Regional news: North America

English court orders Chinese businessman to disclose documents to Ch11 trustee

An exiled Chinese businessman, who filed for bankruptcy in the US last year claiming to be in “continuous fear” of the Chinese government, has been ordered to disclose documents to his Chapter 11 trustee in relation to a claim he is pursuing against Swiss bank UBS in London.

24 January 2023

FTX authorised to retain S&C in face of “incendiary” last-minute allegations

Sullivan & Cromwell has won court approval to represent FTX, despite facing what partner Jim Bromley described as “assault by twitter” and accusations of misconduct by the exchange’s former chief compliance officer.

20 January 2023

Crypto lender Genesis outlines restructuring plans in Chapter 11

Following months of speculation, cryptocurrency lender Genesis has entered Chapter 11 in New York and already filed a plan contemplating a potential sale or equitisation transaction, after being charged by the US Securities and Exchange Commission with illegally selling crypto assets.

20 January 2023

Agribusiness specialist joins Blank Rome in California

Blank Rome has hired a restructuring partner in Orange County who specialises in advising agricultural lenders and struggling agribusiness and food companies.

20 January 2023

Foreign creditors violated Avianca’s Ch11 plan, New York court finds

Latin American airline Avianca has asked a New York court to make a first-of-its-kind order sanctioning over 160 foreign creditors for violating the injunction terms of its Chapter 11 plan.

19 January 2023

Transatlantic restructuring trends: challenges and opportunities in 2023

Partners from McDermott Will & Emery in the UK and US examine how struggling companies fared in 2022 with reduced access to liquidity, and predict an increase in distressed M&A activity and out-of-court transactions as debtors look to deal with those liquidity issues in the year ahead.

17 January 2023

New Silkroutes Group seeks moratorium in Singapore after asset sales falter

Shook Lin & Bok and KordaMentha are advising a Singaporean investment holding company that has applied for a moratorium amid a delayed restructuring with a Canadian group, a failed deal to sell some dental clinics, and letters of demand from a bank.

16 January 2023

E Munhoz, Davis Polk, Pinheiro Neto, Cleary and Arendt advise as Ocyan begins restructuring

UPDATED: Offshore oil drilling group Ocyan, formerly known as Odebrecht Óleo e Gás, has opened Brazilian extrajudicial reorganisation proceedings to deal with a US$2.7 billion debt pile through a debt-for-equity swap.

13 January 2023

Canadian construction group to sell US assets after Ch15 approval

A US-registered subsidiary of Calgary-based construction group Nilex has had its Canadian restructuring recognised in Colorado, allowing it to proceed with asset sales in the US.

13 January 2023

Altera and GTT emerge from Chapter 11s

UK-headquartered oil and gas services provider Altera Infrastructure and US-based multinational telecoms company GTT Communications have both emerged from Chapter 11 protection after completing debt restructurings.

13 January 2023

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