Regional news: Latin America & Caribbean

Cryptocurrency in insolvency: is it property and to whom does it belong?

While acknowledging the limited regulatory guidance currently in place, managing partner Kyle Broadhurst and Richard Parrish from Cayman boutique Broadhurst provide a brief overview on how at least seven different jurisdictions are approaching the treatment of crypto assets in insolvency.

06 February 2023

Oi taps BMA Advogados as it secures protection in Rio

Lawyers from BMA Advogados have helped Brazil’s Oi and two of its Dutch affiliates obtain provisional protection from creditors in a Rio court, less than two months after the telecoms company formally exited a six-year-long judicial reorganisation process before the same court.

03 February 2023

Interpath directors appointed over Three Arrows Capital feeder fund

A feeder fund of bankrupt crypto hedge fund Three Arrows Capital has collapsed in the British Virgin Islands and appointed directors from Interpath Advisory as joint liquidators.

03 February 2023

Hong Kong’s Harris talks Gibbs, Modern Land and Model Law

Mr Justice Harris has predicted Hong Kong will soon become a signatory to the UNCITRAL Model Law and said US judges “don’t fully understand” the concerns of Hong Kong courts in the wake of the controversial cross-border restructuring of Chinese real estate developer Modern Land.

01 February 2023

White & Case advising as Americanas files Ch15 in New York

Rio de Janeiro-headquartered retail giant Americanas has sought New York recognition of its Brazilian judicial recovery proceedings to protect its US assets, two weeks after it disclosed a near four-billion-dollar gap in its balance sheet.

26 January 2023

Cuba challenges validity of sovereign debt assignment in English courts

An eight-day trial is under way in London to decide whether a Cayman fund can bring a claim against Cuba for payment of an almost 40-year-old sovereign debt governed by English law and denominated in now-defunct German Deutschmarks.

25 January 2023

China Fortune Land's English scheme sanctioned

Distressed Chinese property developer China Fortune Land Development has secured court-approval of its English scheme after making last minute changes following the UK’s introduction of sanctions banning the provision of trust services to Russian persons or entities.

23 January 2023

FTX authorised to retain S&C in face of “incendiary” last-minute allegations

Sullivan & Cromwell has won court approval to represent FTX, despite facing what partner Jim Bromley described as “assault by twitter” and accusations of misconduct by the exchange’s former chief compliance officer.

20 January 2023

Foreign creditors violated Avianca’s Ch11 plan, New York court finds

Latin American airline Avianca has asked a New York court to make a first-of-its-kind order sanctioning over 160 foreign creditors for violating the injunction terms of its Chapter 11 plan.

19 January 2023

E Munhoz, Davis Polk, Pinheiro Neto, Cleary and Arendt advise as Ocyan begins restructuring

UPDATED: Offshore oil drilling group Ocyan, formerly known as Odebrecht Óleo e Gás, has opened Brazilian extrajudicial reorganisation proceedings to deal with a US$2.7 billion debt pile through a debt-for-equity swap.

13 January 2023

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