Topic: Recognition

White & Case advising as Americanas files Ch15 in New York

Rio de Janeiro-headquartered retail giant Americanas has sought New York recognition of its Brazilian judicial recovery proceedings to protects its US assets, two weeks after it disclosed a near four-billion-dollar gap in its balance sheet.

26 January 2023

Australian court recognises businessman’s Singaporean bankruptcy

The Singaporean trustees of a bankrupt Australian businessman have secured recognition of their appointments in Australia so they can investigate his assets after he failed to file a statement of affairs in compliance with Singapore’s insolvency laws.

25 January 2023

English court orders Chinese businessman to disclose documents to Ch11 trustee

An exiled Chinese businessman, who filed for bankruptcy in the US last year claiming to be in “continuous fear” of the Chinese government, has been ordered to disclose documents to his Chapter 11 trustee in relation to a claim he is pursuing against Swiss bank UBS in London.

24 January 2023

Foreign creditors violated Avianca’s Ch11 plan, New York court finds

Latin American airline Avianca has asked a New York court to make a first-of-its-kind order sanctioning over 160 foreign creditors for violating the injunction terms of its Chapter 11 plan.

19 January 2023

Saudi adds cross-border bankruptcy rules based on UNCITRAL Model Law

New procedures for recognising and enforcing foreign bankruptcies have been introduced in Saudi Arabia for the first time, which one local lawyer tells GRR should help to encourage investment in the country.

19 January 2023

Baccarat investor staves off possible UK jail time with last-minute concessions

A Chinese former owner of French luxury crystal manufacturer Baccarat has averted possible jail time in the UK, after brokering an out-of-court deal with her Hong Kong bankruptcy trustees to adjourn a contempt application over her refusal to cooperate with them.

18 January 2023

E Munhoz, Davis Polk, Pinheiro Neto, Cleary and Arendt advise as Ocyan begins restructuring

UPDATED: Offshore oil drilling group Ocyan, formerly known as Odebrecht Óleo e Gás, has opened Brazilian extrajudicial reorganisation proceedings to deal with a US$2.7 billion debt pile through a debt-for-equity swap.

13 January 2023

Canadian construction group to sell US assets after Ch15 approval

A US-registered subsidiary of Calgary-based construction group Nilex has had its Canadian restructuring recognised in Colorado, allowing it to proceed with asset sales in the US.

13 January 2023

FTX CEO and Bahamian JPLs sign co-operation agreement

Despite an escalating war of words at the start of last week, the team behind bankrupt cryptocurrency platform FTX’s Chapter 11 case and the securities regulator of the Bahamas and its appointed liquidators have agreed to cooperate.

09 January 2023

Validity of energy pricing lies outside of bankruptcy court’s remit, Fifth Circuit rules

US bankruptcy courts do not have the authority under Texas law to decide if power rates charged by the Electric Reliability Council of Texas and the Texas Public Utility Commission were illegal, the Fifth Circuit Court of Appeals has ruled.

09 January 2023

Unlock unlimited access to all Global Restructuring Review content