Regional news: Latin America & Caribbean

US removes sanctions on struggling Swedish oil refiner as PDVSA divests

Swedish oil refiner Nynas said it hopes to exit its administration process after the US announced it had removed sanctions imposed on the company last year under the Venezuela Sanctions Regulations.

14 May 2020

English court prevents service on Panamanian investor

An English court has barred the liquidator of a local investment vehicle from serving a preference application on Panama-incorporated investor Holyoak, finding his claim did not have a “reasonable prospect of success”.

15 April 2020

Government-backed Bermudan property developer obtains stay in New York

A New York court has granted emergency Chapter 15 relief to a Bermudan property developer that defaulted on two tranches of loans backed by the territory’s government.

31 March 2020

“The epitome of a cross-border restructuring”: Noble Unpacked

Featured in Unpacked

In the latest in GRR’s Unpacked series, the practitioners tasked with solving a US$3.5 billion multi-jurisdictional puzzle discuss how frustrated shareholders, regulatory interventions and a disgruntled ex-employee’s blog made Noble’s restructuring one for the ages.

20 February 2020

Construction group wound up in Bermuda after Hong Kong delisting

A Bermuda court has terminated the “light touch” provisional liquidation of construction group Hsin Chong Group Holdings after determining that the key benefit of its restructuring “no longer exists”.

19 February 2020

Chinese judgments recognised and enforced in BVI

In what practitioners say could be a first for the jurisdiction, a British Virgin Islands court has recognised and enforced three judgments issued by a Chinese court, appointing equitable receivers over shares issued in a local company.

14 February 2020

Bermuda court appoints liquidators over Hong Kong-listed miner

The Supreme Court of Bermuda has appointed “light touch” joint provisional liquidators over a Hong Kong-listed metal miner and asked the Hong Kong High Court to recognise the order.

13 February 2020

Conyers hires new restructuring head in Cayman

Offshore firm Conyers has hired Alex Potts QC as the new head of its litigation and restructuring practice in the Cayman Islands.

10 February 2020

English court terminates recognition of Bermudian winding-up

Finding it was “contrary” to the purpose of the UNCITRAL Model Law, the High Court in London has terminated an order recognising the winding-up of a solvent Bermudian investment fund.

27 January 2020

BVI court slams Swiss bankruptcy administrator

A British Virgin Islands judge has suggested that a Swiss bankruptcy administrator behaved inappropriately by allegedly refusing to accept service of an application to appoint liquidators over a Swiss holding company.

24 January 2020

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