Regional news: Latin America & Caribbean
Linklaters advising as another Chinese developer heads for default
Cayman Islands-incorporated property group China Aoyuan has said it is set to default on all its offshore debt, while Evergrande has announced plans to bring in Zhong Lun Law Firm to help with its high-profile restructuring efforts.
21 January 2022
Evergrande’s offshore bondholders threaten enforcement action
An ad hoc group of Evergrande’s offshore bondholders have brought in Harneys to advise on potential enforcement action after claiming they have had “no substantive engagement” with the Chinese property group despite repeated assurances.
20 January 2022
US court approves historic Puerto Rico restructuring
Puerto Rico has won approval for the first territorial debt restructuring in United States history with a plan that will see the island cut its public debt by about 80% and save more than US$50 billion in debt repayments.
19 January 2022
Genting Hong Kong enters provisional liquidation in Bermuda after German court defeat
Cruise operator Genting Hong Kong has applied to enter provisional liquidation in Bermuda where it is seeking to appoint Alvarez & Marsal and R&H Services Limited, after a German court declined to award it access to an US$88 million lifeline.
19 January 2022
Cayman court winds up Chinese menswear retailer after misconduct claims
Chinese menswear retailer Evergreen International has been wound up in the Cayman Islands after a court found it had failed to offer “even the outline of a restructuring proposal” despite hiring advisers in April last year.
17 January 2022
Mainland court recognises Hong Kong liquidators for first time
The liquidators of a Hong Kong-incorporated paper company have secured the historic recognition of their appointments in mainland China following a first-of-its kind ruling by the Shenzhen Intermediate People’s Court.
14 January 2022
Seadrill subsidiary completes pre-pack in 24 hours
Offshore rig operator Seadrill has come a step closer to completing its restructuring, after a group of its subsidiaries received court approval for a Chapter 11 pre-pack plan in just 24 hours, despite objections from the US trustee.
13 January 2022
Eversheds advising as HSBC chases defaulting Chinese developer
HSBC is seeking to recover millions of dollars from struggling Chinese property developer Fantasia Holdings after accusing it of defaulting under the terms of an interest rates swap agreement.
11 January 2022
Cleary assists as Mexico’s Pemex refinances debt
Mexico’s state-owned oil group Pemex and the country’s Ministry of Finance have relied on Cleary Gottlieb Steen & Hamilton for a refinancing that will reduce the company’s debt by US$3.2 billion.
11 January 2022
FTI Consulting hires from Protiviti in US, loses one in Cayman
FTI Consulting has hired a team of restructuring professionals from global consulting firm Protiviti, but lost another to Crowe Cayman.
07 January 2022