Regional news: Latin America & Caribbean
Samarco creditors reject third restructuring plan, will file their own
Creditors of Brazilian miner Samarco Mineração have rejected a third restructuring plan that the company submitted before a court in Belo Horizonte earlier this year – and will now file their own “historic” alternative.
21 April 2022
China’s Modern Land pursues offshore scheme as RiseSun’s is sanctioned
Chinese property group Modern Land has launched a scheme in the Cayman Islands to restructure over US$1.3 billion worth of foreign notes, while rival firm RiseSun Real Estate Development has secured sanction of its own British Virgin Island scheme together with recognition in the US.
21 April 2022
Host of global firms advise as Chinese oil group completes “unique” restructuring
Chinese oil company MIE Holdings has completed a global restructuring using a Cayman scheme and a Chapter 15 filing in New York – along with a novel order that conditionally discharged its joint provisional liquidators before the restructuring was completed.
14 April 2022
BVI funds linked to 1MDB fraud seek recognition in Miami
The joint liquidators of three British Virgin Islands funds that were allegedly part of a huge fraud perpetrated against Malaysian sovereign wealth fund 1MDB have sought recognition in Miami to further their investigations.
11 April 2022
Antiguan court declares automatic stay “unconstitutional”
A recent amendment to Antigua and Barbuda’s Companies Act that imposes an automatic stay on judicial action against companies that enter administration is unconstitutional, a local court has ruled.
08 April 2022
Quantuma expands into the British Virgin Islands with new hire
Business advisory firm Quantuma has continued its international expansion with the launch of a new office in the British Virgin Islands and the hire of former Kalo senior manager Toni Shukla.
06 April 2022
Reed Smith and DLA Piper appointed for Evergrande cash seizure probe
Chinese real estate giant Evergrande has appointed Hong Kong-based Reed Smith Richards Butler and DLA Piper to advise two independent committees formed last week to assess the implications of a US$2.1 billion cash seizure by lenders.
31 March 2022
Teneo buys KPMG’s Bermudian restructuring arm
Global advisory firm Teneo has acquired KPMG’s Bermuda restructuring business, just two months after buying its Cayman and British Virgin Islands restructuring arms.
30 March 2022
Ogier ordered to stay on as counsel to sanctioned Russian bank after raising concerns
Offshore firm Ogier has been prevented from coming off the record as counsel to Russia’s VTB Bank, as a British Virgin Islands court declined to discharge local receivers appointed for the sanctioned bank's benefit, while permitting them to take no further actions in fulfilment of their role.
24 March 2022
Evergrande to bring in KWM, Zhenro bondholders agree exchange offer
Evergrande has announced plans to add King Wood & Mallesons to its legal team after lenders to a subsidiary seized over US$2 billion of cash – while a majority of fellow Chinese property developer Zhenro’s bondholders have signed up to exchange Chinese and US dollar notes.
22 March 2022