Regional news: North America

GRR Live, Women in Restructuring: is it 2007 all over again?

A 50% chance of a “shallow” recession next year, or 2007 all over again? Leading women in restructuring came together at GRR’s first live event in two and a half years to debate what lies ahead for practitioners and clients, amid skyrocketing inflation, post-covid supply chain issues and war in Europe.

10 June 2022

China’s Modern Land requests US recognition

Troubled Hong Kong-registered property developer Modern Land is seeking Chapter 15 recognition of a Cayman scheme to deal with US$1.34 billion of notes, amid a recent ruling that warned such restructurings may not be effective in Hong Kong.

10 June 2022

MIE’s “unique” cross-border debt restructuring

Lawyers from Walkers take a step-by-step walk through the “unique” Cayman and US restructuring of Chinese oil and gas company MIE – particularly its novel adoption of an order for the conditional withdrawal of a winding up petition presented by a “friendly creditor” and corresponding discharge of provisional liquidators before the restructuring was completed.

09 June 2022

Hong Kong court warns against using offshore schemes to deal with US debt

Schemes purporting to compromise US law-governed debt in offshore jurisdictions coupled with Chapter 15 recognition will not be effective in Hong Kong, its High Court has warned.

07 June 2022

US Supreme Court strikes down bankruptcy fee hike

A 2017 law that enacted a temporary increase in US Trustee fees for some Chapter 11 debtors violated the US constitution, the country’s highest court has ruled.

06 June 2022

Nordic Aviation Capital completes restructuring

Denmark-founded, Ireland-headquartered Nordic Aviation Capital has emerged from “one of the largest” Chapter 11 bankruptcies ever undertaken by an aircraft leasing company, less than two months after its restructuring plan was approved by a Virginia court.

06 June 2022

Simpson Thacher and Baker Botts advising as TPC Group files Ch11

Houston-headquartered petrochemical corporation TPC Group has filed Chapter 11 proceedings after entering an agreement with creditors to eliminate almost 75% of its secured debt and resolve claims arising from an explosion at one of its plants.

01 June 2022

Creditors and court approve Danish pharma restructuring

Copenhagen-based biopharmaceutical company Orphazyme has secured creditor and court approval of its restructuring proposal in Denmark, paving the way for it to sell its assets to US pharma group KemPharm.

31 May 2022

Cayman restructuring reform and its relevance to the US market

In the first article of a three-part series, Harneys partners Nick Hoffman and Paul Madden and associate Rhiannon Zanetic examine forthcoming changes to the Cayman Islands’ restructuring regime and how they have been designed to work in cooperation with the US Bankruptcy Code and other UNCITRAL Model Law jurisdictions.

31 May 2022

Former subsidiaries of Japan’s Rakuten seek recognition in Florida

The judicial administrator of four Brazilian entities linked to Japanese e-commerce conglomerate Rakuten has filed Chapter 15 proceedings in Miami, claiming the South American companies were “completely abandoned” by their parent.

30 May 2022

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