Regional news: North America

Who will manage Providence funds, Chapter 7 trustee or receiver?

Courts in Miami and Minnesota are considering whether a bankruptcy trustee, receiver or both should manage two US subsidiaries of global investment group Providence Financial, which are in liquidation following a federal investigation into their sale of Brazil-related investment opportunities.

10 August 2016

Davis Polk advises as Dutch e-commerce company sells Brazilian subsidiary

Netherlands-headquartered e-commerce company Cnova has entered into a binding reorganisation agreement to sell its major Brazilian subsidiary to an affiliated local retail group, with Davis Polk & Wardwell advising the buyer.

10 August 2016

Isolux gains provisional relief in New York

A New York court has granted interim provisional stays to prevent disruption to the bankruptcy proceedings of global engineering group Isolux Corsan in Amsterdam and Madrid.

04 August 2016

New York district court reopens LyondellBasell fraudulent transfer case

A New York district court has overturned a bankruptcy court’s ruling saying it erred when it dismissed a US$6 billion fraudulent transfer claim over the leveraged buyout of Dutch petrochemicals company Lyondell, which entered bankruptcy shortly after it was purchased.

03 August 2016

Spanish group cites Abengoa fallout as it files in Madrid, Amsterdam and New York

Global engineering and construction group Isolux Corsán has reached an agreement with creditors to restructure €2 billion in debt, and applied for protection from Spanish and Dutch courts, as well as Chapter 15 recognition in New York.

02 August 2016

New York court dismisses Belgian receiver’s claim against Deutsche Bank over frozen funds

The receivers of Belgium’s former national airline, who spent years trying to unlock funds in a New York bank account frozen by US sanctions against the government of Sudan, have had their case dismissed by A New York appeals court.

29 July 2016

Toshiba Samsung venture’s Korean proceedings granted full recognition in Delaware

A Toshiba Samsung joint venture has obtained full recognition of its Korean corporate rehabilitation proceedings from a Delaware court, despite a challenge from US computer company Dell and other plaintiffs in a parallel antitrust litigation.

29 July 2016

Miner’s Chapter 11 case dropped after Australian COMI ruling

A US bankruptcy court has dismissed Delaware-incorporated Legend International’s Chapter 11 case, after a Melbourne court ruled that the phosphate miner’s centre of main interests (COMI) was in Australia.

28 July 2016

Skadden hires two from Jones Day in New York

Skadden Arps Slate Meagher & Flom has hired two partners from Jones Day, including a new global co-head for its restructuring practice.

27 July 2016

Bermudian oil group's 15 entities file joint Chapter 11 in Texas

US, Bermudian and Canadian affiliates of the oil drilling group C&J Energy have filed for Chapter 11 protection in Texas, with securities filings revealing ancillary proceedings outside the US.

27 July 2016

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