Regional news: Latin America & Caribbean

Duff & Phelps expands global reach with Borrelli Walsh acquisition

International advisory firm Duff & Phelps has announced it is buying Asia and Caribbean restructuring and asset recovery specialists Borrelli Walsh, in a deal set to be completed by mid-December.

02 December 2020

KrisEnergy settles after failing to block Cayman winding-up petition

An oil and gas group pursuing a Singaporean scheme, KrisEnergy, has reached a settlement with a creditor that brought a Cayman winding-up petition against its Thai subsidiary, after failing to secure an injunction on the petition.

30 November 2020

Brazilian senate approves long-awaited law

Brazil’s senate has approved a long-tabled bankruptcy law, which is set to introduce cross-border provisions based on the UNCITRAL Model Law to the country’s regime.

27 November 2020

BDO denied Cayman injunction on New York fraud litigation

A Cayman Islands court has refused advisory firm BDO leave to seek an injunction on proceedings in New York, where it is accused of failing to uncover fraud committed against a now-insolvent client.

27 November 2020

US not liable for Puerto Rico bond losses

The US Court of Federal Claims has rejected claims from a group of Puerto Rico pension bondholders that the US government should compensate them for losses incurred during the territory’s US$120 billion bond and pension debt restructuring.

26 November 2020

Argentina's Córdoba restructures its international debt

The Argentinian city of Córdoba has hired teams from Hogan Lovells in New York and Houston and Córdova Francos Abogados in Buenos Aires to restructure US$150 million worth of foreign debt, following in the footsteps of the federal government and the province of Mendoza.

25 November 2020

Chinese petrochemical group’s BVI subsidiary seeks scheme recognition in Texas

British Virgin Islands-incorporated special purpose vehicle Rock International Investments is seeking Chapter 15 recognition of its BVI scheme of arrangement, while its parent company has entered bankruptcy proceedings in China.

24 November 2020

Argentine energy provider amends Canadian restructuring

A Buenos Aires-headquartered power plant producer has modified the terms of a restructuring it is carrying out under the Canada Business Corporations Act, ahead of an upcoming creditors vote.

23 November 2020

A Bermuda scheme as an alternative to Chapter 11: Digicel case study

Faced with a US$7 billion level of funded indebtedness, the Digicel group concluded a comprehensive debt restructuring in June 2020 that left its shareholders intact. A key aspect of the restructuring plan was an innovative Bermuda scheme of arrangement that was used as an alternative to Chapter 11 bankruptcy. Edward Rance, an associate at Conyers, reports.

23 November 2020

Offshore provisional liquidators not entitled to general stay, Hong Kong court rules

A Hong Kong court has clarified that offshore provisional liquidators are not entitled to a general stay of local proceedings following a standard recognition order, in a ruling that has “punctured a long-standing myth” according to one barrister.

20 November 2020

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