Regional news: North America

Nordic Aviation Capital obtains US plan approval

Aircraft lessor Nordic Aviation Capital has secured sanction of its third amended Chapter 11 plan in the US and aims to exit bankruptcy before the end of May, completing a multi-faceted post-pandemic restructuring that began with an Irish scheme of arrangement in 2020.

21 April 2022

Win for Goodwin as Kirkland partner joins firm

A Kirkland & Ellis partner who represented creditors in the Seadrill, Puerto Rico and Molycorp restructurings has joined Goodwin Procter in New York.

21 April 2022

China’s Modern Land pursues offshore scheme as RiseSun’s is sanctioned

Chinese property group Modern Land has launched a scheme in the Cayman Islands to restructure over US$1.3 billion worth of foreign notes, while rival firm RiseSun Real Estate Development has secured sanction of its own British Virgin Island scheme together with recognition in the US.

21 April 2022

Canadian receiver obtains emergency relief from creditors in North Dakota

An oilfield services company’s Canadian receiver has obtained temporary emergency relief from a court in North Dakota to stall a wave of creditor enforcement actions against the debtor in a local district court.

20 April 2022

Infowars files for bankruptcy amid Sandy Hook defamation suit

Three companies owned by US conspiracy theorist Alex Jones have sought bankruptcy protection after he was found liable for falsely claiming the 2012 Sandy Hook shooting was a “false flag” hoax.

19 April 2022

Canadian developer wins Chapter 15 relief in bid to secure financing

Real estate developer Legacy Lifestyles Destin Property has secured provisional recognition of its Canadian receivership, which it says will help it obtain financing secured by its Florida-based properties.

19 April 2022

Host of global firms advise as Chinese oil group completes “unique” restructuring

Chinese oil company MIE Holdings has completed a global restructuring using a Cayman scheme and a Chapter 15 filing in New York – along with a novel order that conditionally discharged its joint provisional liquidators before the restructuring was completed.

14 April 2022

Nygard companies' receiver can place them into bankruptcy after substantive consolidation ruling

A receiver appointed over nine US and Canadian companies linked to fashion mogul Peter Nygard has been granted permission to place them into bankruptcy, after a Manitoba court ruled the companies jointly liable for the group’s debt, and consolidated their assets.

14 April 2022

“Chapter 22” for tech software and services firm Sungard

Technology firm Sungard has entered its second Chapter 11 bankruptcy in three years and sought recognition of it in Canada, less than a month after its UK arm fell into administration.

13 April 2022

BVI funds linked to 1MDB fraud seek recognition in Miami

The joint liquidators of three British Virgin Islands funds that were allegedly part of a huge fraud perpetrated against Malaysian sovereign wealth fund 1MDB have sought recognition in Miami to further their investigations.

11 April 2022

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