Regional news: Bermuda

Bermuda: Insolvency in a Consistently Reliable Restructuring Jurisdiction

Featured in Americas Restructuring Review 2024

27 November 2023

Bankrupt PDVSA-owned insurer files bond default claim against Venezuela

The Bermudian liquidators of an insurer owned by Venezuelan state oil company PDVSA have filed a US$110 million claim against the South American country in New York after it defaulted on two sets of bonds.

01 November 2023

Bermuda-incorporated metal miner secures Hong Kong scheme

A Chinese metal miner has secured sanction of a Hong Kong scheme that will see its unsecured creditors swap their debt for equity, three years after the group withdrew from a separate Bermudian provisional liquidation process.

03 October 2023

Chinese developer Skyfame plans parallel Bermudian-HK schemes

Hong Kong-listed Skyfame Realty has struck an agreement with creditors to restructure through parallel Bermudian and Hong Kong schemes.

02 October 2023

Conyers, Davis Polk called back for second “mission-critical” Digicel restructuring

Three years after it completed a landmark Bermudian scheme of arrangement and Chapter 15 process, Caribbean telecoms and entertainment group Digicel is back in court for a repeat, blaming economic and political conditions in Haiti for the collapse of a refinancing deal.

15 September 2023

Ares sued for ‘rigged’ sale of LATAM’s aircraft

A global investment manager is being sued for the second time in three years for allegedly implementing a “sham foreclosure sale” of a bankrupt airline's aircraft.

12 September 2023

Aon’s Bermudian vehicle launches Ch15 as Vesttoo dispute continues

A Bermudian segregated accounts company linked to global insurance broker Aon is seeking Chapter 15 relief to aid its discovery efforts against bankrupt Israeli fintech Vesttoo, who it has threatened with arbitration over an alleged large-scale fraud.

29 August 2023

Fintech company seeks Israeli recognition of US bankruptcy amid fraud claims

Tel Aviv-based fintech Vesttoo has asked a Delaware court to authorise it to act as a foreign representative so it can seek Israeli recognition of Chapter 11 proceedings it commenced last week amid a threatened arbitration in Bermuda over an alleged large-scale fraud.

21 August 2023

Bermuda court reinforces the integrity of the local segregated accounts regime

Michael Todd KC and Tom Hall of Erskine Chambers and Christina Herrero of Marshall Diel & Myers in Bermuda, who represented joint provisional liquidators in a recent application for directions regarding the statutory regime for segregated accounts companies in Bermuda, consider the resulting “important” decision that provides the regime’s first comprehensive review.

15 August 2023

Carey Olsen insolvency head joins Walkers in London

Walkers has hired the former head of Carey Olsen’s insolvency group in the Cayman Islands and London, who brings with him experience working on the offshore restructurings of UAE-based private equity firm Abraaj Holdings and China’s Luckin Coffee.

17 July 2023

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