Regional news: Latin America & Caribbean

Metals miner files for Chapter 11 citing Jamaican arbitration ruling

US mining and metallurgy company Noranda Aluminium Holding Corporation (NAHC) has filed for Chapter 11 bankruptcy, citing an ongoing arbitration with the government of Jamaica as a key reason for its distress.

19 February 2016

Isle of Man court grants use of documents in US and Caribbean

A court in the Isle of Man has allowed four US special purpose vehicles to use information revealed in a Manx disclosure and freezing order last year in proceedings for the repayment of debts in the US and Caribbean.

19 February 2016

Bahamian court dismisses foreign liquidators’ petition in repeat of Baha Mar

The Bahamian Supreme Court has declined to recognise the Cayman Islands-based liquidation proceedings of a local bank as foreign main proceedings under common law, in a decision that takes a similar approach to last year’s Baha Mar.

19 February 2016

Delaware court interprets BVI law in Chapter 11 case

A US bankruptcy court in Delaware has made a ruling on a point of British Virgin Islands law to end an 18-month legal dispute holding up the Chapter 11 restructuring of a US telecoms group.

08 February 2016

Hong Kong court rejects wind up in Cayman KPMG competence dispute

A Hong Kong court has dismissed a winding-up petition for a foreign company because it was already being liquidated in the Cayman Islands, rejecting the petitioner’s “entirely fanciful” allegations that Cayman-appointed liquidators KPMG would fail to deal with the matter speedily.

28 January 2016

Insurers sue Puerto Rico for “unconstitutional” debt clawbacks

Two financial insurers are suing Puerto Rico for allegedly breaching the US Constitution, after the island’s governor clawed back funds meant for infrastructure agencies to repay debt.

21 January 2016

Brazil’s Lupatech gets nod for second global group restructuring

Creditors of Brazilian oil logistics company Lupatech Group have agreed to the terms of the company’s new restructuring plan, its second in as many years.

16 December 2015

Argentina passes law to codify UN principles on sovereign debt

Argentina has passed a law adopting the recently agreed UN Basic Principles on Sovereign Debt Restructuring into law.

16 December 2015

Appleby rehires funds partner in the Caymans

Offshore firm Appleby has rehired a partner in its Cayman Islands funds team.

16 December 2015

Setbacks in court for secondary investors in Madoff claims

Secondary market investors who bought claims related to the Madoff fraud suffered two setbacks last month, as a court in New York reversed the sale of one claim, and a court in Dublin dismissed attempts to enforce another against a third party on grounds that it violated Irish champerty rules.

16 December 2015

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