Regional news: Latin America & Caribbean

Condor seeks recognition of German proceedings in US and Mexico

German airline and former Thomas Cook subsidiary Condor is seeking Chapter 15 recognition of its protective shield proceedings in Frankfurt to stop a trio of litigations in the US that it says contravene German law.

05 October 2020

“Open for business”: BVI court approves third party litigation funding

In the first written judgment of its kind, a British Virgin Islands court has approved third party funding agreements for litigation and other liquidation fees and expenses in relation to a multinational Ponzi scheme.

01 October 2020

New York court receives recognition requests for two Bermudian proceedings

The provisional liquidators of a Bermuda-incorporated investment holding company and the liquidators of a Bermudian water company are seeking Chapter 15 recognition of their appointments, in separate proceedings filed in New York in September.

01 October 2020

The game changer for Argentina: collective action clauses

Lawyers who worked on Argentina’s US$65 billion international debt restructuring reflect on the challenges and achievements of the deal, highlighting the activation of collective action clauses as a key ingredient for its successful outcome.

28 September 2020

TIM, Telefónica and Claro make US$3 billion bid for Oi’s mobile division

A slew of Brazilian law firms and one Spanish outfit have helped telecoms operators TIM, Telefónica and Claro make a US$3 billion binding stalking-horse bid to jointly buy Oi’s mobile services business, as part of the latter’s reorganisation.

25 September 2020

Cayman bankruptcy and freezing orders recognised in Canada

An Alberta court has recognised Cayman Islands personal bankruptcy and freezing orders, rejecting arguments that granting the relief would be “an abuse of Canadian procedures” despite noting there were limited precedents.

24 September 2020

Shearman and Bennett Jones advise as power plant builder enters RSA

Sherman & Sterling and Bennett Jones have helped an Argentina-headquartered power plant producer enter a deal with an ad hoc group of noteholders, to be implemented under the Canada Business Corporations Act.

24 September 2020

Sovereign debt restructuring in times of stress: lessons from Ecuador and Argentina

Hogan Lovells partner Evan Koster and associate Juan Moreno investigate the use of aggregated collective action clauses in the recent restructurings of Ecuador and Argentina, describing them as an “important development” in the restructuring process of sovereigns.

23 September 2020

African Minerals Limited: using a scheme to unlock value for all creditors

Partner Richard Hornshaw and counsel Tom Laidler from Akin Gump Strauss Hauer & Feld’s London litigation team discuss how a Cayman litigation trust and an English scheme were used to get around creditor differences on pursuing significant litigation, in the context of the administration of an iron ore miner in Sierra Leone.

22 September 2020

Argentina’s quest for the moral high ground: the road ahead

In the final part of his feature examining Argentina’s strategy in its recent debt negotiations with bondholders, Steven Kargman of Kargman Associates looks at what lies ahead for the country as it prepares for a fresh round of negotiations with the IMF. Kargman asks whether the country will be able to develop a sustainable economic strategy for the coming years, or whether it will continue to lurch from one economic (and sovereign debt) crisis to another.

17 September 2020

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