Regional news: North America

Global mining group faces battle for Chapter 15 recognition of Australian schemes

One of the world’s largest minerals drilling companies has applied for US recognition of its Australian insolvency proceedings, but faces opposition from a creditor who says that the company and investors conspired to force through a restructuring plan.

03 May 2017

SunEdison’s Korean joint venture files for Chapter 15 protection

A South Korean joint venture of bankrupt US renewable energy company SunEdison has applied for recognition of its Korean rehabilitation proceedings in New York, as a dispute between JV and parent rumbles in SunEdison’s Chapter 11 proceedings.

02 May 2017

Ontario court allows distribution of Maple Bank assets in Germany

An Ontario court has allowed the liquidators of defunct Canadian-German lender Maple Bank to hand a portion of the proceeds of its winding-up to German authorities to pay creditors facing “considerable foreign exchange risks”.

02 May 2017

Raising the buffers: how global banks are winning the race to end too-big-to-fail

When GRR surveyed counsel to discuss how global banks could hope to keep pace with constantly changing regulations on capital buffers, it soon became clear that the banks’ own innovations aimed at raising loss-absorbing debt have outpaced the rate of reform.

28 April 2017

Community round-up: lateral hires and promotions in Canada, UK, Australia and Isle of Man

Firms in Canada, Isle of Man, Melbourne and London have announced hires in recent weeks, while a leading magic circle firm has promoted a new restructuring lawyer.

26 April 2017

Community round-up: UK’s R3 appoints new president, US investment banks to open offices in Dubai

The UK’s trade association for insolvency, business recovery and turnaround specialists R3 has appointed a new president, corporate finance advisory firm Duff & Phelps has added a new managing director in London, and three US-headquartered investment banks have announced expansions in recent weeks.

25 April 2017

New York court throws out allegations against ex-Lyondell directors

After nearly 10 years of litigation, a New York court has thrown out fraudulent conveyance and breach of fiduciary duty allegations linked to the collapse of US-Luxembourg petrochemicals group LyondellBasell.

25 April 2017

Chapter 11 update makes bank resolution in court “credible”, but doubts linger

The US government recently approved changes to the Bankruptcy Code designed to enhance too-big-to-fail regulations - but practitioners still harbour doubts over whether the court system is an appropriate means of resolving systemically important banks.

21 April 2017

US solar company looks to Trump for trade protections in bid to survive Chapter 11

The US’s biggest manufacturer of solar power cells will seek assistance from the White House to protect its industry from foreign competition, according to the terms of a DIP financing agreement submitted in its Chapter 11 proceedings in Delaware.

19 April 2017

Global coms group submits international debt restructuring plan in US

US entities belonging to global communications group Avaya have submitted a Chapter 11 plan in a New York court, with plans to restructure a US$6.4 billion international debt pile.

18 April 2017

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