Regional news: North America

Bondholder suit calls Ecuador’s US$17.4 billion restructure “coercive”

A US investment fund holding Ecuadorian sovereign bonds is leading a class action in which it is urgently trying to halt the state’s recent tender aiming to restructure US$17.38 billion in debt.

31 July 2020

Covid-19 calls: Karen Fellowes at Stikeman Elliott in Calgary

Karen Fellowes, the newly appointed leader of Stikeman Elliott’s Western Canadian restructuring group, tells GRR about recent changes to Canadian legislation and how virtual hearings have opened up local lawyers to an international practice.

31 July 2020

“Good forum shopping”: English court sanctions Flint Group schemes

An English court has sanctioned schemes for seven international subsidiaries of Luxembourg-headquartered Flint Group, finding a change of governing law in their debt agreements gave the companies sufficient connection to England.

30 July 2020

Brown Rudnick attorney negligence claim to go ahead in New York

The litigation trustee for bankrupt Dutch petrochemicals group LyondellBasell may pursue negligence claims against Brown Rudnick for the loss of a preference claim, a New York court has ruled.

30 July 2020

UK retailer Matalan seeks US recognition of English scheme

Guernsey-owned British fashion and homeware retailer Matalan has filed for Chapter 15 recognition of its English scheme, two days after it was approved by the High Court in London.

30 July 2020

US court approves Ann Taylor parent’s first-day motions

The parent company of women’s clothes retailer Ann Taylor has secured several first-day orders in its Chapter 11 proceedings in Virginia, with Kirkland & Ellis and Cooley advising.

30 July 2020

English court grants Dutch Hema single class scheme meeting

An English court has let Dutch retailer Hema hold a creditors’ vote on the English scheme that is key to its planned multi-jurisdictional restructuring in the UK, the US and the Netherlands.

29 July 2020

Brazilian court approves Odebrecht’s results-based reorganisation plan

A Brazilian court has approved a restructuring plan for non-operating companies in Brazil’s Odebrecht group, which will see it pay creditors with the proceeds of asset sales and new, profit-sharing securities.

29 July 2020

European digital technologies group seeks recognition in New York

The CEO of Paris-registered digital technologies specialist Ymagis has applied for recognition of its French insolvency proceedings in New York, just months after it agreed a €52 million restructuring.

29 July 2020

Texan trustee seeks UK’s help in suspected brotherly bankruptcy fraud

The Texan trustee of a discharged bankrupt now suspected of possible bankruptcy fraud with his brother, is using the UK’s cross-border insolvency law to try to access a London Thameside property.

28 July 2020

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