Regional news: United States of America

US mulls overriding safe harbour rights in "too big to fail" bank contracts

Interested parties have until 5 August to submit comments on recent US proposals that seek to override certain safe harbour rights held by parties in financial contracts with distressed global systemically important banks (G-SIBs).

17 June 2016

China-focused BVI company obtains New York recognition of Hong Kong scheme

Winsway Enterprises Holdings, a British Virgin Islands-incorporated coking coal supplier that predominantly operates in China, has obtained approval of its Hong Kong scheme of arrangement from a New York court soon after a parallel scheme of arrangement was sanctioned in the BVI.

17 June 2016

NEW YORK: Distressed M&A deals in Latin America need cleaner strategies to soothe creditors

Lawyers representing debtors in distressed M&A deals in Latin America need to provide clearer communication strategies and valuation plans to avoid troubling creditors, guests at the first Latin Lawyer – GRR Restructuring Summit in New York heard last Monday.

16 June 2016

Chapter 15: Hong Kong and Canadian cases recognised in NY, Cayman filing lands in Dallas

Over the past two weeks, judges in New York have recognised foreign proceedings in Hong Kong and Canada under Chapter 15, while a further filing in the Wyly saga was registered in Texas.

13 June 2016

NEW YORK: DIP financing has broken ground in Latin America but remains “dysfunctional”

A number of recent high-profile cross-border restructurings have brought changes to the way Latin American lawyers approach debtor-in-possession financing, but applicable laws remain “dysfunctional” according to a panel at Latin Lawyer – GRR Restructuring Summit in New York last Monday.

10 June 2016

Australian administrator disputes costs attached to $100m New York loan

The administrator of distressed Australian steel manufacturer Arrium steel has brought a claim disputing legal costs attached to a US$100 million loan the company recently repaid to New York asset management firm GSO.

02 June 2016

Australian energy company's US subsidiaries file for Chapter 11 to avoid "disaster"

The US subsidiaries of Australia’s Linc Energy have filed for Chapter 11 protection in Texas, citing an “immediate” need to draw US$10 million of interim DIP financing to pay operating costs while its Australian parent faces its own insolvency proceedings.

01 June 2016

Bankruptcy trustee seeks to withdraw Egyptian gas claims to avoid double recovery

The liquidation trustee of a US energy holding company has sought permission from a New York bankruptcy court for the debtor to withdraw certain overlapping claims it brought in a series of international arbitrations against Egypt, whose outcomes are likely to determine whether unsecured creditors get paid.

27 May 2016

Chinese property developer secures bondholder approval for restructuring plan

Shenzhen property developer Kaisa Group has received approval for its restructuring plan from a majority of creditors in both Hong Kong and the Cayman Islands.

25 May 2016

Bahamas publishes list of countries whose insolvency proceedings it can recognise

The Bahamian Liquidation Rules Committee has published a list of foreign jurisdictions whose insolvency proceedings the Bahamian courts will now be able to recognise, closing a lacuna in the local law that left foreign creditors unable to access Bahamian assets at least twice in the past year.

20 May 2016

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