Regional news: Bermuda

Bermudan court approves scheme of arrangement for Norwegian oil group

A court in Bermuda has sanctioned a scheme of arrangement for global oil explorer Archer, the first Bermudan scheme used to amend the terms of Norwegian law-governed debt.

21 June 2017

Norwegian oil explorer seeks Chapter 15 protection for Bermudan scheme

Norway-based oil driller Archer has sought Chapter 15 recognition in Texas of scheme proceedings pending before a Bermudan court.

23 May 2017

Bermudian court grants accelerated winding-up for Chapter 11 debtor

A Bermudian court has granted an application for the voluntary accelerated liquidation of a Bermudian oil & gas company, to assist in driving through its US parent’s US$1.3 billion debt restructuring plan recently approved by a Texan judge.

03 March 2017

Bahamas court overturns ruling on overseas asset recovery, calls for fresh clarity

A Bahamas appeals court has allowed a liquidator to serve a summons out-of-jurisdiction for the recovery of alleged fraudulent preferences in a 14-year-old winding-up proceeding, overturning an earlier Supreme Court ruling.

01 March 2017

Electronics group swaps Hong Kong for Bermuda's “more flexible” regime

Courts in Hong Kong and Bermuda have sanctioned the transfer of an insolvency proceeding from one jurisdiction to the other, allowing an electronics group to make use of provisional liquidation as a restructuring mechanism in the island's regulations.

24 February 2017

BVI liquidators cast a net for information on fishery group in Hong Kong

A Hong Kong court has recognised the British Virgin Islands liquidation proceedings of four entities belonging to Chinese-owned fishery group Pacific Andes, separate to the group’s main Chapter 11 bankruptcy.

06 February 2017

Energy XXI emerges from bankruptcy and exits Bermuda

Oil and gas group Energy XXI has emerged from Chapter 11 proceedings in Texas following the approval of a restructuring plan that means its Bermudian parent entity will now proceed to liquidation in parallel proceedings.

11 January 2017

PwC loses expenses claim for nixed Saad and Singularis orders

A majority in the UK Privy Council has denied claims from PricewaterhouseCoopers for costs incurred to fulfill a pair of disclosure orders in aid of liquidations in the Cayman Islands before the orders were nixed on jurisdictional grounds.

18 November 2016

US court gives trustee control over China Fishery’s Peruvian business

A New York court has agreed to the appointment of a Chapter 11 trustee to administer crucial Peruvian assets of the industrial fishing conglomerate China Fishery Group, taking control of the business partially out of the hands of its directing family.

02 November 2016

Bermudian oil group's 15 entities file joint Chapter 11 in Texas

US, Bermudian and Canadian affiliates of the oil drilling group C&J Energy have filed for Chapter 11 protection in Texas, with securities filings revealing ancillary proceedings outside the US.

27 July 2016

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