Regional news: Latin America & Caribbean
Alto Maipo receives court approval of Chapter 11 plan
Chilean hydroelectric project operator Alto Maipo has had its Chapter 11 plan approved by a Delaware court, after the company modified language related to third party releases in response to an objection by the US trustee.
20 May 2022
Hong Kong billionaire declared bankrupt as court rejects “absurd” duress and abuse claims
A Hong Kong court has declared prominent local billionaire Pan Sutong bankrupt and wound up a company he controls, finding their claims of duress, breaches of mainland Chinese law and abuse of process against the Chinese state-owned petitioner rang “hollow” and were “practically moonshine”.
20 May 2022
LATAM objecting creditors to reopen expert deposition
A group of creditors opposed to South American airline LATAM’s Chapter 11 plan have won the right to reopen the deposition of an FTI Consulting specialist who carried out a liquidation analysis of the group.
19 May 2022
Luckin Coffee JPLs: “Trust and transparency was key”
Alvarez & Marsal’s Tiffany Wong and Alex Lawson tell GRR about the challenges they faced as Chinese coffee chain Luckin Coffee’s joint provisional liquidators, how they got the complex restructuring over the line and why ESG considerations are not yet having a huge influence in the restructuring space.
19 May 2022
Liquidators of BVI funds linked to 1MDB win recognition in Florida
The joint liquidators of three 1MDB-linked British Virgin Islands funds have secured recognition of their appointments in Miami, pledging to obtain discovery in the US to help with their recovery efforts.
18 May 2022
Fraud allegations lead to Ch11 filing for global software group
A global software group with operations around the world has sought Chapter 11 protection in New York, blaming its former management for misstating revenues in 2018 and 2019.
18 May 2022
Chinese liquor group wound up in Cayman Islands
Conyers has come off record as counsel for Chinese liquor distributor Silver Base Group on the same day that a Cayman court wound it up, finding its joint provisional liquidators’ latest report “does not make good reading” for the company.
16 May 2022
Chinese coal group wound up in Hong Kong despite Bermudian liquidation
The High Court in Hong Kong has issued a winding up order against a Chinese coal group that is already being wound up in Bermuda, finding no reason why liquidators cannot harmonise the processes.
13 May 2022
Stoneway wins Ch11 confirmation as US Trustee objection overruled
Argentina-headquartered power plant group Stoneway Capital has won confirmation of its Chapter 11 plan after a New York court overruled an objection lodged by the US Trustee over third-party releases.
12 May 2022
Latham & Watkins, Walkers submit Cayman petition to wind up Chinese football broadcaster
A UK-based sports media marketing company has filed a winding up petition against a Cayman subsidiary of Chinese sports investment platform Suning Group, following a payment dispute over football broadcasting agreements that deprived Chinese viewers of access to FA Cup and Italian Serie A games for several months last year.
09 May 2022