Regional news: North America

Isolux contractors demand clarification of Chapter 15 stay

US contractors to insolvent Spanish engineering group Isolux Corsán have asked a New York court to clarify the terms of a Chapter 15 stay, arguing that its terms are broader than the stay imposed in the company’s foreign main proceedings in Madrid.

16 March 2017

Ultra Petroleum's Chapter 11 plan approved following Canadian recognition

A Texas bankruptcy court has dismissed objections from a host of creditors and confirmed the Chapter 11 plan of Canada-incorporated oil and gas company Ultra Petroleum, one month after a Canadian court recognised the US proceedings as foreign main proceedings.

16 March 2017

Cassels Brock poaches DLA Piper’s Canada restructuring head

Cassels Brock & Blackwell has hired two DLA Piper restructuring partners with experience in cross-border matters, including the firm’s Canadian restructuring chair.

10 March 2017

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

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