Regional news: North America

Cayman avoidance order overturned against Canadian businessman

An avoidance order handing shares in a Canadian businessman’s companies to his Cayman bankruptcy trustee has been overturned by a Cayman appeal court, but litigation against his wife is set to continue.

25 February 2021

Sycamore-owned Belk seals record-breaking Ch11 plan

American department store chain Belk has secured the fastest ever confirmation of a pre-packaged Chapter 11 plan, with Kirkland & Ellis, Latham & Watkins, O’Melveny & Myers and Willkie Farr all taking instructions.

24 February 2021

Indian IT company seeks reconsideration of dismissed Chapter 11

An Indian IT company has asked an Alabama court to reconsider the dismissal of its subsidiaries’ voluntary Chapter 11 proceedings, after international creditors argued the bankruptcy was filed in bad faith with no valid reorganisational purpose.

23 February 2021

Faegre Drinker continues rapid growth with US hires

Robins Kaplan’s Los Angeles-based restructuring chair and a Foley & Lardner partner in New York have become the latest additions to Faegre Drinker Biddle & Reath’s fast-expanding restructuring group.

22 February 2021

Smoking Hot: Canada Worked Out

Featured in Worked Out

GRR turns to Canada for the latest instalment of its Worked Out series, where restructuring professionals face a boom from the newly legalised cannabis industry as they sense the opportunity to attract work from their US neighbours. We talked to practitioners in Toronto, Edmonton and Vancouver to find out more.

19 February 2021

Baker Botts hires in Houston

Texas-headquartered Baker Botts has strengthened its Houston team with the hire of a partner from Greenberg Traurig.

18 February 2021

Third time lucky for Cruise port operator’s scheme meeting

It’s third time lucky for the world’s largest cruise port operator, which has finally received an English court’s permission to convene a scheme creditors’ meeting, after missing information on its promise to pay certain noteholders’ advisers’ fees scuppered its two previous attempts.

17 February 2021

Canada’s names to know

Featured in Worked Out

The legal side of Canada’s restructuring market is dominated by local firms, save for a small group of international outfits with offices there. Advisory firms, meanwhile, compete for industry-shaping court-appointed roles such as the monitors in Companies’ Creditors Arrangement Act (CCAA) proceedings and information officers in recognition cases. GRR lists the key names to know.

17 February 2021

Cross-border solutions

Featured in Worked Out

Canada has been at the forefront of cross-border innovation for many years, primarily because of its proximity to the US and the plethora of trade and business relationships across the North American border. GRR investigates the techniques devel­oped since the multi-jurisdictional insolvency of telecoms giant Nortel, and hears why the monitor and its international cousin the “information officer” can sometimes cause confusion in cross-border cases.

17 February 2021

CCAA: flexible and unique

Featured in Worked Out

Canada’s restructuring statute has some unique tools for saving large companies – particularly the court-appointed monitor. But its legislation is fairly light on prescriptive detail. Though some have reservations about its lack of structure, Canada’s restructuring community says it appre­ciates the freedom afforded by it, and the role that the statute has carved out for consulting firms.

17 February 2021

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