Regional news: Latin America & Caribbean
US lender seeks winding up of litigation funder in Cayman Islands
Delaware-based lender Therium Litigation Finance Atlas is seeking the winding up of a Cayman-registered litigation funder that carried out its business in the UK.
27 June 2022
Crédito Real vows to oppose Ch11 petition in New York
Mexico's troubled payroll lender Crédito Real says it will oppose an involuntary Chapter 11 petition filed against it in New York this week, which it labelled a ploy by “certain alleged minority creditors” to gain leverage in restructuring negotiations.
24 June 2022
Brazil’s Petroserv secures English scheme sanction
Brazilian oil drilling group Petroserv Marine has secured sanction of its English scheme of arrangement, after settling a notes dispute with a company owned by its founders.
23 June 2022
Portuguese rig owner secures emergency financing in Texas Ch11
A drilling rig owner based in Madeira has won interim Chapter 11 relief in Texas after claiming it has likely over US$1 billion in secured debt and an uncertain path to realising value from its sole asset.
22 June 2022
Cayman feeder fund liquidators reiterate calls for court-to-court communication
The foreign representatives of a bankrupt Cayman feeder fund subject to a US receivership have reiterated calls for US and Cayman judges to open communication over the implications of what is set to be a landmark decision on international comity.
21 June 2022
LATAM Airlines wins Chapter 11 plan approval
UPDATED: Over two years after it sought Chapter 11 protection in New York, South American airline LATAM has received court approval of a restructuring plan that will facilitate the injection of about US$8 billion through a capital increase, the issuance of convertible bonds and new debt.
20 June 2022
Cayman liquidators tee up first-of-its-kind clash with US receiver
The joint liquidators of a bankrupt Cayman feeder fund opposing a US federal receiver’s distribution plan say the case presents serious considerations of international comity that have never been tried before.
15 June 2022
Dechert advising as another Chinese group seeks Ch15 recognition
The Cayman-registered holding company of a Chinese coal mining group has sought recognition of its Hong Kong restructuring scheme in New York.
14 June 2022
Credito Real drops DLA Piper and FTI as restructuring talks continue
A struggling Mexican shadow bank that planned to enter Chapter 11 has dismissed DLA Piper and FTI Consulting as its restructuring advisers, as it continues to negotiate with creditors following a default on US$171 million of unsecured Swiss bonds in February.
13 June 2022
Fantasia vows to fight new Cayman winding up petition
Chinese property developer Fantasia Holdings said it will “vigorously” oppose a winding up petition submitted last month in the Cayman Islands over its inability to pay US$149 million outstanding on its loan facilities.
10 June 2022