Cross-Border Restructurings and the New Jurisdictional Chessboard (Reorg Research)

Historically, chapter 11 of the U.S. Bankruptcy Code and schemes of arrangement in the United Kingdom under the Companies Act have dominated the complex cross-border restructuring scene. Over the past several years, however, the frequency of complex cross-border restructurings has increased, and the method for approaching such matters is evolving. Indeed, companies and lenders are turning more and more to sophisticated restructuring jurisdictions outside the United States and United Kingdom. Writing for Reorg Research, several Jones Day lawyers describe the developing cross-border restructuring chessboard, and highlight two recent groundbreaking examples where Jones Day attorneys advised clients on the strategic use of foreign restructuring regimes coupled with U.S. chapter 15 proceedings to achieve holistic financial restructurings.