Regional news: Bermuda

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

Genting Hong Kong enters provisional liquidation in Bermuda after German court defeat

Cruise operator Genting Hong Kong has applied to enter provisional liquidation in Bermuda where it is seeking to appoint Alvarez & Marsal and R&H Services Limited, after a German court declined to award it access to an US$88 million lifeline.

19 January 2022

Mainland court recognises Hong Kong liquidators for first time

The liquidators of a Hong Kong-incorporated paper company have secured the historic recognition of their appointments in mainland China following a first-of-its kind ruling by the Shenzhen Intermediate People’s Court.

14 January 2022

Seadrill subsidiary completes pre-pack in 24 hours

Offshore rig operator Seadrill has come a step closer to completing its restructuring, after a group of its subsidiaries received court approval for a Chapter 11 pre-pack plan in just 24 hours, despite objections from the US trustee.

13 January 2022

Bermudian paper company secures Hong Kong scheme after late amendment

A Hong Kong court has sanctioned a scheme of arrangement for a Bermuda-incorporated paper company, approving a last-minute amendment to address stock exchange concerns.

11 November 2021

Global Brands Group prepares Bermudian winding up

UPDATED: Hong Kong-listed retail wholesaler Global Brands Group says it is preparing to wind up its ultimate holding company in Bermuda, while three of its UK subsidiaries have entered administration in England and another affiliate has filed for insolvency in Germany.

04 November 2021

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