Regional news: North America

BDO denied Cayman injunction on New York fraud litigation

A Cayman Islands court has refused advisory firm BDO leave to seek an injunction on proceedings in New York, where it is accused of failing to uncover fraud committed against a now-insolvent client.

27 November 2020

Centerbridge-linked funds set to challenge Steinhoff’s UK scheme

South African retail conglomerate Steinhoff has won court approval to convene two meetings for creditors to vote on its latest English scheme of arrangement – but funds controlled by distressed investor Centerbridge Partners are preparing to oppose it.

26 November 2020

US not liable for Puerto Rico bond losses

The US Court of Federal Claims has rejected claims from a group of Puerto Rico pension bondholders that the US government should compensate them for losses incurred during the territory’s US$120 billion bond and pension debt restructuring.

26 November 2020

Chinese petrochemical group’s BVI subsidiary seeks scheme recognition in Texas

British Virgin Islands-incorporated special purpose vehicle Rock International Investments is seeking Chapter 15 recognition of its BVI scheme of arrangement, while its parent company has entered bankruptcy proceedings in China.

24 November 2020

Argentine energy provider amends Canadian restructuring

A Buenos Aires-headquartered power plant producer has modified the terms of a restructuring it is carrying out under the Canada Business Corporations Act, ahead of an upcoming creditors vote.

23 November 2020

Bill Clinton at the ABI: “We need to get back into the tomorrow business”

Former US president Bill Clinton said the country’s federal government needs to provide at least one more round of “significant” investment to deal with the economic consequences of the covid-19 pandemic, as he addressed the American Bankruptcy Institute’s International Insolvency Forum.

20 November 2020

Alvarez & Marsal, Mayer Brown and Chapman Tripp announce promotions

Mayer Brown has promoted partners in London and Singapore, while Alvarez & Marsal has appointed a new restructuring co-head in North America and New Zealand firm Chapman Tripp has announced a new special counsel.

20 November 2020

Asset recovery column: Euromepa and Gorsoan, oh my

Sequor Law shareholder Leyza Blanco and attorney Christopher Noel discuss the evolving standard to obtain Section 1782 assistance in the US Court of Appeals for the Second Circuit and beyond.

20 November 2020

Santander snaps up Wirecard payments platform, with A&O advising

Allen & Overy is advising Santander on its acquisition of Wirecard’s core technology assets, the latest in a series of firesales at the collapsed German payments firm that is facing over €12 billion worth of claims.

19 November 2020

Lehman’s UK administrators seek Chapter 15 reopening for derivatives trial

The English administrators of Lehman Brothers International (Europe) have asked a New York court to reopen the bank’s Chapter 15 proceedings, so it can take over a nine-year lawsuit from a backlogged state court.

18 November 2020

Get unlimited access to all Global Restructuring Review content