Regional news: United States of America

British reinsurer seeks US recognition of EY administrators

The English administrators of UK reinsurer CX Re have applied for Chapter 15 recognition to stay litigation brought against it by Maryland landlords caught up in lead paint exposure claims.

18 September 2020

US and Dutch courts approve HEMA’s English scheme restructuring

Low price homeware retailer HEMA’s restructuring through English, US and Dutch courts is a “perfect example” of how European brands with complex capital structures can restructure with minimal fallout, lawyers working on the case have told GRR – but it may be the last scheme of its kind.

17 September 2020

US law bondholder group backs French manufacturer’s restructuring

A group that holds US law-governed bonds issued by the Paris-based manufacturer Vallourec will support its request to a French court for the appointment of a restructuring professional to help mediate with stakeholders on a refinancing, White & Case has told GRR.

16 September 2020

New York court rejects LATAM DIP financing

A New York court has rejected a US$2.4 billion debtor-in-possession loan secured by Chile's LATAM from its shareholders, finding it had the effect of forcing an equity swap in a future restructuring.

15 September 2020

Codere seeks US recognition of English scheme compromising New York debt

Spain's Codere has requested Chapter 15 recognition of an English scheme for the second time in five years, looking to use the British tool to restructure New York law-governed notes once again.

15 September 2020

Spanish gamer to hold single-class scheme meeting despite fees dispute

An English court has allowed COMI-shifting Spanish gaming company Codere to convene a single creditors’ vote on its scheme of arrangement, rejecting arguments that a group of noteholders would receive benefits that fracture the creditor class.

14 September 2020

IBA webinar: LatAm airline Chapter 11s, forum shopping or sound strategy?

Specialists from the US, Brazil, Chile and Mexico met to discuss the allure of the Chapter 11 process for Latin American’s three largest airlines, Avianca, LATAM and Aeroméxico, as well as the potential pitfalls of forum shopping.

10 September 2020

Sheppard Mullin bolsters Los Angeles practice with partner hire

Sheppard Mullin Richter & Hampton has strengthened its finance and bankruptcy practice group in Los Angeles, adding partner Jennifer Nassiri from Quinn Emanuel Urquhart & Sullivan.

10 September 2020

English court sanctions ED&F Man’s scheme

An English court has sanctioned a scheme of arrangement for international commodity trader ED&F Man, paving the way for it to restructure debts governed by English and New York law.

09 September 2020

Curtis hires new restructuring head from K&L Gates in New York

Curtis Mallet-Prevost Colt & Mosle has hired Robert Honeywell as the new head of its bankruptcy and restructuring practice in New York.

08 September 2020

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