Regional news: Latin America & Caribbean

The ex-CEO of a defunct Curaçao bank is seeking an English costs order against a UK liquidator, who allegedly drove a failed examination request by the Official Receiver to investigate fraud claims.

18 June 2021

Chinese coffeehouse chain Luckin Coffee says it has reached a financial milestone in its restructuring agreement with senior noteholders, after securing regulatory approval to transfer certain funds out of China.

16 June 2021

A prefabricated construction company and former Greensill client with factories in the US, India and Saudi Arabia has entered Chapter 11 in Texas to sell off its assets and wind down, with the help of a US$35 million debtor-in-possession promissory note from a UK-based Softbank entity.

15 June 2021

Harneys has published a set of “schemarios” or scheme scenarios explaining where it believes parallel schemes of arrangement are necessary to give effect to a foreign restructuring, in the wake of court criticism over its advice in China Oil Gangran Energy last week.

14 June 2021

One month after securing Chapter 15 recognition in New York, Brazilian miner Samarco Mineração has proposed a judicial reorganisation plan that could see unsecured creditors take an 85% haircut on their claims.

11 June 2021

The British Virgin Islands liquidators of a vehicle that invested in a Manhattan skyscraper have sought recognition in New York so they can investigate an allegedly “carefully crafted scheme” to dissipate the security for a loan from two Chinese banks.

11 June 2021

The corporate arm of Beijing’s Peking University has secured creditor approval for a restructuring proposal – but faces litigation in Hong Kong over bondholder claims its mainland administrators have refused to recognise.

09 June 2021

Hong Kong’s Mr Justice Harris has sanctioned a scheme of arrangement for a Cayman-incorporated oil group, but found that a parallel Cayman scheme suggested by Harneys was unnecessary and reduced the money available for creditors.

08 June 2021

Two weeks after its forex broker parent sought recognition of its British Virgin Islands liquidation in Florida, an operating entity of the UAE-based currency trading group Exential has applied for Chapter 15 recognition of its own separate liquidation.

07 June 2021

Hong Kong’s Mr Justice Harris has ruled that he will deal with all future adjournment applications by locally-listed companies facing winding-up petitions, after once again criticising their “generally unsatisfactory” responses to creditor actions.

04 June 2021