Regional news: Latin America & Caribbean

Creditors accuse China Fishery Group of abusing US bankruptcy protections

A group of creditors have accused affiliates of multinational industrial fishing consortium China Fishery Group (CFG) of exploiting US bankruptcy protections to abuse creditors’ rights and derail an asset sale process.

14 July 2016

Brazilian court refuses to recognise BVI proceeding on public policy grounds

Brazil’s Superior Court of Justice has said it won’t recognise the liquidation of a British Virgin Islands company, citing risks to the judicial recovery of the company’s Brazilian subsidiary.

12 July 2016

China Fishery Group seeks US protections to hold off asset fire sale

Affiliates of the Cayman-registered industrial fishing company China Fishery Group have filed a cluster of Chapter 11 and Chapter 15 applications in the US, seeking to delay a fire sale of the group’s Peruvian assets.

04 July 2016

US Senate passes Puerto Rico restructuring bill as default looms

The US Senate passed a controversial restructuring bill to address Puerto Rico’s ongoing debt crisis, a day before its potential default on more than US$1 billion in bond payments.

30 June 2016

UK Privy Council reinterprets “legitimate expectation” in landmark bailout claim

The UK Privy Council has dismissed a claim brought by creditors of a bailed-out insurance group against the government of Trinidad and Tobago, setting a new, narrower standard of “legitimate expectation” in the context of wider public policy concerns.

30 June 2016

Oi creditor commences involuntary bankruptcy in the Netherlands

A Dutch creditor of Brazilian telecoms company Oi has commenced involuntary bankruptcy proceedings against one of its affiliates in an Amsterdam court, as Oi confirmed it had received provisional relief from a UK court.

28 June 2016

Top São Paulo judge urges less procedural approach to restructuring

Daniel Carnio Costa, a bankruptcy judge at the First Bankruptcy Court of Brazil in São Paulo, called on his colleagues to ensure the social and economic benefits of corporate restructuring take precedence over the interests of the creditors and debtors, in a keynote speech at the Latin Lawyer - GRR Restructuring Summit earlier this month.

23 June 2016

NEW YORK: Potential PDVSA default could resemble Argentina’s protracted holdout battle

Panellists speaking at the first Latin Lawyer - GRR Restructuring Summit held in New York earlier this month were split over whether Venezuelan state-owned oil company PDVSA is on track for an imminent default: but there was broad agreement that the legal aftermath will share many similarities with Argentina’s highly litigious 15-year sovereign debt battle.

20 June 2016

China-focused BVI company obtains New York recognition of Hong Kong scheme

Winsway Enterprises Holdings, a British Virgin Islands-incorporated coking coal supplier that predominantly operates in China, has obtained approval of its Hong Kong scheme of arrangement from a New York court soon after a parallel scheme of arrangement was sanctioned in the BVI.

17 June 2016

NEW YORK: Distressed M&A deals in Latin America need cleaner strategies to soothe creditors

Lawyers representing debtors in distressed M&A deals in Latin America need to provide clearer communication strategies and valuation plans to avoid troubling creditors, guests at the first Latin Lawyer – GRR Restructuring Summit in New York heard last Monday.

16 June 2016

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