Regional news: Latin America & Caribbean
Another crypto firm bites the dust: BlockFi enters Chapter 11 in New Jersey
The crypto winter has upped its body count with another platform, BlockFi, being placed on Chapter 11 life support in New Jersey, as it sues FTX’s founder Sam Bankman-Fried to seize shares he allegedly pledged to it as collateral.
29 November 2022
3AC’s liquidators seek Cayman recognition, secure protocol in Singapore
The British Virgin Islands joint liquidators of cryptocurrency hedge fund Three Arrows Capital have sought recognition of their appointments in the Cayman Islands, as a Singapore court ratified a protocol that lays out guidelines for cooperation between the BVI, Singapore and US courts overseeing the fund’s insolvency proceedings.
24 November 2022
FTX Ch15 moves to Delaware as court hears “substantial amount of assets” are missing
The Bahamian joint provisional liquidators of collapsed crypto exchange FTX have agreed to move their Chapter 15 application from New York to Delaware, where the rest of the group sought Chapter 11 protection earlier this month.
22 November 2022
FTX CEO lambasts “distressing” recognition petition filed by Bahamas JPLs
FTX’s Delaware Chapter 11 docket, which has sat largely empty for six days, has finally seen some action, with the group’s new CEO taking aim at concerning financial reporting and human resources practices at the group, and lambasting FTX’s Bahamian provisional liquidators for filing an un-announced Chapter 15 in New York as part of allegedly government-backed efforts to relocate the debtors’ assets to the Bahamas.
17 November 2022
E-House’s Cayman scheme receives US recognition
Chinese real estate services provider E-House has obtained Chapter 15 recognition of its Cayman scheme of arrangement, six days after the scheme was sanctioned in the Grand Court.
17 November 2022
Walkers secures first Cayman restructuring officer appointment
Walkers has secured the first ever appointment of restructuring officers in the Cayman Islands under the offshore jurisdiction’s new regime.
14 November 2022
E-House’s Cayman scheme sanctioned, US recognition set for next week
Chinese real estate services provider E-House has obtained court sanction of a Cayman scheme restructuring US$600 million in notes, a week after it secured creditor approval.
10 November 2022
Constellation’s BVI subsidiary seeks second US recognition of mirroring scheme
A Caribbean subsidiary of global oil group Constellation has again requested US recognition of a British Virgin Islands “soft-touch” provisional liquidation, after the wider group restructured in Brazil for the second time in as many years.
09 November 2022
Two for none: BVI court refuses to enforce assigned Russian judgment debt at common law
A British Virgin Islands court has refused to enforce two Russian bankruptcy court judgments as one, finding that the judgment assigning the debt to the petitioner had to be enforced first, but did not satisfy the common law requirements under the Dicey Rules.
08 November 2022
Davis Polk advising as Brazilian engineering giant files Ch15
One of Latin America’s largest engineering groups has sought recognition of its Brazilian restructuring in New York to stay a claim brought by Missouri-headquartered UMB Bank, which is seeking to recover over US$40 million owed under notes that matured last year.
02 November 2022