Regional news: North America

Second Circuit blocks US$1 billion Lehman clawback under safe harbour rules

A US appeals court has prevented a Lehman Brothers unit from recovering payments distributed to noteholders after the bank’s collapse, finding that potential ipso facto clauses would not invalidate a safe harbour provision under the US Bankruptcy Code.

13 August 2020

Baker McKenzie partner moves to McGuireWoods in New York and Houston

McGuireWoods has added veteran Baker McKenzie restructuring partner James Donnell to its New York and Houston offices.

13 August 2020

Cayman court curtails freezing order against China’s answer to Starbucks

A Cayman court has declined to extend a worldwide freezing order against China’s Luckin Coffee chain, which entered provisional liquidation in July after confirming it misstated its 2019 accounts.

13 August 2020

Bermuda-registered oil services company files Chapter 11 in New York

A Bermuda-registered oil and gas services company with operations in the North Sea and West Africa has sought Chapter 11 protection after failing to reach a deal with its Scandinavian lenders.

13 August 2020

Pharmagreen Biotech files for bankruptcy protection amid stock dispute

The Nevada holding company of a Canada-headquartered cannabis and hemp plant producer has filed for Chapter 11 protection, after covid-19 left it unable to uphold a financing deal with “toxic lenders”.

13 August 2020

Cirque du Soleil wins recognition of CCAA proceedings amid objections

A Delaware court has recognised circus production group Cirque du Soleil’s CCAA proceedings in Quebec, despite objections from some creditors.

12 August 2020

Faegre Drinker hires partner in Delaware

Newly merged firm Faegre Drinker Biddle & Reath has recruited Morris James partner Brett Fallon in Delaware as its ninth new restructuring hire since June.

11 August 2020

Haynes and Boone names new partner in New York

Corporate restructuring lawyer Richard Kanowitz has joined Haynes and Boone as a partner in its New York office.

10 August 2020

Virgin Atlantic gets interim US recognition of UK proceedings

A New York court has granted interim relief for Virgin Atlantic, finding it had shown a “substantial likelihood” that its landmark UK restructuring plan would be recognised under Chapter 15.

10 August 2020

Crowell & Moring partner moves to Akerman in New York

Akerman has hired Crowell & Moring restructuring partner Mark Lichtenstein in New York.

10 August 2020

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