Regional news: Latin America & Caribbean

Pacific Radiance seeks moratoria extensions as scheme meetings loom

Offshore oil services company Pacific Radiance has asked a Singaporean court to extend its moratoria, two months after it reached a conditional deal to sell its entire fleet to an affiliate of Mexican vessel owner ENAV Offshore.

23 December 2021

AHAB loses “complex and arduous” Cayman fraud appeal

Saudi conglomerate Ahmad Hamad Algosaibi & Brothers has lost its appeal against a Cayman Islands court ruling that found it conspired with its former head of investment to “perpetrate one of the largest Ponzi schemes in history” – bringing an end to over 12 years of litigation.

22 December 2021

Evergrande committee to work with creditors, Kaisa hires Sidley

China’s Evergrande said its recently formed risk management committee “will actively engage” with creditors to deal with its current problems, while fellow struggling property group Kaisa has hired Sidley Austin and Houlihan Lokey after defaulting on a series of notes.

22 December 2021

US court approves Luckin Coffee restructuring

China’s Luckin Coffee has secured approval of its scheme of arrangement in the Cayman Islands and a New York court has given the restructuring full force and effect in the US.

17 December 2021

BVI liquidators deprived of South Square barrister fee recovery

Liquidators in the British Virgin Islands have been prevented from recovering the fees of an English South Square barrister who prepared a joint opinion for them with a BVI-admitted colleague, after an offshore court found he had fallen foul of rules preventing non-BVI lawyers from “practising” in the jurisdiction.

14 December 2021

Cayman textile and petroleum company liquidated in Hong Kong

A Hong Kong court has wound up a Cayman Islands-incorporated oil and textiles company after no less than six adjournments, finding that its proposed Cayman scheme of arrangement was unfeasible.

13 December 2021

Evergrande in default as Cayman insolvency filing looms

Credit rating agency Fitch has declared Chinese property group Evergrande’s foreign bonds in default after it missed interest payments earlier this week – while a German investor says it will file an insolvency application against the group’s holding company in the Cayman Islands in the next few days.

09 December 2021

Mexican hotel operator gets OK for Chapter 11 pre-pack

Less than two months after filing Chapter 11 proceedings in New York, Mexican hotel operator Grupo Posadas has won court approval of its restructuring plan after resolving an objection raised by its surety insurer.

09 December 2021

Evergrande moves towards restructuring as shares plummet

Struggling Chinese property group Evergrande has established a risk management committee to help it “overcome the challenges it currently faces” – three days after it revealed plans to engage with offshore creditors on a restructuring plan.

06 December 2021

Brazil’s Azul backs off from LATAM offer after Ch11 plan filed

Two days after South America’s largest airline LATAM submitted a Chapter 11 plan in New York, one of its Brazilian competitors has backed off from an offer to combine with the Chile-headquartered company.

03 December 2021

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