Regional news: North America

Intelsat kicks off contested Ch11 hearing

Global satellite group Intelsat said it has reached settlements with all objecting creditors and shareholders apart from one group of convertible noteholders, which claims advisers that signed off on its amended Chapter 11 plan were conflicted.

06 December 2021

Purdue Pharma judge seeks more info on bankruptcy abuse

A day after hearing an appeal of drug maker Purdue Pharma’s Chapter 11 plan, a US district judge has asked for more submissions on whether releases for the company’s former owners are “abusive” – noting the Sackler family increased the money they withdrew from the debtor in the decade before it filed for bankruptcy.

03 December 2021

Brazil’s Azul backs off from LATAM offer after Ch11 plan filed

Two days after South America’s largest airline LATAM submitted a Chapter 11 plan in New York, one of its Brazilian competitors has backed off from an offer to combine with the Chile-headquartered company.

03 December 2021

Sacklers accused of abusing bankruptcy process

The US district judge overseeing an appeal of drug maker Purdue Pharma’s Chapter 11 plan said there is “more than a shred of evidence” that its owners abused the bankruptcy process.

30 November 2021

Swissport administration comes to an end

The administrators of Swissport’s Luxembourg-incorporated former parent have secured discharge orders from the High Court in London, despite there being no process available for them to dissolve the company in its home jurisdiction.

29 November 2021

Canadian oil group seeks US recognition following failed refinancings

The Canadian receiver of oil and gas exploration group Cuda has sought US recognition to help it liquidate all the group’s assets, after one lender raised “serious concerns" over its ability to repay its debts.

26 November 2021

McKinsey agrees SEC fine over insider trading policies

McKinsey & Company has agreed to pay US$18 million to settle claims it failed to fully prevent the risk of insider trading in relation to investments in clients for which the firm also acted as a consultant – including bankrupt energy group SunEdison and Puerto Rico.

24 November 2021

New rules for New York’s “mega” bankruptcies

The Southern District of New York has announced changes to the way it assigns its judges to “mega” Chapter 11 cases, amid renewed debate over bankruptcy forum shopping by large corporations.

23 November 2021

Boies Schiller heir apparent to launch new London firm

Pledging to “rip up the rule book” and challenge the status quo, the former deputy chair of Boies Schiller Flexner is leaving the New York litigation shop to launch her own disputes offering in London.

22 November 2021

Riverbed seeks quick exit from Chapter 11

Global IT services provider Riverbed Technology has secured court approval for a rapid Chapter 11 confirmation hearing at the start of December, just over two weeks after it filed for bankruptcy.

19 November 2021

Get unlimited access to all Global Restructuring Review content