Regional news: Bermuda

Bermudian reinsurer’s JPLs move to stop potential US claims

The provisional liquidators of a US-owned Bermudian reinsurance group are seeking Chapter 15 recognition in New York, hoping to prevent potential investor litigation over historically large losses.

07 October 2021

Bermudian coal group escapes immediate Hong Kong winding up

Hong Kong’s Mr Justice Harris has refused to immediately wind up a Bermuda-incorporated coal group, finding the “obvious” place for a potential liquidation would be Bermuda.

03 September 2021

Petitioner substitution rejected in Grand Peace’s Hong Kong winding up

A creditor of Bermuda-incorporated Grand Peace Group Holdings has lost his bid to be substituted as petitioner in its winding-up proceedings to address a jurisdictional question, after a Hong Kong court found he was unable to show a “discernible and real benefit” from his application.

24 August 2021

Bermudan court winds up Hong Kong oil company

Hong Kong-listed oil products supplier Titan Petrochemicals Group has been wound up in Bermuda despite claiming the petitioning creditor had conspired to siphon funds away from it.

19 August 2021

Bermudian court halts South African mine rescue

An international investment firm has defeated a contempt of court application in Bermuda over an alleged breach of a freezing order, but has been temporarily blocked from finalising the rescue of a coal mine through South African restructuring proceedings.

06 August 2021

Global menswear retailer wound up in Hong Kong

A subsidiary of Bermuda-incorporated menswear retailer Trinity has been wound up in Hong Kong after the High Court described the group’s proposed restructuring as a “misnomer” – while a winding up hearing against its parent has been adjourned in Bermuda.

04 August 2021

Seadrill files Chapter 11 plan in Texas

Offshore rig operator Seadrill Limited has entered into a restructuring agreement with over half of its senior secured lenders, in a bid to cut its debts by over US$4.9 billion and raise new financing.

27 July 2021

Hong Kong liquidators make historic mainland recognition request

The liquidators of a Hong Kong-incorporated paper company have applied for recognition in mainland China, in what marks the first such application since a historic cooperation agreement was implemented in May.

26 July 2021

Transworld liquidator dodges liability over failed Curaçao banker examination

A UK liquidator has escaped a third-party costs order sought by the ex-CEO of a defunct Curaçao bank, who accused him of driving a failed English examination request to investigate fraud claims.

05 July 2021

Milbank, Conyers and KWM advising as Chinese energy group restructures

Chinese solar power company GCL New Energy has completed a restructuring of its US$500 million senior notes after securing sanction of a Bermudian scheme of arrangement.

23 June 2021

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