Regional news: North America

E-House’s Cayman scheme sanctioned, US recognition set for next week

Chinese real estate services provider E-House has obtained court sanction of a Cayman scheme restructuring US$600 million in notes, a week after it secured creditor approval.

10 November 2022

Mediation agreed after judge blocks California from cutting clinic operator’s funds

California’s health authority has agreed to mediate with a struggling clinic operator and its unsecured creditors, two weeks after a US bankruptcy judge called it out for threatening to put the lives of Californian citizens at risk.

10 November 2022

Constellation’s BVI subsidiary seeks second US recognition of mirroring scheme

A Caribbean subsidiary of global oil group Constellation has again requested US recognition of a British Virgin Islands “soft-touch” provisional liquidation, after the wider group restructured in Brazil for the second time in as many years.

09 November 2022

Boardriders decision sparks new Serta Simmons priming transaction challenge

Citing last month’s Boardriders decision, a group of first lien lenders to US bedding group Serta Simmons have sued the company in the same New York state court, claiming a 2020 restructuring it executed “brazenly upended the priorities” in a pre-existing creditor agreement, stripping them of their bargained-for rights.

07 November 2022

Paul Weiss hires partner from O’Melveny in New York

Paul Weiss Rifkind Wharton & Garrison has recruited a former O’Melveny & Myers partner who worked for lenders on the fastest-ever Chapter 11, to co-head the firm’s newly formalised hybrid capital and special situations practice.

07 November 2022

Altera gets Ch11 plan approval after unsecured creditor concessions

UK-headquartered oil and gas services provider Altera Infrastructure has won a Texas court’s approval for its US$1 billion restructuring plan, after it was amended three times following objections from unsecured bondholders who were initially left out of the money.

07 November 2022

IBA, Miami: valuation advice from the US to Europe

As valuation disputes are expected to become more prevalent in Europe following the introduction of the EU’s preventative restructuring directive, a US lawyer said there is only ever one result if valuation is left to be assessed by a judge: “he or she is going to get it wrong”.

03 November 2022

Locke Lord adds two partners from Dykema in Chicago

Locke Lord has appointed a new leader for its commercial mortgage-backed securities special servicer team and added a creditors’ rights and loan enforcement partner to its Chicago office, from US firm Dykema.

03 November 2022

Davis Polk advising as Brazilian engineering giant files Ch15

One of Latin America’s largest engineering groups has sought recognition of its Brazilian restructuring in New York to stay a claim brought by Missouri-headquartered UMB Bank, which is seeking to recover over US$40 million owed under notes that matured last year.

02 November 2022

All eyes on creditor-on-creditor violence, after Boardriders up-tiering decision

US lawyers are watching a burgeoning trend for creditor-on-creditor violence closely, after New York Supreme Court allowed minority lenders to challenge a clothing brand’s priming transaction, which subordinated their debt to a new super-priority facility following allegedly secret refinancing negotiations.

01 November 2022

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