Regional news: Panama
INSOL International, Rio: mootness and matters of life and death
“The eggs have been so scrambled, there can be no remedy.” Panellists at INSOL International’s Latin America seminar discussed the pros and cons of the mootness doctrine in bankruptcy proceedings and warned that delays caused by appeals can become issues of life and death.
12 April 2023
Avianca set for UK move after Ch11 plan approval
Latin American airline Avianca has secured court approval of its Chapter 11 restructuring plan in New York, shortly after revealing plans to shift its domicile to the UK.
09 November 2021
Distressed investor files Ch11 to block Brazil and Cayman Islands suits
A group of distressed investment funds organised under the laws of Delaware and the Cayman Islands have sought bankruptcy protection in New York, faced with “meritless foreign litigations” that have stopped them paying out their assets.
07 July 2021
Avianca secures milestone court orders in New York
Latin American airline Avianca has reached two major milestones in its restructuring after settling disputes relating to a pre-petition sale of credit card receivables and getting the green light to enter new aircraft leases to redevelop its fleet.
17 March 2021
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