Regional news: North America

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

Fox Rothschild hires from McGuireWoods in Dallas

Former McGuireWoods insolvency litigation partner Mark Platt has joined Fox Rothschild’s recently-established Dallas office.

28 September 2016

Arbitral panel rethinks Tanzanian award after being “misled” about liquidation

An arbitral tribunal has reconsidered a ruling against a Tanzanian state entity, after finding it had been misled into thinking there was a realistic prospect that a local power project would be wound up by a liquidator.

28 September 2016

New York Court approves Cypriot shipper’s liquidation

A New York court has approved the Chapter 11 plan of Cyprus-registered shipping firm Primorsk, giving a green light to the company to disperse the proceeds of a recent tanker fleet sale and wind down.

23 September 2016

Washington, DC: The politics of oil and gas restructuring

The recent oil price slump and attendant rise in oil and gas insolvencies has been exacerbated by the interference of political actors whose actions can both precipitate distress and damage turnarounds, a panel at the International Bar Association’s Annual Conference in Washington, DC has argued.

23 September 2016

Gibraltarian recognition opts for EU regulation over new UNCITRAL regime

The Supreme Court of Gibraltar has recognised the liquidation of a web development company in the UK, with liquidators opting to use the European Insolvency Regulation over the peninsula’s brand new legislation based on the UNCITRAL Model Law.

22 September 2016

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