It is hard to believe how quickly 2022 has flown by. We wish you and your family a healthy, happy and prosperous new year filled, hopefully, with some international travels. The International Committee has indeed been busy; keep reading to hear all the amazing things we have been up to!!!
First Annual ABI International Matter of the Year Award
The committee selected In re LATAM Airlines Group S.A., et al., as the winner of the First Annual ABI International Matter of the Year Award. The award is given to a matter that (1) involved the U.S. and one or more other jurisdictions; (2) resulted in the completion of a unique, strategic or challenging international transaction or litigation; and (3) was of international legal significance and impact in relation to the distressed/insolvency industry. Additionally, the committee selected In re Luckin Coffee Inc. for an Honorable Mention. Both awards were presented at the Cross-Border Insolvency Program on Nov. 14, 2022, at the New York offices of Blank Rome LLP. Check out the summary of these two cases, as well as the conference, in this newsletter.
Winter Leadership Conference
The International Committee teamed up with Asset Sales Committee to put on a panel at the Winter Leadership Conference titled, “Asset Recoveries in Foreign Lands.” This panel discussed some of the more interesting aspects of the asset-recovery process, specifically as it relates to locating foreign assets (i.e., Russian yachts). The panelists also focused on post-COVID-19 issues, including situations where banks were not monitoring collateral as closely as they should have been and are now having trouble locating said assets and selling them, specifically in international cases where the bankruptcy is abroad and the clients are seeking recognition in the U.S. The speakers for this panel were Jennifer Fox, Ogier, Grand Cayman, Cayman Islands; Adam M. Lavine, Kobre & Kim LLP, New York; and John Royle, Grant Thornton LLP, Grand Cayman, Cayman Islands. The conference was held in La Quinta, Calif., Dec. 8-10.
International Committee Webinars
The ABI International Committee has a number of webinars planned for the coming weeks. A successful webinar held on Jan. 10, Anatomy of an Indian Insolvency Proceeding: The ABCs of India's IBC, discussed India's insolvency law and its implications on cross-border proceedings, as well as potential investment opportunities in India. The committee's next webinar, International/Cross-Border Litigation: Judgment Enforcement and Venue Considerations, will be held on Jan. 25 in conjunction with the Financial Advisors and Investment Banking Committee. A webinar about recent cross-border cases involving Latin America is being targeted for February. Stay tuned for more information.
Welcome to Our New Committee Members
The International Committee continues to grow, and we’d like to extend a particular welcome to our newest members, who perfectly highlight the international reach of this committee. You can read a bit about some of our newest members in the “New Member Spotlight” section of the newsletter.
Articles
Thankfully, you don’t have to wait until these upcoming webinars for intriguing international content. We have some great substantive articles in this issue:
- Toward a New DIP Financing Regime Under European Restructuring Plans: Views from Spain, by José Carles
- Creditors’ Possibility of Recovering Goods from Bankrupt Debtors Under Insolvency Proceedings: An Overview of U.S. and Mexican Insolvency Laws, by Juan José Iturbe López and Alejandro Agredano Zermeño
- Insolvency Reforms to Nigeria’s Companies and Allied Matters Act 2020, by Tobenna Nnamani
- Matter of the Year Summary: LATAM Airlines Group SA
- Honorable Mention Matter Summary: Luckin Coffee
- Cross-Border Insolvency Program Recap, by Kenneth Kraft
- International Insolvency & Restructuring Symposium Recap, by Evan Zucker
Speaking and Writing Opportunities
The International Committee is always looking for people interested in writing or speaking on international insolvency issues. If you are interested in contributing to future newsletters, please reach out to Adam Crane or Evan Zucker, our Newsletter Directors. If you are interested in speaking at one of our upcoming webinars (or have an idea for a webinar), please contact Ken Kraft, Special Projects Leader. Contact information can be found on the International Committee’s website, abi.org/membership/committees/international. All newsletters and past webinars are also accessible on the website.
Global Insolvency Webpage
Keep up with international content between newsletters by visiting ABI’s Global Insolvency webpage (https://globalinsolvency.com), where you can find the latest news on issues pertaining to global insolvency and search for resources on a country-by-country basis.
— Happy Holidays!!!
Evelyn Meltzer
Kyle Ortiz