Regional news: Latin America & Caribbean

PdVSA postpones debt payments through bond swap, experts weigh possible default

Troubled Venezuelan state oil company Petróleos de Venezuela, SA (PdVSA) has dramatically reduced looming debt payments by closing a US$5.3 billion bond swap despite reservations from lawyers and criticism from ratings agency Standard & Poor’s.

26 October 2016

New York court throws out appeal from Argentine holdouts

A group of individual bondholders who refused to enter into Argentina’s global sovereign debt settlement have lost in their bid to enforce claims against money held in New York, days before the funds go beyond the reach of the US courts.

21 October 2016

Argentine power utility files for Chapter 15 over out-of-court deal

A Buenos Aires power provider has filed for Chapter 15 recognition in New York as it seeks to protect refinancing of a balance sheet that has been in turmoil since 2001.

14 October 2016

Pacific Exploration secures US approval of US$5.2 billion deal

Canadian-Colombian oil company Pacific Exploration has secured US court approval of its Ontario court-administered restructuring deal, clearing one of the final hurdles facing the company before it can implement a plan to manage its US$5.2 billion debt.

12 October 2016

BVI Court allows liquidators to draw fees from debtor without prior approval

The Commercial Court of the British Virgin Islands has issued a first-of-its-kind order allowing the liquidators of a Hong Kong-based electronics company to draw fees for costs from the debtor’s estate before securing formal approval of the amounts to be paid.

10 October 2016

Pacific Exploration sells stake in Brazilian oil field

The Ontario Superior Court of Justice has approved Canadian-Colombian oil company Pacific Exploration’s plan to sell its stake in exploration projects in Brazil as part of its restructuring efforts.

05 October 2016

Pacific Andes files in US as Singapore court puts end to global moratorium

Global industrial fishing group Pacific Andes has dropped its Singaporean scheme and filed for Chapter 11 in the US after a Singapore court declined to extend a global moratorium for the company and its subsidiaries, leading creditors to file winding-up petitions in Bermuda and the BVI.

30 September 2016

Oi shareholders settle three-forum jurisdictional dispute

Shareholders in bankrupt Brazilian telecoms company Oi have settled a dispute over who has jurisdiction to decide issues concerning the composition of its board, ending a stalemate between a bankruptcy court and an emergency arbitrator that even Brazil’s highest court could not immediately resolve.

27 September 2016

Washington, DC: The politics of oil and gas restructuring

The recent oil price slump and attendant rise in oil and gas insolvencies has been exacerbated by the interference of political actors whose actions can both precipitate distress and damage turnarounds, a panel at the International Bar Association’s Annual Conference in Washington, DC has argued.

23 September 2016

UK court grants disclosure to Primeo liquidators ahead of Cayman suit

A UK court has ordered KPMG to hand over confidential documents to the liquidators of Primeo, a hedge fund brought down by the Bernie Madoff Ponzi scheme, finding that an advantage conveyed to liquidators in section 236 of the UK Insolvency Act was not inherently unfair, nor the relief requested too oppressive.

16 September 2016

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