Regional news: United States of America
McDermott International secures English plan meetings amid opposition
Creditors of Houston-headquartered oil and gas engineering group McDermott International have been allowed to challenge its subsidiary’s English restructuring plan at a three-day trial in December, after a judge at the High Court found they’d “had little time to digest” evidence before the convening hearing.
29 September 2023
Former Pareteum executives arrested over “massive” accounting fraud
The US Securities and Exchange Commission and federal law enforcement agencies have brought fraud charges against former executives of global software group Pareteum, which filed Chapter 11 proceedings last year after blaming its management for misstating revenues.
29 September 2023
Industry groups urge US Supreme Court not to ban all third-party releases
The American College of Bankruptcy has cautioned the country's top court against “categorically barring” all types of third-party releases, in one of several amicus briefs filed by industry organisations, lawyers and other interested parties in Purdue Pharma’s Chapter 11 restructuring.
28 September 2023
Akin Gump and Cassels advising as BioSteel secures Ch15 stay
An eco-friendly sports energy drink manufacturer owned by a Canadian cannabis company has secured approval to conduct a sale process as part of its Toronto-based insolvency, two days after obtaining a temporary stay to block a class action launched against it in New York.
28 September 2023
Rothschild hires new restructuring co-head
A long-time Lazard banker with credits on the Chapter 11 bankruptcies of opioid maker Insys Therapeutics and Japanese airbag manufacturer Takata has joined Rothschild & Co’s restructuring practice in New York as global co-head.
26 September 2023
Creditor found liable for trustees’ fees after bankruptcy order annulled in Hong Kong
A year after it issued a first-of-its-kind judgment overturning a personal bankruptcy order in the face of an exclusive jurisdiction clause, the Hong Kong Court of Appeal has allowed Chinese businessman Guy Kwok-Hung Lam to pursue the creditor that made him bankrupt for the fees incurred by his trustees.
26 September 2023
GRR Live Americas: commercial real estate’s $1.5 trillion problem
A “perfect storm” of increasing interest rates, inflation and higher debt service and refinancing costs has led to a huge amount of distress in the commercial real estate sector, but panellists at GRR Live in New York discussed why there have not been many bankruptcies while other industries affected by the covid-19 pandemic have seen an uptick in filings.
26 September 2023
GRR Live Americas: could Purdue spell the end of third-party releases?
With the Supreme Court set to rule on whether non-consensual releases for non-debtors are permitted under the US Bankruptcy Code, panellists at GRR Live in New York said the decision could have a big impact on how bankruptcy law is practiced in the US but it would be “just a matter of time” before creative lawyers find a new way to get the best results for their clients.
25 September 2023
US Trustee loses second attempt to throw out cannabis company’s Ch11
The US Trustee has failed for a second time to dismiss the Chapter 11 liquidation of a former cannabis products manufacturer, despite a Los Angeles court finding the company is engaged in activities that are “probably” illegal under US federal law.
25 September 2023
Evergrande scraps scheme meetings
Evergrande’s scheme meetings have been postponed indefinitely after the long-beleaguered Chinese property developer announced it needed to reassess the terms of its restructuring.
25 September 2023