Regional news: Cayman Islands

New York court upholds Yukos buyer’s Chapter 11 plan

A US shareholder has failed to overturn a restructuring plan for a Luxembourg-registered vehicle set up to buy the financial services arm of bankrupt Russian oil giant Yukos.

17 October 2018

Torchlight: Cayman winding-up settled, judgment issued anyway on public interest grounds

Despite the parties reaching a confidential settlement out of court, a Cayman judge that sat through a mammoth 41-day trial of a winding-up petition has handed down his judgment on the grounds there was a “strong public interest” to do so - dismissing the case as “improper”.

12 October 2018

Car Wash ripples lead to Cayman scheme Chapter 15

Offshore firm Conyers Dill & Pearman is seeking Chapter 15 recognition of a Cayman Islands scheme in New York to save a Marshall Islands drillship from foreclosure in its British dockyard, after its contract fell victim to the “Car Wash” investigation into Brazilian oil major Petrobras.

01 October 2018

Soft wind-down clients and Big Four conflicts spur Alvarez & Marsal Cayman opening

Alvarez & Marsal has opened a new office in the Cayman Islands with hires from KPMG and RHSW Caribbean, who cite a demand for soft wind-down services from fund clients and opportunities arising from Big Four firm conflicts issues.

21 September 2018

Kalo promotes in Cayman

Offshore restructuring firm Kalo has promoted Tim Womack and Cassandra Ronaldson to management roles in the Cayman Islands.

18 September 2018

Corporate Restructuring Summit, Dubai: AHAB dispute will be “huge litmus test” for Saudi Arabia

The chief restructuring officer of Saudi conglomerate Ahmad Hamad Al-Gosaibi & Brothers (AHAB) says the group may use Saudi Arabia's new bankruptcy law to try and see an end to its decade-long restructuring saga, in what will be a “huge litmus test” for the Kingdom.

10 September 2018

Cayman court appoints “soft-touch” liquidators over CW Group

Engineering company CW Group has won an application for the appointment of “soft touch” provisional liquidators in the Cayman Islands, against the objections of banking creditors who alleged mismanagement – a month after a Hong Kong court said it could not recognise the group’s Singaporean restructuring.

16 August 2018

Auditors denied delay in handing over Platinum documents

A New York court will not allow advisory firm CohnReznick to delay handing over documents relating to its work for defunct hedge fund Platinum Partners, rejecting arguments that the law of the Cayman Islands, where the fund is in liquidation, prevented the discovery.

27 July 2018

AHAB appeals in Saad dispute

The Saudi conglomerate at the centre of “one of the largest Ponzi schemes in history” is appealing a Cayman Islands ruling that dismissed US$4 billion worth of fraud claims , accusing the Grand Court of reaching conclusions that “were not supported by evidence”.

15 June 2018

“One of the largest Ponzi schemes in history”: Landmark Cayman ruling dismisses multi-billion dollar AHAB fraud claims

The Cayman Islands’ Grand Court has dismissed billions of dollars’ worth of fraud claims brought by Saudi Arabian conglomerate Ahmad Hamad Al-Gosaibi & Brothers, along with a series of counter-claims made against the group, after “the longest running and highest value” fraud case in its history.

01 June 2018

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