Regional news: United States of America

Willkie Farr advising as Hong Kong-owned wholesaler enters Chapter 11

Hong Kong-listed retail wholesaler Global Brands Group has placed its North American business into Chapter 11 proceedings, listing billions of dollars of debt as it seeks to offload its international assets.

30 July 2021

Brazilian bank’s trustee seeks recognition to probe possible offshore transfers

The judicial administrator of a Brazilian bank whose former controllers stand accused of siphoning off cash through a voucher scheme, has sought recognition in Florida to investigate and pursue possible “concealed” assets.

30 July 2021

Victoria’s Secret UK’s liquidation declared valid

The UK arm of American lingerie retailer Victoria’s Secret validly entered a creditors’ voluntary liquidation last month despite an error in its filing with the registrar of companies, an English court has found.

29 July 2021

Hong Kong court: only a bona fide dispute triggers exclusive jurisdiction clause

A Cayman investment fund has secured a bankruptcy order against the Chinese owner of an international care home business, after persuading a Hong Kong judge there was no disputed debt to push the issue before New York courts in line with an exclusive jurisdiction clause.

28 July 2021

Indonesian court recognises Singaporean moratorium

An Indonesian court has recognised and acted in support of a foreign restructuring for what could be the first time, dismissing a creditor’s PKPU application against garment manufacturer Pan Brothers because it was bound by a worldwide moratorium issued in Singapore.

27 July 2021

Seadrill files Chapter 11 plan in Texas

Offshore rig operator Seadrill Limited has entered into a restructuring agreement with over half of its senior secured lenders, in a bid to cut its debts by over US$4.9 billion and raise new financing.

27 July 2021

Indian conglomerate’s English scheme sanctioned

A Dutch subsidiary of India’s Jain Irrigation Systems has won court approval for an English scheme it chose over a WHOA process, after providing evidence that Brexit would not prevent its recognition in the Netherlands.

26 July 2021

IWIRC announces 2021 Founders Awards winners

The International Women’s Insolvency & Restructuring Confederation has announced the recipients of its 2021 Founders Awards, with winners in the US and Asia.

23 July 2021

Katten appoints new restructuring heads

Katten Muchin Rosenman has appointed new co-heads for its restructuring practice, four months after the sudden death of former chair John Sieger.

23 July 2021

Lowenstein hires in New York

A former Arent Fox partner who worked on the recent bankruptcy of Thai-owned grocer Dean & Deluca, has joined Lowenstein Sandler.

22 July 2021

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