Regional news: North America

Norwegian Air schemes approved in Ireland

An Irish court has sanctioned schemes of arrangement for Norwegian Air, paving the way for the airline to exit examinership as it awaits a creditor vote on its restructuring in Norway.

29 March 2021

Greensill files Chapter 11 in New York, fails to secure interim DIP order

One day after a US unit of collapsed finance group Greensill filed for Chapter 11 protection, a New York court has adjourned a first-day hearing to approve interim debtor-in-possession financing after raising issues with “awfully expensive” exit fees.

26 March 2021

US paparazzi agency files for bankruptcy following Meghan Markle lawsuit

Blaming an “unbearably expensive” privacy claim lodged against it in England by Meghan Markle, US paparazzi outlet Splash News & Picture Agency has filed Chapter 11 proceedings in Nevada – with plans to hire Pinsent Masons to seek recognition in the UK.

25 March 2021

Luckin Coffee wins New York recognition but objections remain

China’s Luckin Coffee has secured US recognition of its Cayman liquidation – but a New York court has asked for more information before it decides the scope of further Chapter 15 relief, in light of objections lodged over a stay on claims against non-debtor parties.

24 March 2021

Knotel sold out of Chapter 11 after Canadian recognition

Struggling flexible office space operator Knotel has received court approval for its sale to a subsidiary of US commercial real-estate giant Newmark, after its Chapter 11 proceedings were recognised in Canada.

24 March 2021

Bedding group fends off US district court challenge

A group of Cayman-incorporated first-lien debt holders who tried to challenge a mattress manufacturer’s novel new money restructuring before a US district court have failed at the jurisdictional stage after the court found their collective principal place of business was in New York.

19 March 2021

“Momentous time” as final GM Chapter 11 ends

The last remaining General Motors Chapter 11 case has closed in New York, nearly 12 years after one of the largest bankruptcy filings in US history made headlines around the world.

18 March 2021

Spanish construction group wins English scheme meeting citing Gibbs

The Spain-incorporated holding company for an international construction and engineering group has secured a scheme meeting in London after failing to make €15.1 million of coupon payments on two sets of notes earlier this week.

18 March 2021

US coal miner sues Greensill for fraud

A US coal miner owned by the governor of West Virgina has sued collapsed finance group Greensill for alleged fraud, a week after an English court appointed Grant Thornton as its administrators.

18 March 2021

Avianca secures milestone court orders in New York

Latin American airline Avianca has reached two major milestones in its restructuring after settling disputes relating to a pre-petition sale of credit card receivables and getting the green light to enter new aircraft leases to redevelop its fleet.

17 March 2021

Get unlimited access to all Global Restructuring Review content