Regional news: United States of America

HSBC strikes out two Stanford Ponzi scheme claims on appeal

Liquidators of the Stanford International Bank Ponzi scheme will neither be able to bring a dishonest assistance claim, nor a Quincecare damages claim against HSBC for money it paid out to creditors before the scheme was wound-up, after a double success on appeal for the Hong Kong and Shanghai bank.

15 April 2021

Scandal hit-Bermudian groups seek New York recognition, Wirecard secures stay

A New York court is due to hear recognition requests from separate pairs of Bermudian provisional liquidators that have been appointed over unrelated scandal-hit groups, while Wirecard’s German administrator has reached an agreement to stay securities litigation against the payment processor in California.

14 April 2021

Norwegian Air restructuring approved in Oslo

An Oslo court has approved Norwegian Air’s restructuring plan after parallel schemes of arrangement were sanctioned in Ireland, paving the way for it to eliminate about US$3.6 billion of debt.

13 April 2021

MoFo advising as Wirecard seeks US recognition

The German administrator of scandal-hit payment processor Wirecard has asked a Pennsylvania court to recognise its Munich-based insolvency and to block securities litigation pending in the US.

12 April 2021

Chilean car importer seeks support for pre-pack

Chilean car importer Automotores Gildemeister has commenced solicitation for a pre-packaged Chapter 11 process to reduce its debt by over US$200 million, after restructuring its senior notes in 2019 and 2016.

12 April 2021

Brazil’s Samarco files for bankruptcy amid bondholder suits

UPDATED: Mining company Samarco Mineração has filed for judicial reorganisation in Brazil after bondholder litigation in the US and Brazil scuppered restructuring negotiations held in the aftermath of two environmental disasters.

12 April 2021

Texas court recognises Just Energy’s CCAA process

A Texas bankruptcy court has granted full recognition to Canadian retail energy provider Just Energy’s CCAA proceedings, which were triggered by the unprecedented winter storms and skyrocketing electricity prices in Texas in February.

09 April 2021

Delaware bankruptcy court adds new judge

After over three decades in practice, Cole Schotz member Kate Stickles has joined the bankruptcy bench in Delaware, filling a seat vacated by Judge Kevin Carey when he stepped down in 2019.

08 April 2021

Argentine power provider enters Chapter 11

Power plant operator Stoneway Capital Corporation has applied for Chapter 11 protection in the US and is likely to abandon its Canadian restructuring, after environmental claims filed against it in Argentina prevented the extension of a standstill agreement with creditors.

08 April 2021

Interim recognition in Australia for Greensill Bank administrator

Greensill Bank’s German insolvency administrator has obtained interim recognition in Australia and has used Eversheds Sutherland to make a similar application in the UK.

07 April 2021

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