Regional news: United States of America

Knotel sold out of Chapter 11 after Canadian recognition

Struggling flexible office space operator Knotel has received court approval for its sale to a subsidiary of US commercial real-estate giant Newmark, after its Chapter 11 proceedings were recognised in Canada.

24 March 2021

Bedding group fends off US district court challenge

A group of Cayman-incorporated first-lien debt holders who tried to challenge a mattress manufacturer’s novel new money restructuring before a US district court have failed at the jurisdictional stage after the court found their collective principal place of business was in New York.

19 March 2021

“Momentous time” as final GM Chapter 11 ends

The last remaining General Motors Chapter 11 case has closed in New York, nearly 12 years after one of the largest bankruptcy filings in US history made headlines around the world.

18 March 2021

US coal miner sues Greensill for fraud

A US coal miner owned by the governor of West Virgina has sued collapsed finance group Greensill for alleged fraud, a week after an English court appointed Grant Thornton as its administrators.

18 March 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

Chapter 15 round-up: Chicago court implored to end Japanese businessman’s recognition “stigma”

A Japanese businessman found to have concealed assets overseas has alleged that his bankruptcy trustee lied to secure Chapter 15 recognition – while other recognition proceedings are pending in Illinois, California and Florida.

17 March 2021

Opioid maker Purdue submits US$10 billion Chapter 11 plan

A year and a half since it entered bankruptcy, Purdue Pharma has submitted a U$10 billion Chapter 11 plan before a New York court that it says will shift it from opioid drug marketer to a company owned by a public trust dedicated to addressing addiction.

16 March 2021

Cayman restaurant chain and South African airline file New York Ch15s

The Cayman liquidators of a Vietnamese restaurant chain and the business rescue practitioners of a South African airline are seeking separate recognition orders in New York.

16 March 2021

Heads-Up: Todd Snyder at Piper Sandler in New York

Featured in Heads-Up

A few months after taking over as Piper Sandler’s global head of restructuring, veteran Wall Street banker Todd Snyder speaks to GRR about a potential boom in infrastructure investment, why sub-Saharan Africa is a likely place for new investment activity and his “almost religious” belief in the importance of restructuring to the good functioning of the free market.

15 March 2021

Norwegian Air files plans in Dublin and Oslo, seeks US recognition

Oslo-listed Norwegian Air and one of its Irish subsidiaries are seeking Chapter 15 protection for their US assets while the group's creditors are set to vote on restructuring plans filed in Dublin and Oslo last week.

15 March 2021

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