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Chapter 15, Cross-Border & International Insolvency

Contacts

Rahman Connelly
Partner, New York
T: +1.212.858.1237
John A. Pintarelli
Partner, New York
T: +1.212.858.1213
Patrick J. Potter
Partner, Washington, DC
T: +1.202.663.8928
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Areas of Focus

Our team of restructuring lawyers has substantial experience assisting clients in the navigation of challenges posed by multinational insolvencies brought about by the global nature of today’s business environment.

Pillsbury represents clients in all aspects of domestic, international and cross-border restructurings, including cases where the debtors use chapter 15 to expand the reach of their foreign insolvency proceedings. 

Our clients include foreign representatives, court-appointed liquidators, bankruptcy trustees, receivers, financial institutions, hedge funds, corporations, insolvency practitioners, and individuals.

We advise clients with multidisciplinary teams of attorneys from across our various offices and offer practical, creative solutions to best assert and protect our clients’ interests. We leverage our global transactional and litigation know-how (honed from representing clients in their highest profile transactions and most sensitive litigations) to deliver cutting-edge solutions and positive results.

Recognized for our innovative representation of financially distressed entities, creditors’ rights work and strategic advice to stakeholders dealing with troubled projects, we deliver creative solutions and positive results for our clients.

Representative Experience

  • Represent indenture trustee in chapter 15 proceeding of Aralco S.A. filed in conjunction with its recuperação judicial proceedings in Brazil. (In re Aralco S.A., Industria e Comercio -em recuperação judicial)
  • Represent indenture trustee in chapter 15 proceeding of OAS S.A. filed in conjunction with its recuperação judicial proceedings in Brazil. This groundbreaking restructuring of one of Brazil’s largest contracting firms was selected by Latin Lawyer as its 2015 restructuring deal of the year. (In re OAS S.A., et al)
  • Represent, as U.S. counsel, joint official liquidators of two affiliated Cayman Islands investment funds in their Cayman liquidation proceedings and related chapter 15 proceedings in the United States, including an investigation into the misappropriation of the funds’ assets by their former investment advisor. (In re IIG Global Trade Finance Fund Ltd., et al.)

