Regional news: Latin America & Caribbean
MIE’s “unique” cross-border debt restructuring
Lawyers from Walkers take a step-by-step walk through the “unique” Cayman and US restructuring of Chinese oil and gas company MIE – particularly its novel adoption of an order for the conditional withdrawal of a winding up petition presented by a “friendly creditor” and corresponding discharge of provisional liquidators before the restructuring was completed.
09 June 2022
All female boutique launches in Cayman Islands
A former Harneys partner and two ex-government lawyers have launched a new boutique law firm in the Cayman Islands that specialises in litigation, insolvency and regulatory law.
08 June 2022
Hong Kong court warns against using offshore schemes to deal with US debt
Schemes purporting to compromise US law-governed debt in offshore jurisdictions coupled with Chapter 15 recognition will not be effective in Hong Kong, its High Court has warned.
07 June 2022
Cayman restructuring reform and its relevance to the US market
In the first article of a three-part series, Harneys partners Nick Hoffman and Paul Madden and associate Rhiannon Zanetic examine forthcoming changes to the Cayman Islands’ restructuring regime and how they have been designed to work in cooperation with the US Bankruptcy Code and other UNCITRAL Model Law jurisdictions.
31 May 2022
Holland & Knight advises as BVI fund targets Delaware borrower
The liquidators of a British Virgin Islands fund have lodged a breach of contract claim against Delaware-registered borrower Tremont International in New York, where they secured Chapter 15 recognition in 2019.
27 May 2022
Hong Kong investor seeks winding up of Cayman-registered debt trader
An investor in a Hong Kong fund is seeking to wind up two of its portfolios in the Cayman Islands, after it failed to redeem almost US$4 million of shares.
26 May 2022
French-Bermudian JV's creditors agree to Chinese restructuring
Creditors of a joint venture between Bermuda-registered car manufacture Brilliance Auto and France’s Renault have approved the formation of a committee to oversee a restructuring in China.
25 May 2022
Alto Maipo receives court approval of Chapter 11 plan
Chilean hydroelectric project operator Alto Maipo has had its Chapter 11 plan approved by a Delaware court, after the company modified language related to third party releases in response to an objection by the US trustee.
20 May 2022
Hong Kong billionaire faces bankruptcy as court rejects “absurd” duress and abuse claims
A Hong Kong court has authorised the filing of a bankruptcy petition against prominent local billionaire Pan Sutong and wound up a company he controls, finding their claims of duress, breaches of mainland Chinese law and abuse of process against the Chinese state-owned petitioner rang “hollow” and were “practically moonshine”.
20 May 2022
LATAM objecting creditors to reopen expert deposition
A group of creditors opposed to South American airline LATAM’s Chapter 11 plan have won the right to reopen the deposition of an FTI Consulting specialist who carried out a liquidation analysis of the group.
19 May 2022