Regional news: North America
Cayman feeder fund liquidators reiterate calls for court-to-court communication
The foreign representatives of a bankrupt Cayman feeder fund subject to a US receivership have reiterated calls for US and Cayman judges to open communication over the implications of what is set to be a landmark decision on international comity.
21 June 2022
LATAM Airlines wins Chapter 11 plan approval
UPDATED: Over two years after it sought Chapter 11 protection in New York, South American airline LATAM has received court approval of a restructuring plan that will facilitate the injection of about US$8 billion through a capital increase, the issuance of convertible bonds and new debt.
20 June 2022
Paul Weiss, PJT and A&M advising as Revlon falls into bankruptcy
Multinational cosmetics group Revlon has sought Chapter 11 protection in New York, blaming supply chain disruption and rising inflation.
16 June 2022
Bulgarian agriculture group seeks recognition amid “aggressive” New York litigation
The local lawyer of a defunct Bulgarian agricultural group has sought Chapter 15 recognition of its insolvency proceedings in New York to stay litigation from a US commodities futures merchant that she claims is “undermining” the authority of the Bulgarian court and subverting fundamental legal principles.
16 June 2022
Mining company files CCAA to stop Chinese creditor action
A Canadian mining company has filed Companies' Creditors Arrangement Act proceedings in British Columbia, after two Chinese state-owned creditors obtained judgments against it.
16 June 2022
Cayman liquidators tee up first-of-its-kind clash with US receiver
The joint liquidators of a bankrupt Cayman feeder fund opposing a US federal receiver’s distribution plan say the case presents serious considerations of international comity that have never been tried before.
15 June 2022
Cozen hires former Blakes restructuring leader in Toronto
Philadelphia-headquartered Cozen O’Connor has made its first restructuring hire in Canada to help expand its cross-border offering for domestic and international clients with business operations across North America.
15 June 2022
Dechert advising as another Chinese group seeks Ch15 recognition
The Cayman-registered holding company of a Chinese coal mining group has sought recognition of its Hong Kong restructuring scheme in New York.
14 June 2022
“Retirement is a fantasy for the young”: Allen & Overy’s former US restructuring head joins Kasowitz
The former head of magic circle firm Allen & Overy’s US restructuring group, who worked as American counsel to Virgin Atlantic in the UK’s first-ever Part 26A restructuring plan, has left retirement to join Kasowitz Benson Torres in New York.
13 June 2022
Credito Real drops DLA Piper and FTI as restructuring talks continue
A struggling Mexican shadow bank that planned to enter Chapter 11 has dismissed DLA Piper and FTI Consulting as its restructuring advisers, as it continues to negotiate with creditors following a default on US$171 million of unsecured Swiss bonds in February.
13 June 2022