Regional news: Bermuda

Construction group wound up in Bermuda after Hong Kong delisting

A Bermuda court has terminated the “light touch” provisional liquidation of construction group Hsin Chong Group Holdings after determining that the key benefit of its restructuring “no longer exists”.

19 February 2020

Bermuda court appoints liquidators over Hong Kong-listed miner

The Supreme Court of Bermuda has appointed “light touch” joint provisional liquidators over a Hong Kong-listed metal miner and asked the Hong Kong High Court to recognise the order.

13 February 2020

Conyers hires new restructuring head in Cayman

Offshore firm Conyers has hired Alex Potts QC as the new head of its litigation and restructuring practice in the Cayman Islands.

10 February 2020

English court terminates recognition of Bermudian winding-up

Finding it was “contrary” to the purpose of the UNCITRAL Model Law, the High Court in London has terminated an order recognising the winding-up of a solvent Bermudian investment fund.

27 January 2020

Bondholders reach lock-up agreement over Tchenguiz sheltered housing rents

Senior bondholders in a Cayman-registered issuer have agreed a US$482 million restructuring with Lloyds and UBS for a deal securitising ground rents from a Tchenguiz-owned portfolio of sheltered housing properties.

18 December 2019

RCom subsidiary's plan confirmed in Delaware

A subsidiary of bankrupt Indian mobile network Reliance Communications has won court approval of its debt restructuring plan in Delaware.

09 December 2019

“A morass of imprecise language”: UNCITRAL Model Law under fire at English recognition hearing

The UNCITRAL Model Law on cross-border insolvency and its accompanying documents possess a “morass of imprecise language”, an English court has heard at a hearing over the termination of a UK recognition order for an “indisputably solvent” investment fund.

06 December 2019

Administrators of Nigerian gas group complete pre-pack sale in England

Administrators from EY in London and Grant Thornton in Mauritius have completed the pre-packaged sale of Nigerian gas group Seven Energy, with a host of city firms advising.

19 November 2019

Deutsche petition hits Chinese solar restructuring

Deutsche Bank has filed a winding-up petition in Hong Kong against a Chinese solar energy company seeking to restructure US$430 million of debt.

13 August 2019

Irish oil services group enters Chapter 11, with Irish and Bermudian proceedings to follow

Irish oilfield services group Weatherford International has filed for Chapter 11 protection in a Texas bankruptcy court aiming to cut down its US$8.35 billion debt through a pre-packaged plan that envisages parallel proceedings in Ireland and Bermuda.

04 July 2019

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