Regional news: United States of America

New York court dismisses Belgian receiver’s claim against Deutsche Bank over frozen funds

The receivers of Belgium’s former national airline, who spent years trying to unlock funds in a New York bank account frozen by US sanctions against the government of Sudan, have had their case dismissed by A New York appeals court.

29 July 2016

Toshiba Samsung venture’s Korean proceedings granted full recognition in Delaware

A Toshiba Samsung joint venture has obtained full recognition of its Korean corporate rehabilitation proceedings from a Delaware court, despite a challenge from US computer company Dell and other plaintiffs in a parallel antitrust litigation.

29 July 2016

Miner’s Chapter 11 case dropped after Australian COMI ruling

A US bankruptcy court has dismissed Delaware-incorporated Legend International’s Chapter 11 case, after a Melbourne court ruled that the phosphate miner’s centre of main interests (COMI) was in Australia.

28 July 2016

Skadden hires two from Jones Day in New York

Skadden Arps Slate Meagher & Flom has hired two partners from Jones Day, including a new global co-head for its restructuring practice.

27 July 2016

Bermudian oil group's 15 entities file joint Chapter 11 in Texas

US, Bermudian and Canadian affiliates of the oil drilling group C&J Energy have filed for Chapter 11 protection in Texas, with securities filings revealing ancillary proceedings outside the US.

27 July 2016

Saudi Arabia's AHAB group signs US$6 billion restructuring deal

Saudi Arabian family-run conglomerate Ahmad Hamad Algosaibi & Brothers (AHAB), has signed a deal with several of its lenders to implement a US$6 billion restructuring plan, bringing the Arab region’s largest debt default a step closer to resolution.

26 July 2016

PwC beats Deloitte and Alvarez to role of Oi administrator

A Brazilian court has chosen PricewaterhouseCoopers as judicial administrator, along with Brazilian firm Wald e Associados Advogados as its counsel, to carry out the country’s largest ever court-administered bankruptcy for telecoms company Oi.

25 July 2016

Bondholders allege Puerto Rico breached PROMESA within hours of passage

A group of hedge funds whose New York suit was stayed by the passage of the Puerto Rico Oversight Management and Stability Act (PROMESA) have initiated further litigation, alleging the island territory breached the act just hours after it was passed.

22 July 2016

Peru pollution claim falls foul for bankrupt refinery complex

Renco Group, the US parent of the bankrupt operator of a smelting and refinery complex in Peru, has been prevented from bringing an arbitration claim against the Peruvian government, which it holds responsible for the bankruptcy.

19 July 2016

Creditors accuse China Fishery Group of abusing US bankruptcy protections

A group of creditors have accused affiliates of multinational industrial fishing consortium China Fishery Group (CFG) of exploiting US bankruptcy protections to abuse creditors’ rights and derail an asset sale process.

14 July 2016

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