Regional news: Latin America & Caribbean

New York court rejects new pari passu challenge after Argentine holdout settlement

A New York court has declined to reissue an injunction that prevented Argentina from making payments on restructured sovereign bonds unless it also paid holdouts, saying it was a product of unique circumstances that no longer exist in light of a multibillion-dollar settlement last year.

20 February 2017

ABI Caribbean Insolvency Symposium: a view from the bench

The American Bankruptcy Institute met in Grand Cayman last week, hosting a roundtable discussion featuring some of the US’s leading bankruptcy jurists.

14 February 2017

Ogier and Conyers bolster offshore restructuring practices

Conyers Dill & Pearman has strengthened its insolvency litigation practice with the addition of a new counsel, while Guernsey-based law firm Ogier has added two senior lawyers to its dispute resolution team.

09 February 2017

Oi avoids official bankruptcy in Netherlands, shareholders reject plan proposals

Judges in the Netherlands have refused to convert preliminary insolvency proceedings for local affiliates of Brazilian telecoms company Oi into bankruptcy cases, while the company’s major shareholder has vowed to shun all alternative restructuring plans put forward by bondholders and third party investors in Brazil.

07 February 2017

BVI liquidators cast a net for information on fishery group in Hong Kong

A Hong Kong court has recognised the British Virgin Islands liquidation proceedings of four entities belonging to Chinese-owned fishery group Pacific Andes, separate to the group’s main Chapter 11 bankruptcy.

06 February 2017

Supreme Court blocks US$318m Saad Investments claim

The UK Supreme Court has blocked attempts by the liquidators of collapsed Cayman investment fund Saad to claim for its estate US$318 million in shares transferred by Saudi billionaire Maan Al-Sanea to a Saudi bank, six weeks after the fund collapsed in 2009.

02 February 2017

Regulatory roundup: pre-insolvency predominates

January saw reforms to insolvency frameworks in a range of jurisdictions, including pre-insolvency mechanisms in Panama and Bulgaria and a stricter line on company liquidity in Bosnia and Herzegovina.

02 February 2017

“Historic milestone” in Uruguay as airline’s liquidation approved

A Uruguayan court has approved the liquidation of the country’s former national airline, Pluna Líneas Aéreas Uruguayas, ending a four-year process that local law firm Jiménez de Aréchaga, Viana + Brause has labeled “the most important bankruptcy proceeding in Uruguayan history”.

31 January 2017

Delaware court to hear liability suit against Cayman liquidators

A Delaware court has ruled that it will hear a personal liability suit brought by a Delaware business consultancy against two Cayman Islands-based liquidators, finding that the Barton doctrine protecting court-appointed officials does not apply to liquidators who are being sued in a personal capacity.

30 January 2017

Appeals court finds Chapter 15 does not pre-empt state laws on comity

A US appeals court has estopped a former investor in an Indian real estate company from relitigating breach of fiduciary duty claims already dismissed in a Cayman winding-up order, ruling that it was not necessary for the order to receive Chapter 15 recognition for the US courts to grant it comity.

23 January 2017

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