Regional news: Colombia
McDermott International to file parallel UK-Dutch restructurings with Ch15 in US
Three years since Houston-headquartered oil and gas engineering group McDermott International exited a pre-packaged Chapter 11, it has entered an agreement with creditors and bank lenders that will see its UK subsidiary launch an English restructuring plan and two Netherlands entities pursue WHOA proceedings.
11 September 2023
III-UNCITRAL, New York: “seeking perfection is a fantasy”
On the fifth anniversary of the UNCITRAL Model Law on Recognition and Enforcement of Insolvency-Related Judgments, lawyers, judges and academics from around the world discussed gaps that can be plugged by the new law and whether the UK will ever override the “questionable and outdated” Gibbs rule.
26 April 2023
Viva Air enters insolvency blaming regulator for failed deal
Colombian airline Viva Air has entered insolvency blaming the local aviation regulator for taking took too long to review its proposed acquisition by Avianca.
07 March 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
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
IWIRC names Woman of the Year and inaugural Hall of Famer
The International Women’s Insolvency and Restructuring Confederation has named the former chief bankruptcy judge of Colombia as its 2022 Woman of the Year, and a US-based healthcare turnaround expert as the first inductee in its Hall of Fame.
07 March 2022
Alpha Latam Ch11 sale approved
Latin American finance group Alpha Latam Management has secured court approval for a sale of its Colombian assets, three months after accounting errors at its Mexican arm led it to file for Chapter 11 protection.
17 November 2021
Avianca set for UK move after Ch11 plan approval
Latin American airline Avianca has secured court approval of its Chapter 11 restructuring plan in New York, shortly after revealing plans to shift its domicile to the UK.
09 November 2021
White & Case advising as Latin American lender seeks Chapter 11 asset sales
A Latin American finance group is looking to sell off its Colombian business through Chapter 11 proceedings in Delaware, blaming debt defaults on accounting errors at its Mexican arm.
03 August 2021
Avianca secures milestone court orders in New York
Latin American airline Avianca has reached two major milestones in its restructuring after settling disputes relating to a pre-petition sale of credit card receivables and getting the green light to enter new aircraft leases to redevelop its fleet.
17 March 2021