Regional news: North America

Ukraine’s Metinvest completes US$2.3bn restructuring

Ukrainian steelmaker Metinvest has completed the restructuring of US$2.3 billion in debt, drawing to a close negotiations that started in early 2015 and saw the group draft three schemes of arrangement in the UK, with three parallel Chapter 15 filings in the US.

23 March 2017

International bamboo fund wound up in Isle of Man

The Isle of Man High Court has wound up a fund established to invest in Latin American and South African bamboo plantations, denying applications to adjourn the liquidation and rescue the company through a scheme of arrangement.

23 March 2017

Swiss company buys insolvent German cocoa producer

A Swiss buyer has stepped in to purchase collapsed German cocoa producer Euromar, as secured creditors in a sister company’s US proceedings fight attempts to subpoena various parties in a search for assets.

22 March 2017

Receiver in 15-year Canadian fraud case ordered to disclose Swiss counsel fees

An Ontario court has ordered an interim receiver working to track down assets in a collapsed fraud scheme to disclose invoices for fees owed to counsel in related litigation in Switzerland, noting “palpable hostility” from scheme claimants worried about the dissipation of the estate.

21 March 2017

Regulatory round-up: Swiss and German law changes, new bills introduced in US and Egypt

Switzerland and Germany have made changes to their bank recovery legislation and clawback rules respectively, while legislators in Egypt and the US have introduced new bankruptcy bills before lawmakers.

21 March 2017

Debt investor seeks bankruptcy protection in New York and Ontario

US-Canadian consumer debt investor SquareTwo has filed for bankruptcy protection in New York, with recognition of the proceeding to be sought in Ontario.

21 March 2017

Client retainer not sufficient for Chapter 15 jurisdiction, says California court

A California court has dismissed Australian coal miner Forge Group’s Chapter 15 case, ruling that a “dwindling” retainer held by its counsel was insufficient property in the US to justify a stay of proceedings.

20 March 2017

Singaporean investment group follows its UK JV in filing Chapter 11 case

Faced with a cluster of threatened and pending litigation, Singaporean investment holding company Ezra Holdings has filed a Chapter 11 action in New York, less than one month after its UK joint venture, EMAS Chiyoda Subsea, sought relief in Texas.

20 March 2017

UK court breaks new ground in enforcing New York “judgment by confession”

An English court has for the first time upheld the enforceability of a US judgment that was not preceded by active proceedings between the parties, ruling that a US$172 million judgment debt against international metalworking group Essar Steel is enforceable in the UK.

20 March 2017

Delaware court upholds legal fees from Nortel settlement

A Delaware judge has upheld claims for legal fees in the bankruptcy proceedings surrounding Nortel Networks, finding that the complexity of the case justified most of the charges.

17 March 2017

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