Regional news: Latin America & Caribbean
EY appointed as Seadrill JPLs in Bermuda after latest Chapter 11 filings
Offshore rig operator Seadrill Limited has appointed EY as its joint provisional liquidators in Bermuda for the second time in four years after a conflict between creditors saw it file for Chapter 11 protection in Texas last week.
15 February 2021
Funder applies to wind-up Cayman client after Albanian bailiff seizes award
An Australian disputes funder has applied to wind up its Cayman oil company client after discovering that a US$12.6 million arbitral award it helped secure was sequestered by a bailiff in Albania.
15 February 2021
Fourth time lucky: Cleary and Bruchou help YPF secure debt exchange
Argentine oil company YPF has secured approval from noteholders to exchange debt maturing next month, with Cleary Gottlieb and local firm Bruchou advising the company and a quartet of firms including Clifford Chance, Bomchil, Dechert and DLA Piper acting for creditor groups.
11 February 2021
Investment company secures parallel Hong Kong and Cayman schemes
Hong Kong and Cayman Islands courts have sanctioned parallel schemes of arrangement for an investment holding company, finding the Gibbs rule did not prevent it from restructuring Macau law-governed debt.
09 February 2021
Stay claims in the US so Luckin Coffee can restructure in Cayman, court told
Having already secured Hong Kong recognition, the provisional liquidators of China’s Luckin Coffee have asked a New York court to stave off shareholder actions in the US while they restructure the group’s holding company through a pair of Cayman schemes, to deal with revelations it falsely inflated its accounts last year.
08 February 2021
Seadrill Asia seeks Chapter 11 protection in Texas
Five of offshore rig operator Seadrill’s Asian subsidiaries have entered Chapter 11 proceedings in Texas, listing Dubai’s ZDN Investment and Saudi Arabia-based Algosaibi Services Company as their largest unsecured creditors.
08 February 2021
US shareholders seek to wind up Cayman crypto trading platform
US shareholders of a cryptocurrency trading platform are seeking to wind it up in the Cayman Islands, alleging its directors breached their fiduciary duties by allowing the conflicted CEO of OneWeb to take it over; meanwhile, a Cayman court has appointed provisional liquidators over a Hong Kong-based investment holding company.
05 February 2021
Pacific International Lines secures creditor backing for unique scheme
Creditors of Southeast Asia’s largest shipping liner, Pacific International Lines, have approved an unusual scheme that the company’s lawyers say was negotiated outside Singapore’s typical moratorium process to avoid another Hanjin blowout.
02 February 2021
Maples hires in Hong Kong and Cayman Islands, promotes in London
The former head of Freshfields’ Asia restructuring practice and an English-qualified barrister have joined Maples Group as partners in Hong Kong and the Cayman Islands, while the firm has also promoted in London.
02 February 2021
Odebrecht subsidiary completes US$3.4 billion extrajudicial restructuring
Cleary Gottlieb Steen & Hamilton and E.Munhoz Advogados have helped the construction services arm of Brazil’s Odebrecht close an extrajudicial restructuring for US$3.4 billion worth of New York law-governed debt.
29 January 2021
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