Regional news: Latin America & Caribbean

Mexican retailer files pre-pack Chapter 11 in New York

Mexican loan to own retailer Grupo Famsa has filed a pre-packaged Chapter 11 plan to restructure a single series of notes that were due in June, after covid-19 prevented it from refinancing them with further borrowing.

02 July 2020

Aeroméxico becomes latest LatAm airline to file Chapter 11 in New York

Mexico’s second-largest airline Aeroméxico has filed Chapter 11 proceedings in New York, following in the steps of Colombian-Panamanian airline Avianca and South America’s largest passenger carrier Latam.

02 July 2020

African Minerals secures scheme hearing in England

African Minerals, a Bermuda-registered mining company in administration in the UK, has won court approval to hold a scheme meeting to help it resolve a creditor conflict about whether it should pursue claims against a Chinese steel group.

29 June 2020

Digicel wraps up Bermudan scheme with Chapter 15 recognition in New York

Jamaica-headquartered telecoms group Digicel has finalised its US$7 billion restructuring after a New York court gave its Bermudan scheme full force and effect in the United States.

26 June 2020

BVI courts have power to grant Norwich Pharmacal orders despite Black Swan ruling

A British Virgin Islands court has ruled its power to grant Norwich Pharmacal orders to support foreign proceedings has not been affected by a recent appellate judgment that found Black Swan relief is no longer available in the BVI.

24 June 2020

Hong Kong-listed Agritrade enters “light touch” administration in Bermuda

The Supreme Court of Bermuda has appointed “light touch” administrators over Hong Kong-listed commodity trader Agritrade Resources (ARL), and asked courts in Singapore and Hong Kong to recognise the decision.

18 June 2020

BVI court grants retrospective permission for English third-party debt order

A British Virgin Islands court has retrospectively allowed the co-owner of a locally-registered company in liquidation to apply for a third-party debt order in England.

16 June 2020

Venezuela’s debt restructuring: predictable uncertainties – part 2

In the second part of his feature examining the “predictable uncertainties” in any eventual restructuring of Venezuela’s debt, Steven Kargman of Kargman Associates looks at the role China and Russia have to play as major bilateral creditors of Venezuela, and details the importance of oil price projections for any future debt sustainability analysis.

11 June 2020

Venezuela’s debt restructuring: predictable uncertainties – part 1

In the first of a two-part feature, Steven Kargman, founder and president of the eponymous New York-based international restructuring advisory firm Kargman Associates, examines the “predictable uncertainties” that will be key to any future Venezuelan debt restructuring.

10 June 2020

Hong Kong judge targets “unrealistic and unhelpful” Mainland business groups

A Hong Kong judge has criticised a Chinese cinema group that tried to restructure its debts in a “piecemeal” way in the Mainland without including its Hong Kong-listed holding company.

02 June 2020

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