Regional news: North America

Bahamian and US courts agree FTX recognition orders, examiner bid rejected

Courts in The Bahamas and the US have agreed to recognise FTX’s insolvency processes in each other’s jurisdictions, while the US Trustee has failed in a bid to appoint an independent examiner to investigate allegations of fraud by the crypto group.

15 February 2023

King & Spalding continues growth with Chicago hire

On the back of recent hires in the US and the UK, King & Spalding has added a partner from Katten Muchin Rosenman in Chicago, who brings with him experience working on the novel cross-border restructuring of Chinese solar panel manufacturer LDK Solar.

14 February 2023

When is a Cayman Islands liquidation not a foreign proceeding?

A Cayman Islands liquidation under Section 92(e) of the Companies Act is not necessarily a foreign proceeding that can be recognised under Chapter 15 of the US Bankruptcy Code, warn Norton Rose Fulbright senior counsel Francisco Vazquez in New York and associate Michael Berthiaume in Dallas, as they examine a recent ruling from the Southern District of New York.

14 February 2023

Hogan Lovells advising as US investors' agent pursues Ukrainian grain terminal bankruptcy

Hogan Lovells is advising a security trustee that has filed a bankruptcy petition against a Ukrainian grain terminal operator on behalf of a pair of US investors, after successfully obtaining a worldwide freezing order from an English court against its owners last month.

13 February 2023

Bed Bath & Beyond secures protection in Canada after last-minute US deal

After buying time to restructure its US business with an offering of so-called “death spiral convertibles” to institutional investors last week, American homeware chain Bed Bath & Beyond has placed its Canadian arm into bankruptcy.

13 February 2023

Brazilian sugar producer seeks Ch15 recognition in Florida

Three years after sugar and ethanol producer Tonon entered liquidation in Brazil after a prior restructuring came undone, its judicial administrator is seeking recognition in the US to find assets to satisfy unpaid claims.

10 February 2023

White & Case brought in again as Oi parent and Dutch entities seek US and UK recognition

A week after securing a provisional moratorium in Rio de Janeiro, Oi’s Brazilian parent and two Dutch affiliates have turned to White & Case again to help them secure recognition of their Brazilian proceedings in the US and the UK.

09 February 2023

Sequor Law advising Russian national’s English trustees in Miami Ch15

The English trustees of a bankrupt Russian businessman accused of committing a fraud against banks he owned have sought recognition of their appointments in Florida to pursue assets and possible litigation.

09 February 2023

ABI, Caribbean: Cayman practitioners regret Hong Kong’s “shift away from cooperation”

Insolvency advisers in the Cayman Islands have taken aim at what they say is a recent trend of “protectionist” Hong Kong court rulings at the American Bankruptcy Institute’s Caribbean Insolvency Symposium.

08 February 2023

Bankman-Fried Antiguan entity's JPLs open Chapter 11

The offshore provisional liquidators of an Antiguan holding company controlled by FTX Group founders Sam Bankman-Fried and Gary Wang have placed it in Chapter 11 in Delaware to defend it – and themselves – from a slew of competing claims over US$600 million in shares that it allegedly owns in online trading company Robinhood.

08 February 2023

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