Regional news: North America

Chilean copper miner seeks US recognition following creditor “attacks”

A Chilean producer of copper cathodes is seeking recognition of its Santiago bankruptcy in New York, claiming its bank accounts have “come under attack” from creditors in Chile and the US.

17 August 2020

New Look hires Latham for third restructuring in as many years

Latham & Watkins is advising fashion retailer New Look’s primary UK entity in its third restructuring in as many years, as it plans another company voluntary arrangement to deal with £550 million in debt, rent costs and covid-19 uncertainty.

14 August 2020

PwC, Gowling, McCarthy Tétrault and NRF tap partners in Canada

McCarthy Tétrault, Gowling WLG, Norton Rose Fulbright and PwC have all added to their partnerships in Canada in recent weeks, as firms continue to prepare for an expected wave of restructurings.

14 August 2020

Two more Virgin Australia entities seek Chapter 15 recognition

The newly appointed administrators of two Virgin Australia entities that Bain Capital plans to include in its purchase of the group have sought Chapter 15 recognition in New York.

14 August 2020

Speedcast agrees sale to support Chapter 11 exit

Australian satellite communications group Speedcast has agreed to sell its business to a US private equity firm, in a deal that would see disgruntled shareholders lose out when it emerges from bankruptcy.

14 August 2020

Second Circuit blocks US$1 billion Lehman clawback under safe harbour rules

A US appeals court has prevented a Lehman Brothers unit from recovering payments distributed to noteholders after the bank’s collapse, finding that potential ipso facto clauses would not invalidate a safe harbour provision under the US Bankruptcy Code.

13 August 2020

Baker McKenzie partner moves to McGuireWoods in New York and Houston

McGuireWoods has added veteran Baker McKenzie restructuring partner James Donnell to its New York and Houston offices.

13 August 2020

Cayman court curtails freezing order against China’s answer to Starbucks

A Cayman court has declined to extend a worldwide freezing order against China’s Luckin Coffee chain, which entered provisional liquidation in July after confirming it misstated its 2019 accounts.

13 August 2020

Bermuda-registered oil services company files Chapter 11 in New York

A Bermuda-registered oil and gas services company with operations in the North Sea and West Africa has sought Chapter 11 protection after failing to reach a deal with its Scandinavian lenders.

13 August 2020

Pharmagreen Biotech files for bankruptcy protection amid stock dispute

The Nevada holding company of a Canada-headquartered cannabis and hemp plant producer has filed for Chapter 11 protection, after covid-19 left it unable to uphold a financing deal with “toxic lenders”.

13 August 2020

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