Regional news: North America

Philippine Airlines seeks local recognition of Chapter 11

The flag carrier airline of the Philippines has retained a local law firm to help it seek recognition of its Chapter 11 bankruptcy, as part of its attempts to restructure a US$6 billion debt pile.

24 September 2021

Section 109 opinion issued ahead of Omani citizen’s Chapter 15 appeal

A Florida court has ruled that a foreign debtor does not need to meet the eligibility requirements for being a debtor under section 109 of the US bankruptcy code, setting up a clash with a Second Circuit appeal court.

23 September 2021

Luckin Coffee launches Cayman scheme, settles US class action

China’s Luckin Coffee has filed a scheme of arrangement petition in the Cayman Islands to implement a restructuring support agreement it reached with senior noteholders earlier in the year, and has also settled a US class action.

22 September 2021

Greenberg continues expansion with New York hire

Dentons has lost another partner to Greenberg Traurig in New York, seven months after the head of its global restructuring practice also moved to the firm.

21 September 2021

Boart Longyear schemes sanctioned in Australia

Australian mining group Boart Longyear has won court approval for two schemes of arrangement in Sydney that aim to convert about US$795 million of debt into equity – while plans to redomicile in Canada continue apace.

17 September 2021

Streamlined proving process approved in Cayman

The Cayman liquidators of a local insurance company have secured court approval of an alternative adjudication process for debt claims, removing the need for thousands of policyholders to lodge separate proofs.

16 September 2021

Greensill’s UK administration recognised in US

Greensill’s main trading entity has obtained recognition of its UK administration in New York, where US coal miner Bluestone Resources had already agreed to suspend a fraud suit against two of its senior managers for 90 days – though not for the entire length of the Chapter 15 stay.

15 September 2021

Stephenson Harwood hires former A&O partner in London

A year after retiring from Allen & Overy, cross-border restructuring specialist Tim Crocker has joined Stephenson Harwood’s London office in what the firm has described as “a real coup”.

14 September 2021

Insurers’ defences rejected in Nine West settlement litigation

Insurers who refused to cover part of US retailer Nine West’s Chapter 11 plan have failed to throw out breach of contract claims against them, after a Delaware court rejected most of their defences.

13 September 2021

Czech bankruptcy trustee seeks recognition in Florida

The Czech trustee of a bankrupt real estate manager who fled to the US last year has sought Chapter 15 recognition to block litigation launched against him in Florida.

13 September 2021

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