Regional news: North America
Recent Developments in DIP Financing for International and Domestic Debtors
Featured in Americas Restructuring Review 2023
09 December 2022
The EU Adaption of Important Chapter 11 Provisions
Featured in Americas Restructuring Review 2023
09 December 2022
Investment Fund Activity in US Debt Restructurings
Featured in Americas Restructuring Review 2023
09 December 2022
JPLs denied Ch15 recognition as blood storage group’s provisional liquidation not a collective proceeding
The joint provisional liquidators of a Cayman-registered, mainland China-based umbilical cord blood storage group have been denied US recognition, after a New York bankruptcy court found that they had been appointed to investigate the company and protect its assets – not for the purpose of reorganisation or liquidation.
08 December 2022
Court clears Credit Suisse to bring Greensill-related claim against SoftBank
Credit Suisse has convinced an English judge to let it bring a claim against Japan’s SoftBank over its restructuring of a former Greensill client, which the Swiss bank alleges deprived it of receivables and left it holding unsecured notes for which a default was inevitable.
07 December 2022
Colorado Ch15 planned as construction group files in Canada
A US subsidiary of Calgary-based construction company Nilex has been dragged into Canadian bankruptcy proceedings by its parent to sell its US assets, with the group revealing plans to seek Chapter 15 recognition of the sale in Colorado.
30 November 2022
Another crypto firm bites the dust: BlockFi enters Chapter 11 in New Jersey
The crypto winter has upped its body count with another platform, BlockFi, being placed on Chapter 11 life support in New Jersey, as it sues FTX’s founder Sam Bankman-Fried to seize shares he allegedly pledged to it as collateral.
29 November 2022
Canadian Supreme Court upholds insolvency court's power to find arbitration clauses inoperative
Canadian insolvency legislation empowers courts to consider arbitration clauses inoperative if enforcing them would compromise a receivership and hurt creditors, the country's top court has said, in a case that would otherwise have required EY as receiver to use funds from an insolvent contractor’s estate to pursue at least four arbitrations with seven different sets of parties.
25 November 2022
3AC’s liquidators seek Cayman recognition, secure protocol in Singapore
The British Virgin Islands joint liquidators of cryptocurrency hedge fund Three Arrows Capital have sought recognition of their appointments in the Cayman Islands, as a Singapore court ratified a protocol that lays out guidelines for cooperation between the BVI, Singapore and US courts overseeing the fund’s insolvency proceedings.
24 November 2022