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    Telecommunications giant files for Brazil's biggest bankruptcy request
    2016-06-23

    Rio de Janeiro-based Oi SA, Brazil’s fourth-largest telecom company, filed on Monday 20 June 2016 the largest judicial reorganisation petition in Brazil’s history, days after debt restructuring talks with creditors collapsed. The filing of Oi and six subsidiaries lists 65.4 billion reais ($19.26 billion) in debt. The company also filed for Chapter 15 protection in the U.S. on Tuesday.

    Filed under:
    Brazil, Insolvency & Restructuring, Telecoms, DAC Beachcroft, Bankruptcy, Shareholder, Debt, Debt restructuring
    Authors:
    Anthony Menzies , Jorge Salgado-González
    Location:
    Brazil
    Firm:
    DAC Beachcroft
    Telecommunications giant files for Brazil's biggest bankruptcy request
    2016-07-18

    On 20 June 2016, Rio de Janeiro-based Oi SA, Brazil’s fourth-largest telecom company, filed the largest judicial reorganisation petition in Brazil’s history, days after debt restructuring talks with creditors collapsed. The filing of Oi and six subsidiaries lists 65.4 billion reais (USD19.26 billion) in debt. The company has also filed for Chapter 15 protection in the U.S.  As from the date of filing the accrual of interests, penalties, monetary correction and late charges are suspended and will only become enforceable if the judicial reorganisation becomes a bankruptcy.

    Filed under:
    Brazil, Insolvency & Restructuring, Telecoms, DAC Beachcroft, Share (finance), Bond (finance), Bankruptcy, Shareholder, Broadband, Debt, Investment banking, Investment funds, Cashflow, Subsidiary, Bond credit rating, Debt restructuring
    Authors:
    Anthony Menzies , Jorge Salgado-González
    Location:
    Brazil
    Firm:
    DAC Beachcroft
    OGX insolvency – what distressed investors need to know about Brazilian bankruptcy process
    2013-11-07

    On October 30, 2013, Brazilian oil company OGX Petróleo e Gas Participações SA (OGX) filed for bankruptcy protection (or “judicial reorganization”) in Rio de Janeiro after restructuring discussions between the company and its major creditors ended without agreement. With nearly $5 billion of debt, OGX is the largest and most complex bankruptcy proceeding to be conducted in Latin America and will not only test Brazil’s nascent bankruptcy law, but also presents itself as the latest potential opportunity for distressed investors focused on Latin American emerging markets.

    Filed under:
    Brazil, Insolvency & Restructuring, Katten Muchin Rosenman LLP, Bankruptcy, Debt, Distressed securities
    Location:
    Brazil
    Firm:
    Katten Muchin Rosenman LLP
    Restructuring 2014 – Brazil
    2014-01-17

    Actions prior to a formal proceeding

    What duties do directors or officers of a company owe creditors or other third parties if the company is insolvent or in financial difficulties, or has negative net worth? Is there a standard of care towards third parties? In what circumstances can officers and directors be found civilly or criminally liable for continuing to operate a company in financial difficulties? In practice, are such liabilities commonly enforced?Actions prior to a formal proceeding

    In Brazil, directors and officers do not owe any duties directly to creditors of

    Filed under:
    Brazil, Company & Commercial, Insolvency & Restructuring, TozziniFreire Advogados, Bankruptcy, Shareholder, Credit (finance), Debtor
    Location:
    Brazil
    Firm:
    TozziniFreire Advogados
    Court-supervised reorganizations: capital market protection mechanisms
    2014-04-02

    The court-supervised reorganization of corporations introduced by Law 11101/05 (the Brazilian Reorganization and Bankruptcy Law - "LRF" in the Portuguese acronym) arose as one of the changes needed to lower credit risk and achieve greater reductions in interests accrued on financial loans. However, little has been said about the fact that the LRF has introduced several capital market protection mechanisms, which we will discuss in this article.

