Regional news: North America

Implications of the Rule in Gibbs on the Effectiveness of Schemes of Arrangement to Compromise US Law-governed Debt

Featured in Americas Restructuring Review 2023

09 December 2022

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

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