Regional news: Latin America & Caribbean
Another Chinese developer defaults on offshore debt, applies for JPLs in Bermuda
Chinese property developer Skyfame Realty has applied to appoint light touch provisional liquidators in Bermuda, claiming it is facing “unprecedented liquidity pressure” after trying unsuccessfully to extend its offshore debt.
15 July 2022
China’s Hidili secures US recognition of Hong Kong scheme
Chinese coal mining group Hidili Industry International Development has secured Chapter 15 recognition of a Hong Kong scheme dealing with US$400 million of New York law-governed notes, as part of a wider restructuring that covers its onshore liabilities.
14 July 2022
Cayman court grants “legally significant” declaratory relief in winding up process
Deciding an “important jurisdictional point”, the Grand Court of the Cayman Islands has granted declaratory relief to the joint official liquidators of a Dubai-headquartered geophysical company, despite the absence of any direct authority.
14 July 2022
Modern Land bolsters Chapter 15 recognition petition
Reinforcing its request for US recognition of its Cayman scheme, struggling Chinese property developer Modern Land has told a New York court that it may be forced to enter a “value-destructive” liquidation if its motion is denied.
13 July 2022
Miami court hears landmark US-Cayman comity dispute
A Florida district court has been urged to reject a US receiver’s distribution plan for investors in a collapsed Cayman feeder fund, in a case of “critical importance” for the international investor and cross-border insolvency communities.
11 July 2022
3AC liquidators seek emergency relief against “uncooperative” founders
The British Virgin Islands joint liquidators of crypto hedge fund Three Arrows Capital have sought emergency provisional relief in the US to protect its assets from its “uncooperative” founders, who are rumoured to have fled Singapore and to be selling property worth “tens of millions of dollars”.
11 July 2022
Walkers advising as another crypto investor seeks winding up in Cayman
The Cayman voluntary liquidators of a holding company for a group of cryptocurrency investors have asked a local court to take over supervision of the case, after its director failed to sign a declaration of solvency.
11 July 2022
Asset manager brings New York fraud suit against crypto lender Celsius
A former investment manager for struggling crypto lender Celsius Network has accused it of leveraging customer deposits to manipulate markets and failing to institute basic accounting controls, causing it to freeze customer assets last month.
08 July 2022
Mayer Brown announces tie-up with French boutique, adds partner in Brazil
Expanding its restructuring offering across Europe and Latin America, Mayer Brown has announced a collaboration with French boutique Santoni & Associés in Paris and hired a restructuring partner to its associated firm in São Paulo.
08 July 2022
Cayman Islands restructuring officer regime and the Gibbs rule
Harneys partners Ian Mann in Hong Kong and Jayson Wood in Bermuda consider how the Gibbs rule might apply to the Caymans Islands’ new restructuring officer regime in the third and final article of the firm’s three-part series examining the forthcoming Companies (Amendment) Act.
08 July 2022