Regional news: North America
Heads-Up: Nick Hoffman at Harneys in the Cayman Islands
Harneys’ recently appointed global head of disputes Nick Hoffman talks to GRR about the increasing need for firms to find new fee structures, whether it would be credible for UNCITRAL to replace the concept of COMI and his faith in the next generation of restructuring lawyers.
03 May 2024
US cannabis distributor uses California receivership and Canadian bankruptcy to liquidate
US cannabis company MedMen has filed for bankruptcy in Canada, while its California-based subsidiary has entered receivership in the Los Angeles Superior Court.
03 May 2024
“I find Chapter 15 cases challenging and this case did not disappoint”: Delaware court enforces Goli’s RVO
A Delaware bankruptcy judge has recognised and enforced a Canadian reverse vesting order obtained by health and wellness company Goli Nutrition and agreed to allow a Montreal court to rule on an ownership dispute over its US-based property.
30 April 2024
Casino operator launches Ch11 after holding company wound up in Hong Kong
A subsidiary of casino operator Imperial Pacific International has failed to secure DIP financing at a first day hearing in Chapter 11 proceedings it launched in the Northern Mariana Islands last week, days after the group’s holding company was wound up in Hong Kong.
26 April 2024
Ted Baker secures protection in Canada and US as European group struggles
A retail group that operates the Ted Baker brand in North America has filed insolvency proceedings in Ontario and secured emergency Chapter 15 relief in New York, weeks after the brand’s UK operator entered administration in England.
26 April 2024
English court denies anti-suit injunction against Russian oligarch bankruptcy
The widow and daughter of a deceased Russian oligarch have failed to secure an anti-suit injunction in England to block a €1.5 billion bankruptcy application against his estate in Russia on the grounds that the Russian proceedings would be “vexatious or oppressive” to ongoing litigation in the UK.
26 April 2024
US Trustee and UCC say Kirkland is conflicted in Invitae’s Ch11
The US Trustee’s office has objected to medical genetics company Invitae retaining Kirkland & Ellis as counsel in its Chapter 11 bankruptcy in New Jersey, a week after an unsecured creditors committee filed a similar motion alleging the firm has a conflict of interest because it is also representing the debtor’s only secured creditor.
24 April 2024
Ch15 round-up: Israeli biotech company seeks recognition as Evergrande withdraws
A NASDAQ-listed biotech company is seeking recognition of its Israeli restructuring in Delaware after Canada’s Pride Group secured provisional relief there last week, while the trustee of an English bankrupt has won an order blocking the sale of property in Oklahoma and China Evergrande has withdrawn its Chapter 15 action in New York.
23 April 2024
Westinghouse seeks to reopen Ch11 over “unconstitutional” US Trustee fees
The company created to administer US nuclear power business Westinghouse’s obligations under its Chapter 11 plan has asked a New York court to reopen the bankruptcy so it can seek to clawback over US$5 million in fees paid to the US Trustee.
22 April 2024
Oi creditors approve another restructuring plan
Brazilian telecommunications group Oi has secured creditor approval for its latest restructuring plan to facilitate a debt-for equity swap, introduce new money and see the group sell almost US$3 billion in assets.
22 April 2024