Regional news: Latin America & Caribbean
African Minerals secures scheme hearing in England
African Minerals, a Bermuda-registered mining company in administration in the UK, has won court approval to hold a scheme meeting to help it resolve a creditor conflict about whether it should pursue claims against a Chinese steel group.
29 June 2020
Digicel wraps up Bermudan scheme with Chapter 15 recognition in New York
Jamaica-headquartered telecoms group Digicel has finalised its US$7 billion restructuring after a New York court gave its Bermudan scheme full force and effect in the United States.
26 June 2020
BVI courts have power to grant Norwich Pharmacal orders despite Black Swan ruling
A British Virgin Islands court has ruled its power to grant Norwich Pharmacal orders to support foreign proceedings has not been affected by a recent appellate judgment that found Black Swan relief is no longer available in the BVI.
24 June 2020
Hong Kong-listed Agritrade enters “light touch” administration in Bermuda
The Supreme Court of Bermuda has appointed “light touch” administrators over Hong Kong-listed commodity trader Agritrade Resources (ARL), and asked courts in Singapore and Hong Kong to recognise the decision.
18 June 2020
BVI court grants retrospective permission for English third-party debt order
A British Virgin Islands court has retrospectively allowed the co-owner of a locally-registered company in liquidation to apply for a third-party debt order in England.
16 June 2020
Venezuela’s debt restructuring: predictable uncertainties – part 2
In the second part of his feature examining the “predictable uncertainties” in any eventual restructuring of Venezuela’s debt, Steven Kargman of Kargman Associates looks at the role China and Russia have to play as major bilateral creditors of Venezuela, and details the importance of oil price projections for any future debt sustainability analysis.
11 June 2020
Venezuela’s debt restructuring: predictable uncertainties – part 1
In the first of a two-part feature, Steven Kargman, founder and president of the eponymous New York-based international restructuring advisory firm Kargman Associates, examines the “predictable uncertainties” that will be key to any future Venezuelan debt restructuring.
10 June 2020
Hong Kong judge targets “unrealistic and unhelpful” Mainland business groups
A Hong Kong judge has criticised a Chinese cinema group that tried to restructure its debts in a “piecemeal” way in the Mainland without including its Hong Kong-listed holding company.
02 June 2020
US removes sanctions on struggling Swedish oil refiner as PDVSA divests
Swedish oil refiner Nynas said it hopes to exit its administration process after the US announced it had removed sanctions imposed on the company last year under the Venezuela Sanctions Regulations.
14 May 2020
English court prevents service on Panamanian investor
An English court has barred the liquidator of a local investment vehicle from serving a preference application on Panama-incorporated investor Holyoak, finding his claim did not have a “reasonable prospect of success”.
15 April 2020
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