Regional news: Cayman Islands

New York court blocks PJT restructuring fee in LATAM Ch11

Despite claiming the duration and complexities of its Chapter 11 case were unforeseen, South American airline LATAM has failed to convince a New York court to let it pay its investment banker PJT Partners an additional US$12 million restructuring fee if its plan becomes effective.

20 September 2022

Ozner scheme sanctioned in Hong Kong, mainland recognition pending

Cayman-incorporated water purification company Ozner Water has secured sanction of a Hong Kong scheme of arrangement, while a recognition application by its liquidators is pending in mainland China.

20 September 2022

Sidley, Admiralty Harbour advising as China Fortune Land reveals restructuring terms

Property developer China Fortune Land has revealed details of a proposed debt swap that it will offer to holders of eleven tranches of bonds issued by a Cayman subsidiary – with plans to pursue an English scheme of arrangement if a consent proposal fails.

16 September 2022

Chinese developer Sunac facing winding up in Hong Kong

Struggling Chinese real estate developer Sunac is facing a winding up petition in Hong Kong but says it will continue negotiating with offshore creditors to formulate a viable restructuring plan.

13 September 2022

Hong Kong court rebukes liquidators, deprives them of remuneration

A textiles group's liquidators and their counsel have been heavily rebuked by a Hong Kong court for forum shopping, breaches of their disclosure duties and for making “serious” misrepresentations to the Cayman court that appointed them.

26 August 2022

Carey Olsen recruits from Harneys in the Cayman Islands

Carey Olsen has hired a senior litigator for its Cayman Islands dispute resolution, litigation and insolvency practice, who tells GRR it is an exciting time for the jurisdiction as its new restructuring officer regime is set to go live at the end of the month.

24 August 2022

Chinese water group unveils restructuring agreement

Cayman Islands-incorporated Ozner Water International and its liquidators have reached a restructuring agreement that will see Hong Kong-based investor iSpring International become the water purification company’s new controlling shareholder.

23 August 2022

Chinese court sanctions restructuring plan for sofa maker

Cayman-registered sofa manufacture Morris Home has received sanction of a restructuring plan in mainland China following financial struggles it blames on US tariffs imposed since 2018.

19 August 2022

Cayman-registered liquor group wound up in Hong Kong following Global Brands decision

A Chinese alcoholic drinks distributor has been wound up in Hong Kong, after its Cayman liquidators accepted its liquidation should take place in its centre of main interests in line with Mr Justice Harris’ much-talked about decision in Global Brands Holding.

10 August 2022

Federal receiver wins first round of US-Cayman comity dispute

A US receiver appointed over a collapsed Cayman feeder fund has won court approval for his distribution plan after a Florida district judge rejected calls by the fund’s liquidators to apply Cayman law instead.

09 August 2022

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