Regional news: North America

New Look heads to Irish and US courts for restructuring

UK retailer New Look is facing opposition from landlords in its attempts to enter examinership in Ireland, as it seeks recognition of its English scheme of arrangement in New York.

30 September 2020

Creditors back Codere’s English scheme

Spanish gaming company Codere has secured creditor approval of its English scheme of arrangement, after overcoming opposition to its voting plans at a convening hearing earlier this month.

30 September 2020

Wachtell helps travel tech company restructure after settling IP dispute

UK-based travel technology company Travelport Worldwide has completed a debt restructuring that sparked litigation with its lenders in New York, after settling a dispute over the transfer of its intellectual property.

29 September 2020

Montréal retailer enters CCAA and Chapter 15 after landlords refuse abatements

Six law firms and Deloitte have taken new roles as Canadian womenswear retailer Groupe Dynamite obtained an initial order under the Companies' Creditors Arrangement Act, and Chapter 15 provisional relief in Delaware.

29 September 2020

Second Circuit hands Madoff customers’ profits to trustee

A US appeals court has ordered certain customers who unwittingly gained from the Bernie Madoff Ponzi scheme to hand their profits to the scheme’s liquidating trustee, finding they are not protected by the US Bankruptcy Code.

28 September 2020

Community roundup: Winston & Strawn hires in New York, CMS and Goodwin expand in London

Winston & Strawn has hired a new restructuring partner in New York, while CMS has expanded its finance offering and Goodwin has strengthened its private equity group in London.

25 September 2020

Cayman bankruptcy and freezing orders recognised in Canada

An Alberta court has recognised Cayman Islands personal bankruptcy and freezing orders, rejecting arguments that granting the relief would be “an abuse of Canadian procedures” despite noting there were limited precedents.

24 September 2020

Shearman and Bennett Jones advise as power plant builder enters RSA

Sherman & Sterling and Bennett Jones have helped an Argentina-headquartered power plant producer enter a restructuring deal with an ad hoc group of noteholders, to be implemented under the Canada Business Corporations Act.

24 September 2020

New Look to hold creditor vote on latest English scheme

A week after creditors backed its latest CVA, an English court has given UK retailer New Look permission to convene a single-class creditors’ meeting on an inter-conditional scheme of arrangement and seek recognition in the US.

23 September 2020

Australian tax officer denied costs over Senvion recognition

An Australian court has refused to award costs to a tax officer who abandoned his request for relief from a stay that followed the local recognition of wind turbine maker Senvion’s German self-administration proceedings.

22 September 2020

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