Regional news: Latin America & Caribbean

Singapore court recognises BVI companies' Japanese insolvency proceedings

UPDATED: The Singapore Supreme Court has recognised a Japanese trustee appointed over a pair of British Virgin Islands-incorporated medical companies, affirming for the first time that bankruptcy proceedings in a company’s centre of main interests, but outside its place of incorporation, can be recognised in the city-state.

14 June 2016

Chapter 15: Hong Kong and Canadian cases recognised in NY, Cayman filing lands in Dallas

Over the past two weeks, judges in New York have recognised foreign proceedings in Hong Kong and Canada under Chapter 15, while a further filing in the Wyly saga was registered in Texas.

13 June 2016

NEW YORK: DIP financing has broken ground in Latin America but remains “dysfunctional”

A number of recent high-profile cross-border restructurings have brought changes to the way Latin American lawyers approach debtor-in-possession financing, but applicable laws remain “dysfunctional” according to a panel at Latin Lawyer – GRR Restructuring Summit in New York last Monday.

10 June 2016

Chinese property developer secures bondholder approval for restructuring plan

Shenzhen property developer Kaisa Group has received approval for its restructuring plan from a majority of creditors in both Hong Kong and the Cayman Islands.

25 May 2016

Cayman appeals court affirms investor’s partnership agreement by blocking winding-up petition

The Court of Appeal of the Cayman Islands has barred the partners of a Cayman holding company from winding it up because they had expressly agreed not to in a partnership agreement.

23 May 2016

Bahamas publishes list of countries whose insolvency proceedings it can recognise

The Bahamian Liquidation Rules Committee has published a list of foreign jurisdictions whose insolvency proceedings the Bahamian courts will now be able to recognise, closing a lacuna in the local law that left foreign creditors unable to access Bahamian assets at least twice in the past year.

20 May 2016

English court terminates Dechert as counsel to protect privileged information

The High Court of England and Wales has told Dechert that it must cease acting for a major creditor of a bankrupt company in ongoing fraud litigation, because it is also acting for the trustees in the company’s bankruptcy proceedings and has benefited from access to privileged information.

11 May 2016

Property developer files case in US to seal Hong Kong restructuring

International real estate developer Kaisa Group Holdings has filed for protection under Chapter 15 of the US Bankruptcy Code in a bid to convince a Hong Kong court to approve its restructuring scheme.

06 May 2016

SunEdison appoints new restructuring officer after creditors pick apart first-day motions

Renewable energy group SunEdison has appointed a restructuring officer to oversee its bankruptcy proceedings in New York, after unsecured creditors successfully fought against some of its first-day motions.

03 May 2016

Pacific Exploration secures protection in Canada, looks to other jurisdictions

Distressed Canadian-Colombian oil company Pacific Exploration has been granted protection from creditors in Canada and will look to acquire further protection in the US and Colombia.

28 April 2016

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