Regional news: Panama

Avianca, LATAM secure court approval for DIP financings

Multiple international and Latin American law firms have helped Colombian-Panamanian airline Avianca and Chile’s LATAM get court approval for debtor-in-possession financings worth more than US$4 billion, weeks after LATAM’s new money deal was initially rejected.

14 October 2020

English court prevents service on Panamanian investor

An English court has barred the liquidator of a local investment vehicle from serving a preference application on Panama-incorporated investor Holyoak, finding his claim did not have a “reasonable prospect of success”.

15 April 2020

Oilfield company engineers pre-pack in Texas

Panama-incorporated engineering giant McDermott International has filed pre-packaged Chapter 11 proceedings in Texas, with a plan it says will eliminate over US$4.6 billion of debt.

22 January 2020

CVR Global hires Deloitte BVI head as partner

Advisory firm CVR Global has hired a joint liquidator of Panama Papers leak victim Mossack Fonseca from Deloitte in the British Virgin Islands.

12 July 2019

Irish oil services group enters Chapter 11, with Irish and Bermudian proceedings to follow

Irish oilfield services group Weatherford International has filed for Chapter 11 protection in a Texas bankruptcy court aiming to cut down its US$8.35 billion debt through a pre-packaged plan that envisages parallel proceedings in Ireland and Bermuda.

04 July 2019

London judge compels evidence in SDNY Kazakh bank litigation

Three Panama companies that have accused Kazakhstan’s sovereign wealth fund of using a state-controlled bank’s restructuring to “siphon off” funds, have convinced a London court to compel testimony for their New York litigation.

22 February 2019

Regulatory roundup: pre-insolvency predominates

January saw reforms to insolvency frameworks in a range of jurisdictions, including pre-insolvency mechanisms in Panama and Bulgaria and a stricter line on company liquidity in Bosnia and Herzegovina.

02 February 2017

Russian bank’s trustee files Chapter 15 case as Panamanian lawsuit looms

A Russian government agency acting as trustee of a collapsed Russian bank has filed for Chapter 15 protection in New York amid litigation proceedings brought by a Panamanian investment manager.

03 January 2017

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