Regional news: Bermuda

Kirkland, Jackson Walker and Sheppard Mullin advising on Seadrill Ch11s

London-based offshore driller Seadrill Partners and 28 of its international subsidiaries have filed Chapter 11 proceedings in Texas, citing Bermuda-incorporated Seadrill Ltd, which itself went through bankruptcy two years ago, as their largest unsecured creditor.

03 December 2020

A Bermuda scheme as an alternative to Chapter 11: Digicel case study

Faced with a US$7 billion level of funded indebtedness, the Digicel group concluded a comprehensive debt restructuring in June 2020 that left its shareholders intact. A key aspect of the restructuring plan was an innovative Bermuda scheme of arrangement that was used as an alternative to Chapter 11 bankruptcy. Edward Rance, an associate at Conyers, reports.

23 November 2020

Offshore provisional liquidators not entitled to general stay, Hong Kong court rules

A Hong Kong court has clarified that offshore provisional liquidators are not entitled to a general stay of local proceedings following a standard recognition order, in a ruling that has “punctured a long-standing myth” according to one barrister.

20 November 2020

Bermudian insurer’s provisional liquidators look to seize US investments

The Bermudian provisional liquidators of an insolvent insurance company have requested Chapter 15 recognition of their appointment in Florida, seeking to take control of its US assets following regulatory breaches at the company.

04 November 2020

New York court receives recognition requests for two Bermudian proceedings

The provisional liquidators of a Bermuda-incorporated investment holding company and the liquidators of a Bermudian water company are seeking Chapter 15 recognition of their appointments, in separate proceedings filed in New York in September.

01 October 2020

Hong Kong court urges consistency in recognition requests

A Hong Kong court has recognised the Bermudian “soft-touch” provisional liquidations of a metals company and a commodities trader, but has asked for consistency from foreign officeholders and courts seeking assistance.

08 September 2020

BVI court refuses to discharge freezing order against Chinese cinema owner

A British Virgin Islands court has refused to set aside a freezing order against the Chinese owner of insolvent cinema group SMI Holdings, addressing a recent appeal decision on Chabra injunctions.

18 August 2020

Bermuda-registered oil services company files Chapter 11 in New York

A Bermuda-registered oil and gas services company with operations in the North Sea and West Africa has sought Chapter 11 protection after failing to reach a deal with its Scandinavian lenders.

13 August 2020

“Light-touch” JPLs appointed over Chinese fertiliser group in three jurisdictions

Courts in the Cayman Islands, Bermuda and the British Virgin Islands have appointed “light touch” joint provisional liquidators over Chinese fertiliser company Century Sunshine Group.

05 August 2020

Bermuda court extends injunction to prevent risk of Gupta asset claim dissipation

A Bermudian court has extended a Mareva injunction against a locally-registered commodities trader, finding there was a risk of dissipation of its only realisable asset – a claim in the South African restructuring of a coal mine formerly owned by the Gupta family.

27 July 2020

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