Regional news: North America

Bankruptcy trustee seeks to withdraw Egyptian gas claims to avoid double recovery

The liquidation trustee of a US energy holding company has sought permission from a New York bankruptcy court for the debtor to withdraw certain overlapping claims it brought in a series of international arbitrations against Egypt, whose outcomes are likely to determine whether unsecured creditors get paid.

27 May 2016

Chinese property developer secures bondholder approval for restructuring plan

Shenzhen property developer Kaisa Group has received approval for its restructuring plan from a majority of creditors in both Hong Kong and the Cayman Islands.

25 May 2016

Bahamas publishes list of countries whose insolvency proceedings it can recognise

The Bahamian Liquidation Rules Committee has published a list of foreign jurisdictions whose insolvency proceedings the Bahamian courts will now be able to recognise, closing a lacuna in the local law that left foreign creditors unable to access Bahamian assets at least twice in the past year.

20 May 2016

Maritime liens are extendable to cargo already delivered finds US court

The Third Circuit Court of Appeals in the US has told a maritime carrier it can contractually extend its common law possessory liens over a bankrupt debtor’s cargo in its possession, to cover unpaid shipping charges - including for different shipments of cargo already delivered.

13 May 2016

Property developer files case in US to seal Hong Kong restructuring

International real estate developer Kaisa Group Holdings has filed for protection under Chapter 15 of the US Bankruptcy Code in a bid to convince a Hong Kong court to approve its restructuring scheme.

06 May 2016

Community round-up: movements in Europe and the US

Recent weeks saw high-profile hires in London and Texas and partner promotions across Europe. Debt financing specialist Mark Fine has joined Willkie Farr & Gallagher as partner in the firm’s London office.

05 May 2016

Canadian Court throws out Nortel “lockbox” appeal

A Canadian court has dismissed an appeal against the pro rata distribution of a US$7.3 billion escrow fund accumulated from the sale of collapsed Canadian telecoms group Nortel’s assets.

04 May 2016

SunEdison appoints new restructuring officer after creditors pick apart first-day motions

Renewable energy group SunEdison has appointed a restructuring officer to oversee its bankruptcy proceedings in New York, after unsecured creditors successfully fought against some of its first-day motions.

03 May 2016

DLA Piper hires from Skadden Arps in Chicago, promotes three in the UK

Former Skadden Arps Slate Meagher & Flom restructuring partner John Lyons has joined DLA Piper in its Chicago office, as the firm promoted three new partners in the UK.

29 April 2016

Pacific Exploration secures protection in Canada, looks to other jurisdictions

Distressed Canadian-Colombian oil company Pacific Exploration has been granted protection from creditors in Canada and will look to acquire further protection in the US and Colombia.

28 April 2016

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