Regional news: North America

Heads-Up: Luc Despins and Kris Hansen at Paul Hastings in New York

Featured in Heads-Up

The co-chairs of Paul Hastings’ restructuring practice, Luc Despins and Kris Hansen, recently brought to work together when Stroock Stroock & Lavan's restructuring team moved to the firm in March, tell GRR their expectations for the global economy in the next 12 months, why Singapore and the Cayman Islands are emerging jurisdictions for restructuring, and their secrets for good brief writing.

01 July 2022

Modern Land challenges Hong Kong scheme ruling in New York Ch15

The foreign representative of bankrupt Chinese property developer Modern Land has raised issue with a recent Hong Kong ruling that stated Chapter 15 proceedings do not constitute a discharge of US law-governed debt.

30 June 2022

Galapagos wound up in England

Updated: Senior creditors of the Galapagos group have obtained a winding up order against one of its entities in England, following a jurisdictional battle between English, German and Luxembourgish courts that was complicated by Brexit and a European Court of Justice case.

30 June 2022

US receiver hits back at Cayman feeder fund liquidators

The US receiver of a bankrupt Cayman feeder fund has responded to claims by its liquidators that his proposed distribution plan does not “follow the law”, saying they have clearly failed to show why Cayman law should trump US law and public policy.

29 June 2022

Revlon secures Canadian recognition amid employee lawsuits

Two Canadian subsidiaries of multinational cosmetics group Revlon have secured recognition of their Chapter 11 proceedings in Toronto, placing a stop on various employee and labour union claims.

28 June 2022

US lender seeks winding up of litigation funder in Cayman Islands

Delaware-based lender Therium Litigation Finance Atlas is seeking the winding up of a Cayman-registered litigation funder that carried out its business in the UK.

27 June 2022

Eagle Hospitality's Ch11 denied recognition in Singapore

A Singapore court has declined to recognise a real estate investment trust’s Chapter 11 restructuring under the local implementation of the UNCITRAL Model Law, finding the law only applies to corporate entities and does not extend to a collective investment scheme.

24 June 2022

Bondholder sues Sri Lanka in US as foreign investors form creditor group

Sri Lanka is facing a US$250 million claim from a bondholder in New York who accuses the country of discriminating against US investors in its debt restructuring, after it defaulted for the first time in its history last month.

24 June 2022

Crédito Real vows to oppose Ch11 petition in New York

Mexico's troubled payroll lender Crédito Real says it will oppose an involuntary Chapter 11 petition filed against it in New York this week, which it labelled a ploy by “certain alleged minority creditors” to gain leverage in restructuring negotiations.

24 June 2022

Portuguese rig owner secures emergency financing in Texas Ch11

A drilling rig owner based in Madeira has won interim Chapter 11 relief in Texas after claiming it has likely over US$1 billion in secured debt and an uncertain path to realising value from its sole asset.

22 June 2022

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