Regional news: International

GRR Live Americas: could Cayman’s new regime override Gibbs?

Following a recent restructuring that saw an Irish scheme used to discharge English law-governed debt, a panellist at GRR Live in New York has argued that the Cayman Islands’ new restructuring officer regime could be used to override the rule in Gibbs.

22 September 2023

GRR Live, New York: in pictures

GRR Live returned to New York this week with a packed schedule that saw practitioners on the frontline of the major crypto bankruptcies discuss key lessons they have learned so far, and other panels delve into cross-border recognition issues, distressed financing in Latin America and an expected rise in commercial real estate restructurings.

22 September 2023

Sunac seeks US recognition after Hong Kong scheme approval

Chinese real estate developer Sunac has sought Chapter 15 recognition in New York, one day after creditors voted to support a Hong Kong scheme dealing with US$9 billion of its offshore debt.

19 September 2023

Sunac creditors back offshore restructuring scheme

Creditors holding US$9 billion of struggling Chinese real estate developer Sunac’s offshore debt have voted to approve a Hong Kong scheme that will see them swap their claims for new notes, convertible bonds and equity.

18 September 2023

Three US states say they won’t take part in Purdue’s Supreme Court case

As the US Trustee is set to file a brief in the Supreme Court this week opposing Purdue Pharma’s bankruptcy plan, a group of states that argued against the restructuring in the lower courts have said they will not be participating in the case.

18 September 2023

Model Law draftsman responds to COMI proposals

Responding to a letter urging UNCITRAL to abolish the concept of centre of main interests, one of the architects of the Model Law on Cross-Border Insolvency has warned that changing the eligibility requirement for recognition will not eliminate the possibility of litigation by opportunistic opponents.

15 September 2023

GRR Live returns to New York next week

There is still time to secure a spot at GRR Live in New York, which returns next week with a packed schedule covering the ongoing crypto fallout, post-insolvency financings in Latin America, growing headwinds for cross-border recognition and the new Cayman Islands restructuring officer regime.

15 September 2023

Leading academics and lawyers urge UNCITRAL to replace the concept of COMI

The use of a debtor’s centre of main interests to determine the place where a foreign main proceeding should take place under the UNCITRAL Model Law is a “major flaw” that undermines the ability of insolvency law to reorganise viable businesses, according to a group of law professors supported by a host of industry heavyweights from around the globe.

14 September 2023

Canadian investor agrees DIP funding deal with Singapore’s New Silkroutes

Singapore-listed healthcare and energy holding company New Silkroutes has entered a debtor-in-possession facility agreement with Canadian real estate investment group Ontario, a week after launching a pre-packaged scheme.

14 September 2023

Digital asset manager faces Cayman liquidation following Ponzi scheme claims

European crypto asset manager Aubit International is facing a winding up petition in the Cayman Islands from the same retail investors who have accused it of orchestrating an “investment scam” in a US lawsuit.

13 September 2023

Unlock unlimited access to all Global Restructuring Review content