Regional news: Latin America & Caribbean

Puerto Rico heads off bondholder suit that found way round stay

The new government of Puerto Rico has reached an agreement on collateral with a set of pension bondholders, five days after they became the only claimants to be granted a hearing against a statutory moratorium.

19 January 2017

Dentons takes on Puerto Rico's debt crisis

Puerto Rico new government has hired a team from Dentons for the herculean task of restructuring the island's estimated US$70 billion debt pile, as a New York court lifted a stay on proceedings against the commonwealth for one bondholder suit.

13 January 2017

Energy XXI emerges from bankruptcy and exits Bermuda

Oil and gas group Energy XXI has emerged from Chapter 11 proceedings in Texas following the approval of a restructuring plan that means its Bermudian parent entity will now proceed to liquidation in parallel proceedings.

11 January 2017

Arbitrator criticises panel for “evident failure” in Argentine bonds case

An arbitrator appointed by Argentina in a long-running dispute over its sovereign debt crisis has criticised his co-panellists for failing to produce a final award despite nearly two years of deliberations.

10 January 2017

Miami court grants Chapter 15 relief for liquidation of alleged Chilean Ponzi scheme

A Miami bankruptcy court has granted Chapter 15 recognition of the liquidation of what is alleged to be the first major Ponzi scheme investigated under Chilean law, while fraud proceedings against the group continue in the city’s District court.

04 January 2017

Russian bank’s trustee files Chapter 15 case as Panamanian lawsuit looms

A Russian government agency acting as trustee of a collapsed Russian bank has filed for Chapter 15 protection in New York amid litigation proceedings brought by a Panamanian investment manager.

03 January 2017

Legislative grey areas make investing in Latin American distressed assets too risky

Few Latin American M&A transactions are straightforward, but none prove as complicated as those arising out of a cross-border bankruptcy proceeding, according to panellists at the 7th annual M&A conference put on by GRR’s sister magazine Latin Lawyer.

03 January 2017

Abengoa’s Chapter 11 plan confirmed after Delaware court dismisses objections

A Delaware bankruptcy court has dismissed objections from a creditor and the US trustee to confirm a Chapter 11 plan for Abengoa’s US subsidiaries, less than a week after it recognised a Spanish court’s approval of the company’s global restructuring agreement.

16 December 2016

Liquidators of Chilean investor file for Chapter 15 amid SEC probe

The liquidators of Chilean investment management firm Onix Capital have filed for Chapter 15 recognition of its involuntary insolvency proceedings as its US arm faces a run of fraud allegations filed by US authorities.

12 December 2016

Discovery and privilege clarified as Cayman courts break new ground in three Primeo judgments

The Grand Court and Appeals Court of the Cayman Islands have handed down three judgments related to different international discovery proceedings in the ongoing litigation surrounding the Primeo Fund, a Cayman-based investment vehicle that was brought down by Bernard Madoff’s Ponzi scheme.

09 December 2016

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