Regional news: Latin America & Caribbean
Hong Kong appellate court restates requirements for winding-up foreign companies
The Hong Kong Court of Appeal has upheld a lower court’s refusal to block the winding-up of a mainland Chinese conglomerate – but overturned its ruling on the requirements for winding-up foreign companies.
07 August 2020
“Undesirable outcome”: Cayman court dismisses winding-up petition despite Hong Kong order
A Cayman Islands court has dismissed a winding-up petition against a locally incorporated investment manager, despite a Hong Kong court issuing a winding-up order against the guarantor of the company’s debt.
06 August 2020
Argentina’s debt restructuring likely to get approval, say lawyers
Argentine lawyers are buoyant that the government’s two-day old deal with holders of the country’s foreign bonds will get the required approval numbers, and mark the country’s return to international capital markets.
06 August 2020
“Light-touch” JPLs appointed over Chinese fertiliser group in three jurisdictions
Courts in the Cayman Islands, Bermuda and the British Virgin Islands have appointed “light touch” joint provisional liquidators over Chinese fertiliser company Century Sunshine Group.
05 August 2020
US court rejects block on Ecuador’s US$17 billion restructuring
Ecuador has defeated an injunction request by a “small minority” of bondholders seeking to block its tender for a US$17.4 billion sovereign bond restructuring, ahead of a securities fraud action.
04 August 2020
Skadden, Akin Gump and Milbank advising as Noble enters Chapter 11
London-headquartered offshore drilling contractor Noble Corporation has filed Chapter 11 proceedings in Texas, after entering a US$3.4 billion restructuring agreement with two ad hoc groups of its bondholders.
03 August 2020
Bondholder suit calls Ecuador’s US$17.4 billion restructure “coercive”
A US investment fund holding Ecuadorian sovereign bonds is leading a class action in which it is urgently trying to halt the state’s recent tender aiming to restructure US$17.38 billion in debt.
31 July 2020
US court approves Ann Taylor parent’s first-day motions
The parent company of women’s clothes retailer Ann Taylor has secured several first-day orders in its Chapter 11 proceedings in Virginia, with Kirkland & Ellis and Cooley advising.
30 July 2020
Brazilian court approves Odebrecht’s results-based reorganisation plan
A Brazilian court has approved a restructuring plan for non-operating companies in Brazil’s Odebrecht group, which will see it pay creditors with the proceeds of asset sales and new, profit-sharing securities.
29 July 2020
Bermuda court extends injunction to prevent risk of Gupta asset claim dissipation
A Bermudian court has extended a Mareva injunction against a locally-registered commodities trader, finding there was a risk of dissipation of its only realisable asset – a claim in the South African restructuring of a coal mine formerly owned by the Gupta family.
27 July 2020
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