Regional news: North America
Chapter 15 round-up: Chicago court implored to end Japanese businessman’s recognition “stigma”
A Japanese businessman found to have concealed assets overseas has alleged that his bankruptcy trustee lied to secure Chapter 15 recognition – while other recognition proceedings are pending in Illinois, California and Florida.
17 March 2021
Opioid maker Purdue submits US$10 billion Chapter 11 plan
A year and a half since it entered bankruptcy, Purdue Pharma has submitted a U$10 billion Chapter 11 plan before a New York court that it says will shift it from opioid drug marketer to a company owned by a public trust dedicated to addressing addiction.
16 March 2021
Cayman restaurant chain and South African airline file New York Ch15s
The Cayman liquidators of a Vietnamese restaurant chain and the business rescue practitioners of a South African airline are seeking separate recognition orders in New York.
16 March 2021
Heads-Up: Todd Snyder at Piper Sandler in New York
Featured in Heads-Up
A few months after taking over as Piper Sandler’s global head of restructuring, veteran Wall Street banker Todd Snyder speaks to GRR about a potential boom in infrastructure investment, why sub-Saharan Africa is a likely place for new investment activity and his “almost religious” belief in the importance of restructuring to the good functioning of the free market.
15 March 2021
Norwegian Air files plans in Dublin and Oslo, seeks US recognition
Oslo-listed Norwegian Air and one of its Irish subsidiaries are seeking Chapter 15 protection for their US assets while the group's creditors are set to vote on restructuring plans filed in Dublin and Oslo last week.
15 March 2021
Steel trader enters UK administration following contract claims in US
Katten Muchin Rosenman’s new London office is advising administrators appointed by Wells Fargo over the UK arm of an international steel trader, after a receiver took control of the company in the US last year.
12 March 2021
Mayer Brown adds partner from Proskauer in New York
Mayer Brown has continued its transatlantic hiring spree with the addition of partner Lucy Kweskin from Proskauer in New York.
11 March 2021
Canadian energy provider enters CCAA, files for US recognition
Months after completing a balance sheet restructuring, Canadian retail energy provider Just Energy Group has entered CCAA protection in Toronto and sought Chapter 15 recognition, blaming an “unforeseeable liquidity trap” caused by Texas’ unprecedented winter storm.
10 March 2021
Transatlantic private equity company seeks protection in Canada
A private equity company with investments across North America and the UK has filed CCAA proceedings in British Columbia, with DLA Piper acting for KSV Advisory as its monitor.
09 March 2021
BVI court issues “groundbreaking” committal order against extraterritorial debtor
Earlier this year, the BVI Commercial Court delivered its first ever written judgment on whether jurisdiction exists to make a committal order against a personal judgment debtor who is not domiciled or resident in the BVI. Kobre & Kim's John Han, Merrick Watson and Timothy de Swardt explain how the ruling came about and how significant it is for the territory.
09 March 2021
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