Regional news: Latin America & Caribbean

A subsidiary of Venezuelan state oil company PDVSA has entered bankruptcy proceedings in the Dutch Caribbean island of Bonaire amid US sanctions on its business.

24 March 2021

Two BVI companies that were part of Tokyo-headquartered alternative investor Pacific Alliance Group and were erroneously liquidated and dissolved following a “massive breakdown” of communications will be restored to the islands’ company register.

19 March 2021

The Spain-incorporated holding company for an international construction and engineering group has secured a scheme meeting in London after failing to make €15.1 million of coupon payments on two sets of notes earlier this week.

18 March 2021

Latin American airline Avianca has reached two major milestones in its restructuring after settling disputes relating to a pre-petition sale of credit card receivables and getting the green light to enter new aircraft leases to redevelop its fleet.

17 March 2021

The Cayman liquidators of a Vietnamese restaurant chain and the business rescue practitioners of a South African airline are seeking separate recognition orders in New York.

16 March 2021

Featured in Heads-Up

A few months after taking over as Piper Sandler’s global head of restructuring, veteran Wall Street banker Todd Snyder speaks to GRR about a potential boom in infrastructure investment, why sub-Saharan Africa is a likely place for new investment activity and his “almost religious” belief in the importance of restructuring to the good functioning of the free market.

15 March 2021

A Hong Kong court has again emphasised that foreign soft-touch provisional liquidations should not automatically take precedence over local winding-up petitions – in the latest of a trio of decisions one barrister describes as heralding a “new era” for Hong Kong’s cross-border insolvency regime.

15 March 2021

The “restricted” view that common law recognition favours proceedings in a debtor’s place of incorporation does not serve Hong Kong well, Mr Justice Harris has said in a decision adjourning the recognition of soft-touch provisional liquidators appointed in “questionable” circumstances in Bermuda.

11 March 2021

The BVI liquidators of a company connected to an insolvent mainland Chinese university group have secured recognition in Hong Kong, allowing them to file potentially novel proceedings in the jurisdiction – while the demise of a pioneering cinema chain has sparked fears for Hong Kong’s real economy.

11 March 2021

Hong Kong-listed premium menswear retailer Trinity has applied to appoint light touch joint provisional liquidators in Bermuda, three months after Standard Chartered Bank filed winding up petitions against it.

10 March 2021