Regional news: North America
STX gains emergency protection in Texas
A Texas bankruptcy court has granted distressed Korean shipping firm STX Offshore emergency protection from creditor claims via Chapter 15, blocking creditors’ access to US$40 million in London arbitration awards.
24 October 2016
New York court throws out appeal from Argentine holdouts
A group of individual bondholders who refused to enter into Argentina’s global sovereign debt settlement have lost in their bid to enforce claims against money held in New York, days before the funds go beyond the reach of the US courts.
21 October 2016
Washington, DC: 15 years of the UNCITRAL Model Law
While global take-up of the UNCITRAL Model Law on Cross-Border Insolvency has been slow, an assessment of trends and landmark rulings since the adoption of the US’s Chapter 15 appears to demonstrate confidence in its philosophy.
21 October 2016
Abengoa master plan moves forward after US subsidiaries address creditor concerns
UPDATED: Unsecured creditors of Abengoa’s US subsidiaries have lifted their objections to the debtors entering a global restructuring agreement proffered by their Spanish parent, after it was agreed that the Spanish plan would be subject to the same review in a US court as a typical Chapter 11 plan.
19 October 2016
Ankura brings in energy and equity specialists in Dallas and Chicago
US management consultancy Ankura has boosted its restructuring and distressed investment offering with senior hires in its Dallas and Chicago offices.
18 October 2016
Unsecured creditors object to Abengoa’s Spanish master plan
Unsecured creditors of Spanish energy group Abengoa have objected to its global restructuring plan in a US court, alleging the plan unfairly favours Spanish creditors and requires US-based affiliates to renounce their fiduciary responsibilities.
18 October 2016
Argentine power utility files for Chapter 15 over out-of-court deal
A Buenos Aires power provider has filed for Chapter 15 recognition in New York as it seeks to protect refinancing of a balance sheet that has been in turmoil since 2001.
14 October 2016
Nortel settles US$7.3 billion allocation dispute
After more than seven years of unsuccessful mediations and multi-jurisdictional litigations, bankrupt telecoms company Nortel has reached a global settlement with creditors on how to distribute US$7.3 billion in liquidation proceeds.
13 October 2016
Pacific Exploration secures US approval of US$5.2 billion deal
Canadian-Colombian oil company Pacific Exploration has secured US court approval of its Ontario court-administered restructuring deal, clearing one of the final hurdles facing the company before it can implement a plan to manage its US$5.2 billion debt.
12 October 2016
New IBA insolvency co-chair to urge adoption of the UNCITRAL Model Law
The newly appointed co-chair of the International Bar Association’s insolvency section Richard J Mason says he plans to focus on the refinement and wider adoption of the UNCITRAL Model Law on Cross-Border Insolvency.
11 October 2016
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