Regional news: Latin America & Caribbean

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

Vantage Drilling files 24 Chapter 11 cases with restructuring plan

Two dozen international subsidiaries of a Cayman Islands-based driller have filed for Chapter 11 protection, blaming the oil price collapse and links to scandalised Brazilian state oil company Petrobras for their woes.

11 December 2015

Mexico’s Homex completes restructuring under new insolvency law

Mexican real estate developer Desarrolladora Homex has become the first major company with US investors to successfully restructure under Mexico’s reformed insolvency law, coming out of its restructuring within the mandated one-year period.

13 November 2015

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