Topic: Cross-border insolvency

Brazilian and US firms advise as Ocyan begins restructuring

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

17 January 2023

US court dismisses last challenge to LATAM Chapter 11 plan

Dismissing the last remaining dispute over LATAM Airlines’ Chapter 11 plan, the US’s Second Circuit Court of Appeals has addressed for the first time whether a debtor has to pay post-petition interest (PPI) to unsecured creditors to be able to treat them as unimpaired.

20 December 2022

Constellation finalises second restructuring

Global oil group Constellation has completed the last step of its global reorganisation after its Caribbean subsidiary secured US recognition of a British Virgin Islands provisional liquidation for the second time in two years.

19 December 2022

LATAM completes Chapter 11

A slew of US and Latin American firms have helped LATAM Airlines exit from its Chapter 11 proceedings, putting an end to a landmark cross-border restructuring that began over two years ago.

09 November 2022

Brazilian engineering giant Andrade Gutierrez files Chapter 15

One of Latin America’s largest engineering groups has sought recognition of its Brazilian restructuring in New York to stay a claim brought by Missouri-headquartered UMB Bank, which is seeking to recover over US$40 million owed under notes that matured last year.

04 November 2022

Alpha seals Colombian restructuring amid Chapter 11 process

Alpha Latam Management – a lender that operates in Colombia and Mexico – has hired a slew of firms to finalise the Colombian section of its Chapter 11 restructuring, increasing its available capital by US$87 million.

03 October 2022

Crédito Real seeks Chapter 15 recognition of Mexican liquidation

Shadow bank Crédito Real is seeking Chapter 15 recognition of its recently-ordered Mexican liquidation in Delaware to protect its US assets, as it looks to dismiss an involuntary Chapter 11 proceeding launched by creditors in New York last month.

21 July 2022

Brazil’s Constellation completes second restructuring

US firm White & Case LLP, Galdino & Coelho Advogados in Rio de Janeiro and two Mattos Filho offices have helped Brazilian oil drilling company Constellation complete a US$1.84 billion global restructuring, allowing it to exit a four-year recovery period and cut its debt by more than half.

05 July 2022

Chile’s CorpGroup gets Chapter 11 plan approval

Simpson Thacher & Bartlett LLP in New York and Washington, DC and Carey in Santiago have helped Chilean financial holding company CorpGroup obtain approval for its Chapter 11 plan in New York.

30 June 2022

LATAM Airlines wins Chapter 11 plan approval

Over two years after it sought Chapter 11 protection in New York, LATAM Airlines has received court approval of a restructuring plan that will facilitate the injection of about US$8 billion through a capital increase, the issuance of convertible bonds and new debt.

22 June 2022

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