Regional news: Bermuda
Interpol-wanted businessman fails to annul bankruptcy on COMI grounds
A former businessman subject to an Interpol Red Notice after breaching bail in Bermuda in “extraordinary circumstances” has failed to annul an English bankruptcy order, after a judge found his centre of main interests was in the UK at the time the petition was served on him in a Dutch jail, where he was serving time for bankruptcy fraud.
21 September 2022
Chinese developer Skyfame enters soft touch liquidation in Bermuda
Hong Kong-listed Skyfame Realty has entered provisional liquidation in Bermuda after defaulting on its offshore debt, while fellow property developer Evergrande is facing an investigation after lender banks seized over US$2 billion from its subsidiary earlier this year.
17 August 2022
NewOcean wound up in Hong Kong as Bermuda liquidation appealed
Asian oil and gas group NewOcean Energy has been wound up in Hong Kong, two weeks after creditor bank HSBC won an appeal to have it placed into liquidation in Bermuda.
12 August 2022
Chinese energy group wound up in Bermuda
Hong Kong-listed gas group NewOcean Energy has been wound up in Bermuda, less than a year after it appointed soft touch provisional liquidators to help restructure its debts following the collapse of Singaporean oil trader Hin Leong.
05 August 2022
Another Chinese developer defaults on offshore debt, applies for JPLs in Bermuda
Chinese property developer Skyfame Realty has applied to appoint light touch provisional liquidators in Bermuda, claiming it is facing “unprecedented liquidity pressure” after trying unsuccessfully to extend its offshore debt.
15 July 2022
Hong Kong court warns against using offshore schemes to deal with US debt
Schemes purporting to compromise US law-governed debt in offshore jurisdictions coupled with Chapter 15 recognition will not be effective in Hong Kong, its High Court has warned.
07 June 2022
French-Bermudian JV's creditors agree to Chinese restructuring
Creditors of a joint venture between Bermuda-registered car manufacture Brilliance Auto and France’s Renault have approved the formation of a committee to oversee a restructuring in China.
25 May 2022
Chinese coal group wound up in Hong Kong despite Bermudian liquidation
The High Court in Hong Kong has issued a winding up order against a Chinese coal group that is already being wound up in Bermuda, finding no reason why liquidators cannot harmonise the processes.
13 May 2022
Teneo buys KPMG’s Bermudian restructuring arm
Global advisory firm Teneo has acquired KPMG’s Bermuda restructuring business, just two months after buying its Cayman and British Virgin Islands restructuring arms.
30 March 2022
Pacific Andes wins Ch11 plan confirmations
Two groups of companies that sit within industrial fishing conglomerate Pacific Andes have secured Chapter 11 plan confirmations in New York, after agreeing to remove third-party releases.
17 February 2022