Regional news: Latin America & Caribbean

London-based offshore driller Seadrill Partners and 28 of its international subsidiaries have filed Chapter 11 proceedings in Texas, citing Bermuda-incorporated Seadrill Ltd, which itself went through bankruptcy two years ago, as their largest unsecured creditor.

03 December 2020

International advisory firm Duff & Phelps has announced it is buying Asia and Caribbean restructuring and asset recovery specialists Borrelli Walsh, in a deal set to be completed by mid-December.

02 December 2020

An oil and gas group pursuing a Singaporean scheme, KrisEnergy, has reached a settlement with a creditor that brought a Cayman winding-up petition against its Thai subsidiary, after failing to secure an injunction on the petition.

30 November 2020

Brazil’s senate has approved a long-tabled bankruptcy law, which is set to introduce cross-border provisions based on the UNCITRAL Model Law to the country’s regime.

27 November 2020

A Cayman Islands court has refused advisory firm BDO leave to seek an injunction on proceedings in New York, where it is accused of failing to uncover fraud committed against a now-insolvent client.

27 November 2020

The US Court of Federal Claims has rejected claims from a group of Puerto Rico pension bondholders that the US government should compensate them for losses incurred during the territory’s US$120 billion bond and pension debt restructuring.

26 November 2020

The Argentinian city of Córdoba has hired teams from Hogan Lovells in New York and Houston and Córdova Francos Abogados in Buenos Aires to restructure US$150 million worth of foreign debt, following in the footsteps of the federal government and the province of Mendoza.

25 November 2020

British Virgin Islands-incorporated special purpose vehicle Rock International Investments is seeking Chapter 15 recognition of its BVI scheme of arrangement, while its parent company has entered bankruptcy proceedings in China.

24 November 2020

A Buenos Aires-headquartered power plant producer has modified the terms of a restructuring it is carrying out under the Canada Business Corporations Act, ahead of an upcoming creditors vote.

23 November 2020

Faced with a US$7 billion level of funded indebtedness, the Digicel group concluded a comprehensive debt restructuring in June 2020 that left its shareholders intact. A key aspect of the restructuring plan was an innovative Bermuda scheme of arrangement that was used as an alternative to Chapter 11 bankruptcy. Edward Rance, an associate at Conyers, reports.

23 November 2020