Regional news: North America

Skadden hires two from Jones Day in New York

Skadden Arps Slate Meagher & Flom has hired two partners from Jones Day, including a new global co-head for its restructuring practice.

27 July 2016

Bermudian oil group's 15 entities file joint Chapter 11 in Texas

US, Bermudian and Canadian affiliates of the oil drilling group C&J Energy have filed for Chapter 11 protection in Texas, with securities filings revealing ancillary proceedings outside the US.

27 July 2016

Saudi Arabia's AHAB group signs US$6 billion restructuring deal

Saudi Arabian family-run conglomerate Ahmad Hamad Algosaibi & Brothers (AHAB), has signed a deal with several of its lenders to implement a US$6 billion restructuring plan, bringing the Arab region’s largest debt default a step closer to resolution.

26 July 2016

PwC beats Deloitte and Alvarez to role of Oi administrator

A Brazilian court has chosen PricewaterhouseCoopers as judicial administrator, along with Brazilian firm Wald e Associados Advogados as its counsel, to carry out the country’s largest ever court-administered bankruptcy for telecoms company Oi.

25 July 2016

Bondholders allege Puerto Rico breached PROMESA within hours of passage

A group of hedge funds whose New York suit was stayed by the passage of the Puerto Rico Oversight Management and Stability Act (PROMESA) have initiated further litigation, alleging the island territory breached the act just hours after it was passed.

22 July 2016

Israeli bankruptcy case declared foreign main proceedings despite COMI in Canada

A Canadian court recently recognised Israeli bankruptcy proceedings relating to Canadian property developer Urbancorp as foreign main proceedings, in what it described as “a very unusual situation” since the property developer’s centre of main interests (COMI) is not in Israel.

22 July 2016

Peru pollution claim falls foul for bankrupt refinery complex

Renco Group, the US parent of the bankrupt operator of a smelting and refinery complex in Peru, has been prevented from bringing an arbitration claim against the Peruvian government, which it holds responsible for the bankruptcy.

19 July 2016

Creditors accuse China Fishery Group of abusing US bankruptcy protections

A group of creditors have accused affiliates of multinational industrial fishing consortium China Fishery Group (CFG) of exploiting US bankruptcy protections to abuse creditors’ rights and derail an asset sale process.

14 July 2016

China Fishery Group seeks US protections to hold off asset fire sale

Affiliates of the Cayman-registered industrial fishing company China Fishery Group have filed a cluster of Chapter 11 and Chapter 15 applications in the US, seeking to delay a fire sale of the group’s Peruvian assets.

04 July 2016

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

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