Regional news: Cayman Islands

Saudi Arabia's AHAB group signs US$6 billion restructuring deal

Saudi Arabian family-run conglomerate Ahmad Hamad Algosaibi & Brothers (AHAB), has signed a deal with several of its lenders to implement a US$6 billion restructuring plan, bringing the Arab region’s largest debt default a step closer to resolution.

26 July 2016

Cayman court blocks fund’s Japanese creditor from winding up in Barbados

The Grand Court of the Cayman Islands has barred a Japanese creditor of a bankrupt Cayman investment fund from pursuing separate winding-up proceedings in Barbados.

21 July 2016

Creditors accuse China Fishery Group of abusing US bankruptcy protections

A group of creditors have accused affiliates of multinational industrial fishing consortium China Fishery Group (CFG) of exploiting US bankruptcy protections to abuse creditors’ rights and derail an asset sale process.

14 July 2016

China Fishery Group seeks US protections to hold off asset fire sale

Affiliates of the Cayman-registered industrial fishing company China Fishery Group have filed a cluster of Chapter 11 and Chapter 15 applications in the US, seeking to delay a fire sale of the group’s Peruvian assets.

04 July 2016

Singapore court recognises BVI companies' Japanese insolvency proceedings

UPDATED: The Singapore Supreme Court has recognised a Japanese trustee appointed over a pair of British Virgin Islands-incorporated medical companies, affirming for the first time that bankruptcy proceedings in a company’s centre of main interests, but outside its place of incorporation, can be recognised in the city-state.

14 June 2016

Chapter 15: Hong Kong and Canadian cases recognised in NY, Cayman filing lands in Dallas

Over the past two weeks, judges in New York have recognised foreign proceedings in Hong Kong and Canada under Chapter 15, while a further filing in the Wyly saga was registered in Texas.

13 June 2016

Chinese property developer secures bondholder approval for restructuring plan

Shenzhen property developer Kaisa Group has received approval for its restructuring plan from a majority of creditors in both Hong Kong and the Cayman Islands.

25 May 2016

Cayman appeals court affirms investor’s partnership agreement by blocking winding-up petition

The Court of Appeal of the Cayman Islands has barred the partners of a Cayman holding company from winding it up because they had expressly agreed not to in a partnership agreement.

23 May 2016

Bahamas publishes list of countries whose insolvency proceedings it can recognise

The Bahamian Liquidation Rules Committee has published a list of foreign jurisdictions whose insolvency proceedings the Bahamian courts will now be able to recognise, closing a lacuna in the local law that left foreign creditors unable to access Bahamian assets at least twice in the past year.

20 May 2016

Property developer files case in US to seal Hong Kong restructuring

International real estate developer Kaisa Group Holdings has filed for protection under Chapter 15 of the US Bankruptcy Code in a bid to convince a Hong Kong court to approve its restructuring scheme.

06 May 2016

Get unlimited access to all Global Restructuring Review content