Regional news: North America

Puerto Rico board rejects restructuring plan, warns of liquidity shortfall

Puerto Rico’s federal oversight board has used its power under a law passed by the US Congress last year to reject a restructuring plan from the island’s government, finding that it was dependent on unrealistic revenue and spending predictions.

10 March 2017

Delaware court finds Native American casino “immune” from trustee counterclaims

A US bankruptcy court has ruled that two Native American casino operators are so closely related to their respective Oklahoma tribes that they are outside of the court’s jurisdiction and therefore immune from claims filed by a Chapter 11 bankruptcy trustee.

09 March 2017

ABI Caribbean Insolvency Symposium: Rereading Chapter 15

At the American Bankruptcy Institute’s Caribbean Insolvency Symposium in Grand Cayman in February, panelists discussed the emerging limitations on Chapter 15 recognition of offshore insolvencies and the differing approaches to third-party litigation funding in and outside the US.

09 March 2017

Russian receiver files for Chapter 15 amid claims of “corporate raiding” in New York

The receiver of a bankrupt Russian mining company has filed a Chapter 15 petition in New York to head off separate US proceedings in which the company’s former owner has alleged he is the victim of systemic corruption.

08 March 2017

US judge lifts Hanjin stay for cargo sale

The New Jersey judge overseeing the US leg of Hanjin’s bankruptcy has lifted the Chapter 15 stay to allow US port authorities to sell the firm’s shipping containers on, despite requests from its Korean trustee that the court wait until a winding-up plan is approved.

07 March 2017

Helicopter group set for Cayman relaunch after Texas court approves global plan

A Texas bankruptcy court has sanctioned a global restructuring plan for helicopter group CHC, clearing the path for the group to close proceedings in the US, Canada and the Cayman Islands in a matter of weeks.

07 March 2017

Bermudian court grants accelerated winding-up for Chapter 11 debtor

A Bermudian court has granted an application for the voluntary accelerated liquidation of a Bermudian oil & gas company, to assist in driving through its US parent’s US$1.3 billion debt restructuring plan recently approved by a Texan judge.

03 March 2017

Squire Patton Boggs welcomes back US bankruptcy partner

Squire Patton Boggs has re-hired partner Kelly Singer in Phoenix after five years at Quarles & Brady.

03 March 2017

San Francisco: is a worldwide moratorium a pipedream?

Can a bankruptcy court’s worldwide stay ever really be enforced? Speakers at the National Conference of Bankruptcy Judges (NCBJ) in San Francisco considered this and other relief available in the context of Chapter 15 cases, in a session looking at where US and foreign insolvency laws have clashed.

03 March 2017

US receiver recommended for alleged Ponzi scheme, but Chilean liquidator to remain in control

A Florida magistrate judge has submitted a proposed order for the appointment of a US receiver in local litigation surrounding the collapse of an alleged Chilean Ponzi scheme, including a clause to soothe fears of duplicated efforts voiced by its Chilean liquidator.

02 March 2017

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