Regional news: North America
Willkie Farr advising Canadian office furniture manufacturer in Ch15
A 130-year-old Canadian office furniture manufacturer, whose already shaky financial position deteriorated with the pandemic, has tapped Willkie Farr & Gallagher as counsel as it seeks recognition of its Canadian Companies’ Creditors Arrangement Act liquidation in New York.
31 January 2023
California court allows cannabis company to sell assets in bankruptcy
A former cannabis products manufacturer has been allowed to sell its assets and distribute the proceeds in a Chapter 11 case in Los Angeles, in a ruling that lawyers say could open the door for distressed cannabis companies to complete orderly wind downs in bankruptcy.
30 January 2023
Health sensor SPAC files dual US-Cayman restructuring
A company that develops sensors used in smart watches has filed the second known application for restructuring officers in the Cayman Islands and entered a pre-packaged Chapter 11 in New York to equitise two sets of notes.
27 January 2023
White & Case advising as Americanas files Ch15 in New York
Rio de Janeiro-headquartered retail giant Americanas has sought New York recognition of its Brazilian judicial recovery proceedings to protects its US assets, two weeks after it disclosed a near four-billion-dollar gap in its balance sheet.
26 January 2023
Weil and Gibson Dunn advising as Serta Simmons files Ch11
North American bedding group Serta Simmons has sought bankruptcy protection in Texas, automatically staying a claim brought against it in New York last year by lenders who claim they were robbed of their rights during a refinancing in 2020.
25 January 2023
English court orders Chinese businessman to disclose documents to Ch11 trustee
An exiled Chinese businessman, who filed for bankruptcy in the US last year claiming to be in “continuous fear” of the Chinese government, has been ordered to disclose documents to his Chapter 11 trustee in relation to a claim he is pursuing against Swiss bank UBS in London.
24 January 2023
FTX authorised to retain S&C in face of “incendiary” last-minute allegations
Sullivan & Cromwell has won court approval to represent FTX, despite facing what partner Jim Bromley described as “assault by twitter” and accusations of misconduct by the exchange’s former chief compliance officer.
20 January 2023
Crypto lender Genesis outlines restructuring plans in Chapter 11
Following months of speculation, cryptocurrency lender Genesis has entered Chapter 11 in New York and already filed a plan contemplating a potential sale or equitisation transaction, after being charged by the US Securities and Exchange Commission with illegally selling crypto assets.
20 January 2023
Agribusiness specialist joins Blank Rome in California
Blank Rome has hired a restructuring partner in Orange County who specialises in advising agricultural lenders and struggling agribusiness and food companies.
20 January 2023
Foreign creditors violated Avianca’s Ch11 plan, New York court finds
Latin American airline Avianca has asked a New York court to make a first-of-its-kind order sanctioning over 160 foreign creditors for violating the injunction terms of its Chapter 11 plan.
19 January 2023