as possible to help companies that currently need it.\nThe European Council negotiations emptied the Solvency Support Instrument (SSI), and it seems destined to be wiped out.

DGAP-News: Steinhoff International Holdings N.V. : - PROVISIONAL LIQUIDATION APPLICATION

Retrieved on: 
Thursday, May 13, 2021
Insolvency, Business law, Companies, Economy, Steinhoff International, Bankruptcy, Liquidation, Verhoeven, Provisional liquidation, KPN

b'The issuer is solely responsible for the content of this announcement.\nSteinhoff International Holdings N.V. ("SIHNV" or the "Company", together with its subsidiaries, "Steinhoff" or the "Steinhoff Group") notes recent press commentary regarding a filing in the South African courts of an application for inter alia the provisional liquidation of SIHNV.\nOn 12 May 2021 entities affiliated with the former shareholders of Tekkie Town (Pty) Ltd ("Tekkie Town Claimants") filed the aforementioned application in the Western Cape Division of the High Court of South Africa.

Key Points: 
  • b'The issuer is solely responsible for the content of this announcement.\nSteinhoff International Holdings N.V. ("SIHNV" or the "Company", together with its subsidiaries, "Steinhoff" or the "Steinhoff Group") notes recent press commentary regarding a filing in the South African courts of an application for inter alia the provisional liquidation of SIHNV.\nOn 12 May 2021 entities affiliated with the former shareholders of Tekkie Town (Pty) Ltd ("Tekkie Town Claimants") filed the aforementioned application in the Western Cape Division of the High Court of South Africa.
  • On 15 February 2021, the Company announced that it had resolved to lodge an application for a Dutch "suspension of payments" procedure ("Dutch SoP") with the Amsterdam District Court to implement its proposal to settle the multi-jurisdictional legacy claims against it.
  • The Amsterdam District Court approved the application on the same day and appointed two administrators, namely Mr. F. Verhoeven and Mr. C.R.
  • Zijderveld.\nSIHNV will oppose the application by the Tekkie Town Claimants and will vigorously defend any attempt to disrupt the proposed global settlement and the Company\'s ongoing Dutch SoP and the proper forum of the Dutch courts.

Portage Point Continues Turnaround & Restructuring Expansion with Addition of Seasoned Advisor Adam Chonich

Retrieved on: 
Tuesday, May 11, 2021
Finance, Bankruptcy, Money, CIRA, Debt, Economy, Restructuring, Ernst & Young, Insolvency

"Adam\'s expertise bridges the chasm between core restructuring advisor and operational improvement tactician that our clients value," said Matthew Ray, Founder & Managing Partner of Portage Point.

Key Points: 
  • "Adam\'s expertise bridges the chasm between core restructuring advisor and operational improvement tactician that our clients value," said Matthew Ray, Founder & Managing Partner of Portage Point.
  • "His experience across industries, geographies and business models has allowed Adam to identify innovative value maximizing solutions in both healthy and distressed companies."\nMr.
  • Chonich joins Portage Point after previously holding senior roles in EY\'s Restructuring & Turnaround group and BRG.
  • Adam received both his undergraduate and graduate degrees from Michigan State University and is a Certified Insolvency & Restructuring Advisor (CIRA).\n"Joining Portage Point affords me the opportunity to execute alongside the highest level performance improvement and restructuring talent.

Probate and Conservatorship Attorney Lisa MacCarley to Appear in BBC Select Documentary “The Battle for Britney” on May 11, 2021

Retrieved on: 
Monday, May 10, 2021
Musicians, Conservatorship, Insolvency, Britney Spears, Legal guardian

b'LOS ANGELES, May 10, 2021 (GLOBE NEWSWIRE) -- Probate and Conservatorship Attorney Lisa MacCarley , a fervent supporter of the #FreeBritney movement, announced she will be featured in the upcoming BBC Select documentary \xe2\x80\x9cThe Battle for Britney: Fans, Cash and a Conservatorship\xe2\x80\x9d which will air on Tuesday, May 11, 2021.

Key Points: 
  • b'LOS ANGELES, May 10, 2021 (GLOBE NEWSWIRE) -- Probate and Conservatorship Attorney Lisa MacCarley , a fervent supporter of the #FreeBritney movement, announced she will be featured in the upcoming BBC Select documentary \xe2\x80\x9cThe Battle for Britney: Fans, Cash and a Conservatorship\xe2\x80\x9d which will air on Tuesday, May 11, 2021.
  • In the 60-minute documentary by BAFTA award-winning journalist Mobeen Azhar, Ms. MacCarley answers questions about the troubling manner in which Ms. Spears\xe2\x80\x99 conservatorship was first established.\nLisa MacCarley has been an active proponent of reforming the Conservatorship and Guardianship courts.
  • In early 2020, she founded the non-profit \xe2\x80\x9c Bettys\xe2\x80\x99 Hope \xe2\x80\x9d to bring attention to deficiencies in our nation\xe2\x80\x99s conservatorship and guardianship courts.
  • I am hoping to bring attention to the fact that our nation\xe2\x80\x99s conservatorship and guardianship courts must be more strenuously trained and supervised.

Greenberg Traurig's David Guess Elected Vice President of Los Angeles Bankruptcy Forum

Retrieved on: 
Thursday, May 6, 2021
Debt, Finance, Money, Greenberg Traurig, Liability financial accounting), Insolvency, Bankruptcy

b'LOS ANGELES, May 6, 2021 /PRNewswire-PRWeb/ -- David M. Guess , a shareholder in global law firm Greenberg Traurig, LLP \'s Restructuring & Bankruptcy Practice , has been elected vice president of the Los Angeles Bankruptcy Forum for the 2021-2022 term.

Key Points: 
  • b'LOS ANGELES, May 6, 2021 /PRNewswire-PRWeb/ -- David M. Guess , a shareholder in global law firm Greenberg Traurig, LLP \'s Restructuring & Bankruptcy Practice , has been elected vice president of the Los Angeles Bankruptcy Forum for the 2021-2022 term.
  • He was the program chair for the 2020-2021 term and has served in various board positions within the organization since 2015.\nThe Los Angeles Bankruptcy Forum is an educational and networking resource for bankruptcy and insolvency professionals serving the Central District of California.
  • The forum\'s objectives are to provide educational programs; provide a forum for collaborative development of bankruptcy practices regarding law, proposed legislation, rules, and regulations; and to promote high standards and practices in the field overall.\n"I\'m honored to be elected the new forum vice president," Guess said.
  • "\nGuess, who is based in Greenberg Traurig\'s Orange County office , focuses his practice on business bankruptcy cases and out-of-court workouts.