Regional news: Brazil
Americanas secures Brazilian restructuring’s recognition in New York
UPDATED: Rio de Janeiro-headquartered retailer Americanas has secured recognition of its Brazilian restructuring in New York, as it dismissed reports that its shareholders had offered to boost a capital injection presented to creditors.
07 March 2023
Brazilian sugar producer seeks Ch15 recognition in Florida
Three years after sugar and ethanol producer Tonon entered liquidation in Brazil after a prior restructuring came undone, its judicial administrator is seeking recognition in the US to find assets to satisfy unpaid claims.
10 February 2023
White & Case brought in again as Oi parent and Dutch entities seek US and UK recognition
A week after securing a provisional moratorium in Rio de Janeiro, Oi’s Brazilian parent and two Dutch affiliates have turned to White & Case again to help them secure recognition of their Brazilian proceedings in the US and the UK.
09 February 2023
Oi taps BMA Advogados as it secures protection in Rio
Lawyers from BMA Advogados have helped Brazil’s Oi and two of its Dutch affiliates obtain provisional protection from creditors in a Rio court, less than two months after the telecoms company formally exited a six-year-long judicial reorganisation process before the same court.
03 February 2023
White & Case advising as Americanas files Ch15 in New York
Rio de Janeiro-headquartered retail giant Americanas has sought New York recognition of its Brazilian judicial recovery proceedings to protect its US assets, two weeks after it disclosed a near four-billion-dollar gap in its balance sheet.
26 January 2023
Foreign creditors violated Avianca’s Ch11 plan, New York court finds
Latin American airline Avianca has asked a New York court to make a first-of-its-kind order sanctioning over 160 foreign creditors for violating the injunction terms of its Chapter 11 plan.
19 January 2023
E Munhoz, Davis Polk, Pinheiro Neto, Cleary and Arendt advise as Ocyan begins restructuring
UPDATED: Offshore oil drilling group Ocyan, formerly known as Odebrecht Óleo e Gás, has opened Brazilian extrajudicial reorganisation proceedings to deal with a US$2.7 billion debt pile through a debt-for-equity swap.
13 January 2023
Ch15 round-up: Estonian trustee seeks US recognition to pursue missing crypto
The trustee of an allegedly fraudulent Estonian crowdfunding platform has sought recognition of his appointment in Florida, where the decades-long Brazilian liquidation of a poultry business has been recognised – while two other new Chapter 15 actions are pending in Massachusetts and Colorado.
10 January 2023
Canadian gold miner enters bankruptcy after failed restructuring
Gold miner Great Panther has filed for bankruptcy after its major creditor, a subsidiary of Japanese metals conglomerate Asahi, persuaded a Canadian court to lift the stay that was protecting the company while it attempted to restructure under the Companies Creditors Arrangement Act.
05 January 2023
Constellation finalises second restructuring as BVI subsidiary secures US recognition
Global oil group Constellation has completed the last step of its global reorganisation after its Caribbean subsidiary secured US recognition of a British Virgin Islands provisional liquidation for the second time in two years.
14 December 2022