Regional news: North America

Latest Lehman Waterfall judgment clarifies interest on ISDA contract claims

A UK High Court Judge has issued the latest set of clarifications on issues related to the dispensation of a £7 billion surplus in the administration of the European branch of Lehman Brothers.

11 October 2016

Sixth Circuit disputes “equitable mootness” doctrine in refusing review of Detroit bankruptcy plan

A US appeals court has dismissed a complaint by Detroit pension holders against the city’s Chapter 9 bankruptcy plan, but was divided over the legal grounding and constitutional compatibility of the doctrine the denial was based upon.

07 October 2016

Down Under DIY chain’s winding-up postponed for arbitration

Australia’s highest court has stayed winding-up proceedings for an Australasian home improvement business, allowing an arbitrator to resolve a shareholders dispute between its Australian and US owners.

06 October 2016

Kirkland, Goodwin Procter and Curtis announce promotions in US and Europe

In the past week, Kirkland & Ellis, Goodwin Procter and Curtis Mallet-Prevost Colt & Mosle have announced promotions, making up restructuring lawyers on both sides of the pond.

06 October 2016

Pacific Exploration sells stake in Brazilian oil field

The Ontario Superior Court of Justice has approved Canadian-Colombian oil company Pacific Exploration’s plan to sell its stake in exploration projects in Brazil as part of its restructuring efforts.

05 October 2016

New York court throws out FDIC receiver’s suits against Citibank and BNY

A US court has ruled that liabilities transferred as part of the wind-down of Texas-based Guaranty Bank can no longer be pursued by the bank’s receiver, the Federal Deposit Insurance Corporation (FDIC), under New York and Delaware law.

05 October 2016

Greek debt restructuring award survives annulment challenge

A Slovakian bank has failed to annul an arbitral award arising from Greece’s 2012 sovereign debt restructuring, in which a tribunal rejected claims that Greek government bonds were investments protected by treaty rights.

04 October 2016

US court filings show Toshiba Samsung rehabilitation dismissed in Korea

A Seoul Court has dismissed the rehabilitation proceedings of Toshiba Samsung Storage Technology in favour of liquidation, a move that may end the joint venture company’s protection under Korea’s Debtor Rehabilitation and Bankruptcy Act in a matter of weeks.

03 October 2016

Pacific Andes files in US as Singapore court puts end to global moratorium

Global industrial fishing group Pacific Andes has dropped its Singaporean scheme and filed for Chapter 11 in the US after a Singapore court declined to extend a global moratorium for the company and its subsidiaries, leading creditors to file winding-up petitions in Bermuda and the BVI.

30 September 2016

Global regulatory roundup: US calls for comments, Luxembourg creates new dissolution process

The US is seeking comments on proposed amendments to its national bankruptcy procedures and new measures for uninsured financial institutions; while Luxembourg has created a new "one-step dissolution" process.

29 September 2016

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