Regional news: Latin America & Caribbean

Cayman court curtails freezing order against China’s answer to Starbucks

A Cayman court has declined to extend a worldwide freezing order against China’s Luckin Coffee chain, which entered provisional liquidation in July after confirming it misstated its 2019 accounts.

13 August 2020

Bermuda-registered oil services company files Chapter 11 in New York

A Bermuda-registered oil and gas services company with operations in the North Sea and West Africa has sought Chapter 11 protection after failing to reach a deal with its Scandinavian lenders.

13 August 2020

Clifford Chance, A&O and Akin Gump advising on commodity trader’s UK scheme

An international commodity trader has secured court approval to convene meetings for its creditors to vote on a UK scheme of arrangement, with Clifford Chance, A&O and Akin Gump taking roles.

11 August 2020

Mexican retailer enters bankruptcy in Mexico, after Chapter 11 derailed

Mexican loan to own retailer Grupo Famsa has applied for bankruptcy protection in Mexico along with Chapter 15 recognition, after the loss of its banking licence derailed its Chapter 11 process.

07 August 2020

Hong Kong appellate court restates requirements for winding-up foreign companies

The Hong Kong Court of Appeal has upheld a lower court’s refusal to block the winding-up of a mainland Chinese conglomerate – but overturned its ruling on the requirements for winding-up foreign companies.

07 August 2020

“Undesirable outcome”: Cayman court dismisses winding-up petition despite Hong Kong order

A Cayman Islands court has dismissed a winding-up petition against a locally incorporated investment manager, despite a Hong Kong court issuing a winding-up order against the guarantor of the company’s debt.

06 August 2020

Argentina’s debt restructuring likely to get approval, say lawyers

Argentine lawyers are buoyant that the government’s two-day old deal with holders of the country’s foreign bonds will get the required approval numbers, and mark the country’s return to international capital markets.

06 August 2020

“Light-touch” JPLs appointed over Chinese fertiliser group in three jurisdictions

Courts in the Cayman Islands, Bermuda and the British Virgin Islands have appointed “light touch” joint provisional liquidators over Chinese fertiliser company Century Sunshine Group.

05 August 2020

US court rejects block on Ecuador’s US$17 billion restructuring

Ecuador has defeated an injunction request by a “small minority” of bondholders seeking to block its tender for a US$17.4 billion sovereign bond restructuring, ahead of a securities fraud action.

04 August 2020

Skadden, Akin Gump and Milbank advising as Noble enters Chapter 11

London-headquartered offshore drilling contractor Noble Corporation has filed Chapter 11 proceedings in Texas, after entering a US$3.4 billion restructuring agreement with two ad hoc groups of its bondholders.

03 August 2020

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