Regional news: North America
Cayman fund liquidators appeal in case of “great importance” to Ch15
The foreign representatives of a bankrupt Cayman feeder fund have asked the Eleventh Circuit Court of Appeals to overturn a US federal receiver’s distribution plan, arguing a lower court’s “minimalist construction of comity” defied 140 years of precedent.
14 March 2023
Quinn Emanuel advising as Italian construction group wins interim relief in US and UK
Italian construction group Cimolai has secured interim Chapter 15 relief in Texas to stay creditor actions in relation to “unauthorized” foreign exchange derivative contracts entered by former employees, three months after an English court ordered a similar temporary injunction.
14 March 2023
Slaughter and May, Clifford Chance and Ashurst advising as Silicon Valley Bank UK arm sold to HSBC
Slaughter and May, Clifford Chance and Ashurst have all landed roles in the sale of the British arm of a California-headquartered bank, whose collapse has been flagged as a “systemic risk” by US financial regulators.
13 March 2023
11th Circuit hears Chapter 15 recognition dispute
Urging the Eleventh Circuit Court of Appeals to uphold the recognition of an Omani citizen’s English bankruptcy in the US, UNCITRAL Model Law draftsman Dan Glosband said the definition of “debtor” under section 109(a) of the US Bankruptcy Code does not apply to Chapter 15.
10 March 2023
Shearman & Sterling restructuring co-head joins Cahill in New York
Cahill Gordon & Reindel has recruited Shearman & Sterling’s restructuring co-head Joel Moss as a partner in New York.
10 March 2023
Another Akin Gump partner joins Gibson Dunn in Texas
Gibson Dunn & Crutcher has recruited its second partner from Akin Gump in Texas in less than a year, as it continues to invest in its finance and restructuring offering in the US.
09 March 2023
“We've seen an evolution in the bankruptcy sphere”: an interview with Omni Bridgeway’s Jim Batson
One year after his appointment as Omni Bridgeway’s co-chief investment officer in the US, Jim Batson tells GRR about the “evolution” he has seen in the bankruptcy space in recent years, why he thinks litigation financing is at its heart an ESG product and what factors are considered when funders are deciding to invest.
07 March 2023
Americanas secures Brazilian restructuring’s recognition in New York
UPDATED: Rio de Janeiro-headquartered retailer Americanas has secured recognition of its Brazilian restructuring in New York, as it dismissed reports that its shareholders had offered to boost a capital injection presented to creditors.
07 March 2023
Investor opposition resolved as Cayman fund liquidators secure New York recognition
The joint official liquidators of three Cayman-incorporated investment funds have secured Chapter 15 recognition in New York, settling potential fraudulent transfer liability concerns brought by the funds’ investment manager.
06 March 2023
Simpson Thacher hires Weil partner as US debtor-side lead
Simpson Thacher & Bartlett has hired a partner from Weil to lead its US company-side restructuring team, who brings with him credits on the Lehman Brothers, Seadrill and Sears Chapter 11s.
06 March 2023