Regional news: North America

Dormant insurer secures English schemes for decades-old claims

The administrators of a long-inactive UK insurance company have obtained an English court’s approval of two schemes of arrangement, allowing them to deal with historic claims held by creditors around the world.

10 February 2021

New bankruptcy judges in SDNY

An Akin Gump Strauss Hauer & Feld partner and a career prosecutor have been appointed as bankruptcy judges in Manhattan.

08 February 2021

Stay claims in the US so Luckin Coffee can restructure in Cayman, court told

Having already secured Hong Kong recognition, the provisional liquidators of China’s Luckin Coffee have asked a New York court to stave off shareholder actions in the US while they restructure the group’s holding company through a pair of Cayman schemes, to deal with revelations it falsely inflated its accounts last year.

08 February 2021

Seadrill Asia seeks Chapter 11 protection in Texas

Five of offshore rig operator Seadrill’s Asian subsidiaries have entered Chapter 11 proceedings in Texas, listing Dubai’s ZDN Investment and Saudi Arabia-based Algosaibi Services Company as their largest unsecured creditors.

08 February 2021

Pyxus cannabis subsidiaries enter CCAA as iAnthus restructuring upheld

Global tobacco company Pyxus has secured CCAA protection for its cannabis subsidiaries after exiting Chapter 11, while New York-based cannabis company iAnthus has seen off an appeal against its Canadian restructuring.

05 February 2021

Cruise port operator ordered to give more details on English scheme fees

The world’s largest cruise port operator is seeking an English court’s permission to hold a creditors’ meeting on a scheme of arrangement but has been told it must provide more information on the payment of advisers' fees.

04 February 2021

Guernsey fund’s liquidators secure emergency US discovery powers

The voluntary liquidators of a Guernsey-incorporated fund have secured provisional US recognition in New York, along with powers to examine transfers made by a Delaware real estate group.

29 January 2021

Odebrecht subsidiary completes US$3.4 billion extrajudicial restructuring

Cleary Gottlieb Steen & Hamilton and E.Munhoz Advogados have helped the construction services arm of Brazil’s Odebrecht close an extrajudicial restructuring for US$3.4 billion worth of New York law-governed debt.

29 January 2021

Shearman rehires ex-partner to lead New York team

Ahead of his return to Shearman & Sterling in New York, former Lehman Brothers managing director Mark Shapiro spoke to GRR about his 30-year career and how opportunities for hedge funds have “changed quickly” during the covid-19 pandemic.

28 January 2021

Brown Rudnick settles Lyondell trustee’s malpractice suit

Brown Rudnick has reached a settlement in principle with the litigation trust of bankrupt Dutch petrochemicals group LyondellBasell, which accused the firm of malpractice in failing to claw back US$300 million from Ukrainian-born billionaire Leonard Blavatnik.

27 January 2021

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