Regional news: North America

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

NY court grants Hellas noteholders’ trustee $565m appeal

A New York appeals court has given the trustee to the noteholders of collapsed Greek telecoms company Hellas the chance to recover over half a billion dollars from a group of private equity firms.

20 September 2016

Gibraltarian court recognises Peabody coal company’s Chapter 11

The Supreme Court of Gibraltar has recognised the Chapter 11 proceedings of Peabody, the world’s largest private coal company, as a foreign main proceeding, in the first test of a new Gibraltarian law.

16 September 2016

Updated: Hanjin begins unloading in US, but creditors still wary of losing lien rights

Ships belonging to bankrupt Korean freight transporter Hanjin have finally been able to unload in US ports following a New Jersey court order, but creditors are continuing to express concerns that their rights will not be protected under Korean maritime and bankruptcy law.

14 September 2016

US remedy off-limits in CCAA proceedings, says Ontario appeals court

Employees of the insolvent steel producer US Steel Canada cannot use the US remedy of equitable subordination in Canadian Companies’ Creditors Arrangement Act (CCAA) proceedings to prioritise their claims over those of the debtor’s US parent, an Ontario appeals court has upheld.

13 September 2016

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