Regional news: Cayman Islands

Cuba challenges validity of sovereign debt assignment in English courts

An eight-day trial is under way in London to decide whether a Cayman fund can bring a claim against Cuba for payment of an almost 40-year-old sovereign debt governed by English law and denominated in now-defunct German Deutschmarks.

25 January 2023

China Fortune Land's English scheme sanctioned

Distressed Chinese property developer China Fortune Land Development has secured court-approval of its English scheme after making last minute changes following the UK’s introduction of sanctions banning the provision of trust services to Russian persons or entities.

23 January 2023

China Fortune Land alters English scheme amid new Russia sanctions

Struggling Chinese property developer China Fortune Land Development has been forced to amend its English scheme after the UK announced new sanctions that prohibit the provision of trust services to Russian persons or entities.

09 January 2023

Bahraini bank’s liquidators seek recognition in Cayman and England

Charles Russell Speechlys is seeking recognition of its appointment as liquidator of Bahraini investment bank Awal in the Cayman Islands and England, one month after a Bahraini court ordered the bank’s liquidation following a decade-long administration.

13 December 2022

Sunac reveals offshore debt restructuring plan proposal

Cayman Islands-incorporated real estate developer Sunac China Holdings has outlined preliminary plans to convert US$3 billion to US$4 billion of its offshore debt into shares or equity-linked instruments, in a restructuring that will be implemented by Hong Kong or Cayman schemes.

12 December 2022

JPLs denied Ch15 recognition as blood storage group’s provisional liquidation not a collective proceeding

The joint provisional liquidators of a Cayman-registered, mainland China-based umbilical cord blood storage group have been denied US recognition, after a New York bankruptcy court found that they had been appointed to investigate the company and protect its assets – not for the purpose of reorganisation or liquidation.

08 December 2022

3AC’s liquidators seek Cayman recognition, secure protocol in Singapore

The British Virgin Islands joint liquidators of cryptocurrency hedge fund Three Arrows Capital have sought recognition of their appointments in the Cayman Islands, as a Singapore court ratified a protocol that lays out guidelines for cooperation between the BVI, Singapore and US courts overseeing the fund’s insolvency proceedings.

24 November 2022

E-House’s Cayman scheme receives US recognition

Chinese real estate services provider E-House has obtained Chapter 15 recognition of its Cayman scheme of arrangement, six days after the scheme was sanctioned in the Grand Court.

17 November 2022

Walkers secures first Cayman restructuring officer appointment

Walkers has secured the first ever appointment of restructuring officers in the Cayman Islands under the offshore jurisdiction’s new regime.

14 November 2022

E-House’s Cayman scheme sanctioned, US recognition set for next week

Chinese real estate services provider E-House has obtained court sanction of a Cayman scheme restructuring US$600 million in notes, a week after it secured creditor approval.

10 November 2022

Unlock unlimited access to all Global Restructuring Review content