Regional news: North America

US Senate passes Puerto Rico restructuring bill as default looms

The US Senate passed a controversial restructuring bill to address Puerto Rico’s ongoing debt crisis, a day before its potential default on more than US$1 billion in bond payments.

30 June 2016

Oi creditor commences involuntary bankruptcy in the Netherlands

A Dutch creditor of Brazilian telecoms company Oi has commenced involuntary bankruptcy proceedings against one of its affiliates in an Amsterdam court, as Oi confirmed it had received provisional relief from a UK court.

28 June 2016

Bondholders file suit in New York as talks with Puerto Rico collapse

A group of investors holding Puerto Rican bonds have filed a complaint in a New York court against an emergency debt moratorium issued by the troubled US territory in April, after negotiations between different groups of creditors and the island’s legislature broke down.

24 June 2016

Australian court orders liquidation of miner with Chapter 11 pending in Delaware

A court in Melbourne has appointed liquidators over Delaware-incorporated miner Legend International Holdings, declining to recognise its parallel Chapter 11 filing under the US bankruptcy Code.

23 June 2016

Bryan Cave hires from Bracewell in New York

Bracewell & Giuliani’s former aerospace and defence chair Andrew Schoulder has joined Bryan Cave’s bankruptcy team in New York.

22 June 2016

World’s largest coal company to test new Gibraltarian bankruptcy law

Peabody, the world’s largest private coal producer, has applied for recognition of its US bankruptcy proceedings in the British Overseas Territory of Gibraltar, in what is the first test of the peninsula’s new cross-border insolvency regime.

22 June 2016

King & Spalding recruits Kirkland partner in New York

King & Spalding’s New York office has hired partner Jeffrey Pawlitz from Kirkland & Ellis.

21 June 2016

US mulls overriding safe harbour rights in "too big to fail" bank contracts

Interested parties have until 5 August to submit comments on recent US proposals that seek to override certain safe harbour rights held by parties in financial contracts with distressed global systemically important banks (G-SIBs).

17 June 2016

China-focused BVI company obtains New York recognition of Hong Kong scheme

Winsway Enterprises Holdings, a British Virgin Islands-incorporated coking coal supplier that predominantly operates in China, has obtained approval of its Hong Kong scheme of arrangement from a New York court soon after a parallel scheme of arrangement was sanctioned in the BVI.

17 June 2016

NEW YORK: Distressed M&A deals in Latin America need cleaner strategies to soothe creditors

Lawyers representing debtors in distressed M&A deals in Latin America need to provide clearer communication strategies and valuation plans to avoid troubling creditors, guests at the first Latin Lawyer – GRR Restructuring Summit in New York heard last Monday.

16 June 2016

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