Regional news: North America

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

Hong Kong appeal court rejects US letters of request on “fishing” grounds

A private equity firm has failed to compel testimony from two distressed investors in Hong Kong over an aborted restructuring, after Hong Kong’s Court of Appeal said its effort - backed by US letters of request - amounted to a fishing exercise.

18 September 2020

British reinsurer seeks US recognition of EY administrators

The English administrators of UK reinsurer CX Re have applied for Chapter 15 recognition to stay litigation brought against it by Maryland landlords caught up in lead paint exposure claims.

18 September 2020

US and Dutch courts approve HEMA’s English scheme restructuring

Low price homeware retailer HEMA’s restructuring through English, US and Dutch courts is a “perfect example” of how European brands with complex capital structures can restructure with minimal fallout, lawyers working on the case have told GRR – but it may be the last scheme of its kind.

17 September 2020

US law bondholder group backs French manufacturer’s restructuring

A group that holds US law-governed bonds issued by the Paris-based manufacturer Vallourec will support its request to a French court for the appointment of a restructuring professional to help mediate with stakeholders on a refinancing, White & Case has told GRR.

16 September 2020

New York court rejects LATAM DIP financing

A New York court has rejected a US$2.4 billion debtor-in-possession loan secured by Chile's LATAM from its shareholders, finding it had the effect of forcing an equity swap in a future restructuring.

15 September 2020

Codere seeks US recognition of English scheme compromising New York debt

Spain's Codere has requested Chapter 15 recognition of an English scheme for the second time in five years, looking to use the British tool to restructure New York law-governed notes once again.

15 September 2020

Spanish gamer to hold single-class scheme meeting despite fees dispute

An English court has allowed COMI-shifting Spanish gaming company Codere to convene a single creditors’ vote on its scheme of arrangement, rejecting arguments that a group of noteholders would receive benefits that fracture the creditor class.

14 September 2020

IBA webinar: LatAm airline Chapter 11s, forum shopping or sound strategy?

Specialists from the US, Brazil, Chile and Mexico met to discuss the allure of the Chapter 11 process for Latin American’s three largest airlines, Avianca, LATAM and Aeroméxico, as well as the potential pitfalls of forum shopping.

10 September 2020

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