Regional news: North America

INSOL International, London: practical tips from the bench

A panel of judges from Europe, the US, Asia and the Cayman Islands compared how valuations issues are treated in their respective jurisdictions, and warned delegates to INSOL International’s London conference in June that urgency really needs to mean urgency when it is flagged – or parties risk damaging their credibility.

22 July 2022

3AC liquidators obtain provisional relief in US and Singapore

The British Virgin Islands joint liquidators of crypto hedge fund Three Arrows Capital have obtained provisional relief in the US and Singapore, as they establish a creditors committee for the liquidation.

20 July 2022

Stroock hires restructuring team from New York boutique

A team of six bankruptcy and restructuring lawyers from boutique firm Luskin Stern & Eisler have joined Stroock & Stroock & Lavan in New York, as it seeks to rebuild its practice after losing 43 lawyers to Paul Hastings in March.

20 July 2022

Bulgarian agricultural group’s Chapter 15 challenged over foreign rep appointment

A commodities futures merchant that has been stalled from prosecuting Bulgarian agricultural group Agro Santino in the US has waged opposition against its Chapter 15 petition, arguing that it was filed in bad faith and that the foreign representative was not properly appointed.

19 July 2022

Crédito Real seeks Ch11 dismissal and recognition of Mexican liquidation

Shadow bank Crédito Real is seeking Chapter 15 recognition of its recently-ordered Mexican liquidation in Delaware to protect its US assets, as it looks to dismiss an involuntary Chapter 11 proceeding launched by creditors in New York last month.

15 July 2022

Kirkland advising as Celsius files for bankruptcy protection

Cryptocurrency lender Celsius Network and seven of its affiliates have filed for bankruptcy protection in New York, after weeks of speculation the lender was facing severe liquidity issues.

14 July 2022

China’s Hidili secures US recognition of Hong Kong scheme

Chinese coal mining group Hidili Industry International Development has secured Chapter 15 recognition of a Hong Kong scheme dealing with US$400 million of New York law-governed notes, as part of a wider restructuring that covers its onshore liabilities.

14 July 2022

Modern Land bolsters Chapter 15 recognition petition

Reinforcing its request for US recognition of its Cayman scheme, struggling Chinese property developer Modern Land has told a New York court that it may be forced to enter a “value-destructive” liquidation if its motion is denied.

13 July 2022

TPC minority lenders fail to block upcoming DIP hearing

Cerberus and Bayside Capital have lost a bid to stay bankrupt chemical business TPC Group’s attempts to obtain debtor-in-possession financing, which would roll up almost US$240 million of debt owed to other lenders who claim to be senior to them.

12 July 2022

Lenders take control of Lycra with advice from Linklaters

Linklaters has helped junior creditors take full equity control of US stretchy fibre maker Lycra from defaulting Chinese fashion conglomerate Shandong Ruyi, in a transaction across Asia, the Netherlands, London and the US, which the firm described as “one of the most high profile and complex enforcement and restructurings implemented in the market in recent years”.

12 July 2022

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