    Filed under:
    Brazil, Capital Markets, Insolvency & Restructuring, Securitization & Structured Finance, Demarest Advogados, Bankruptcy
    Location:
    Brazil
    Firm:
    Demarest Advogados
    Arbitration and bankruptcy in Brazil
    2010-07-20

    Although in some jurisdictions arbitration is a long-established form of alternative dispute resolution, this mechanism has only recently been regulated in Brazil. The Brazilian Commercial Code, enacted in 1850, already included a few sparse provisions regarding commercial arbitration, but there were no references to specific rules. It was not until 1996 that Brazil passed its first specific arbitration statute, Law No. 9,307/96 (Arbitration Law).

    Filed under:
    Brazil, Arbitration & ADR, Insolvency & Restructuring, Mayer Brown, Bankruptcy, Debtor, Arbitration clause, Arbitration award, Decentralisation, Liquidation, Capital punishment, UNCITRAL, United States bankruptcy court
    Authors:
    Leonardo P. Costa , Fernando Fernandes Xavier
    Location:
    Brazil
    Firm:
    Mayer Brown
    Delay penalty imposed on bankrupt estate may reach the credits prior to the new bankruptcy law
    2013-04-26

    The Superior Court of Justice (Superior Tribunal de Justiça - STJ) judged Direct Appeal n. 1.223.792 where the State of Mato Grosso do Sul sought to include the delay penalty in the classification of the credits in the bankruptcy of a company. According to the opinion announced by the Second Panel, in the case of bankruptcy declared during the validity term of Law n.

    Filed under:
    Brazil, Insolvency & Restructuring, Litigation, Tax, Machado Meyer Advogados, Bankruptcy, Ex post facto law
    Location:
    Brazil
    Firm:
    Machado Meyer Advogados
    Madoff litigation
    2011-03-22
    • In Irving H. Picard v Bernard L. Madoff Investment Securities LLC, BVIHCV 0140/2010, the trustee appointed in the liquidation of the business of Bernard L. Madoff Investment Securities LLC (“Picard” and “BLMIS”) sought, amongst other things, (i) recognition in the BVI as a foreign representative; (ii) an entitlement to apply to the BVI Court for orders in aid of the foreign proceeding; and (iii) an entitlement to require any person to deliver up to him any property of BLMIS.
    • Bannister J.
    Filed under:
    British Virgin Islands, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Harneys, Bankruptcy, Security (finance), Liquidation, Writ, Common law, Trustee, Commercial Court (England and Wales)
    Location:
    British Virgin Islands
    Firm:
    Harneys
    Reflections on the Metavante decision and the ISDA Master Agreement: the British Virgin Islands perspective
    2009-10-02

    On 15 September 20091 the judge responsible for the Lehman bankruptcy proceedings in the United States held that Metavante Corporation (“Metavante”) could not rely on Section 2(a)(iii) of the ISDA Master Agreement to suspend payments to Lehman Brothers Special Financing, Inc. (“LBSF”). Specifically, Judge Peck held that the safe harbour provisions in the US bankruptcy code protected a non-defaulting party’s contractual rights to liquidate, terminate or accelerate swaps and to net termination values but did not provide a basis to withhold performance under a swap if it did not terminate.

    Filed under:
    British Virgin Islands, Derivatives, Insolvency & Restructuring, Litigation, Harneys, Bankruptcy, Safe harbor (law), Swap (finance), Concession (contract), Liquidation, Default (finance), Liquidator (law), International Swaps and Derivatives Association, Lehman Brothers, Enron
    Authors:
    Colin Riegels
    Location:
    British Virgin Islands
    Firm:
    Harneys
    Changes to insolvency procedure
    2011-02-17

    A number of changes have been made to insolvency procedure to remove various discrepancies and controversial practices:

    Filed under:
    Bulgaria, Insolvency & Restructuring, CMS Cameron McKenna Nabarro Olswang LLP, Bankruptcy, Costs in English law, Debtor, Debt, Secured creditor, Capital punishment
    Authors:
    Atanas Bangachev , Desislava Vasileva
    Location:
    Bulgaria
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP

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