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  • Chapter 15 Experience
    • Represent, as U.S. mediation chapter 15 counsel, the Kingate Funds, BVI–based feeder funds of BLMIS, in the settlement of $926 million in claims brought against the funds by the Bernard Madoff Trustee. (In re Kingate Global Fund, Ltd. and Kingate Euro Fund, Ltd.)
    • Represent, as U.S. counsel, the business recovery professionals of Comair Limited, a South African airline, in its chapter 15 case and South African business rescue proceedings. (In re Comair Limited (In Business Rescue))
    • Represent, as U.S. counsel, Commercial Bank of Kuwait, a former investor of Fairfield Sentry, in defending against claims brought by the BVI-based liquidators of Fairfield Sentry to claw back redemption payments under common law and BVI law in Fairfield Sentry’s chapter 15 case. (In re Fairfield Sentry Ltd., et al.)
    • Represent, as U.S. counsel, two of the largest banks in Iceland in various aspects of their chapter 15 cases, including on issues related to securities matters, restructuring of assets, cross-border conflicts of law, and litigation matters, as well as by providing advice related to the global settlement of claims against Landsbanki and obtaining recognition of Landsbanki’s Composition Plan by the U.S. Bankruptcy Court for the Southern District of New York. (In re Landsbanki Islands hf. and In re Glitnir Banki hf.)
    • Represent, as U.S. counsel, the bankruptcy trustee of an Icelandic individual in a chapter 15 case and the related sale of three investment properties in Florida and New York, resulting in net proceeds in excess of $2 million being distributed to the trustee for the benefit of Icelandic creditors. (In re Gudmundur Birgisson)
    • Represent Wilmington Savings Fund Society, in Cayman scheme of arrangement proceedings and related U.S. chapter 15 case. (In re Ocean Rig UDW Inc.)
    • Represent Airbus Americas Customer Services, Inc., chapter 15 case. (In re Compania Mexicana de Aviacionn, S.A. de C.V.)
    • Represent insolvency administrator of Lehman Brothers Bankhaus AG (in Insolvenz) in chapter 15 case, including resolution of inter-company claims and litigation of certain swap and repo claims.
    • Represent Deutsche Bank as indenture trustee under certain debtor-issued notes in the chapter 15 case of Servicios de Petroleo Constellation S.A.
    • Represent and defend non-U.S. banks in the chapter 15 case of Fairfield Sentry Ltd. against claims brought by the BVI-based liquidators to claw back redemption payments under BVI common law and insolvency law and the U.S. Bankruptcy. Code. (In re Fairfield Sentry Ltd., et al.)
    • Represent Citgo Petroleum Company in the chapter 15 case of PDV Insurance Company Ltd. and related discovery disputes. (In re PDV Insurance Company, Ltd.)
  • Other Cross-Border Representations – Aviation
    • Represent various aircraft and engine counterparties in the U.S. chapter 11 case of Latin America’s largest air carrier, LATAM Airlines Group S.A.
    • Represent various aircraft and engine counterparties in the U.S. chapter 11 case of Colombian airline Avianca Holdings S.A.
    • Represent various aircraft counterparties in the U.S. chapter 11 case of Mexican airline Grupo Aeromexico, S.A.B. de C.V.
    • Represent one of the largest creditors in the Romanian composition procedure of Blue Air Aviation SA.
    • Represent, as U.S. counsel, liquidity facility provider in connection with Norwegian Air Shuttle ASA’s examinership and reconstruction processes in Ireland and Norway.
  • Other Cross-Border Representations - Financial Services
    • Represent Moroccan creditor in U.S. cryptocurrency litigation.
    • Represent, as U.S. counsel, a sovereign wealth fund in the liquidation of its hard tech subsidiary, sale of its assets and related litigation against a former executive for breach of fiduciary duties.
    • Represent, as U.S. counsel, the joint official liquidators of three Cayman Islands investment funds in dual cross-border proceedings in the Cayman Islands and the United States, including the liquidation of the funds’ assets and investigation into potential fraudulent transactions and mismanagement by the former managers and directors of the funds. (In re Soundview Elite Limited, et al.)
    • Represent, as U.S. counsel, the joint official liquidators of a Cayman Islands investment fund on the recovery of the fund’s assets and the investigation into its former investment advisor who was convicted of money laundering and the subject to a $12 million forfeiture judgment in favor of the U.S. government. (Global Securities Trade Finance)
    • Represent, as U.S. counsel, the liquidator of the Bank of Antigua Ltd., in the recovery of assets for the benefit of creditors that were defrauded by the Stanford International Bank.
    • Represent, as U.S. counsel, Louis J. Freeh, former Federal Judge and former Director of the Federal Bureau of Investigation, as chapter 11 trustee for MF Global in its chapter 11 proceeding and the liquidation of a complex global operation and recovery of loans to affiliates, many of which were in their own administration or liquidation proceedings domestically and internationally. (In re MF Global Holdings Ltd., et al.)
    • Represent liquidators of several offshore hedge funds that invested directly or indirectly in Bernard L. Madoff Investment Securities, Inc. (BLMIS) in proceedings in the United States, the Cayman Islands, the British Virgin Islands and Europe. (In re Bernard L. Madoff Investment Securities, Inc. (SIPA))
    • Represent certain foreign banks relating to insolvency proceedings involving a multibillion-dollar fraud.
    • Represent, as U.S. counsel, the buyer of a distressed China-based regulated payment business through a Hong Kong receivership. (Confidential)
    • Represent joint administrators of Lehman Brothers International (Europe) In Administration in litigation relating to certain swap and derivative transactions.
    • Represent group of 10 European banks in fraudulent transfer litigation commenced by the estate of Mirant, Inc. relating to a loan made to finance power generation facilities being developed in Italy and Norway. We successfully obtained summary judgment, which was affirmed by the U.S. Court of Appeals for the Fifth Circuit.
    • Represent administrators of Cayman Islands’ hedge fund in litigation arising from the LyondellBasell bankruptcy case.
    • Represent lender in coordinated bankruptcy cases in the U.S. and Canada using protocol approved by both courts.
  • Other Cross-Border Representations - Energy
    • Represent Japanese investors that had continuing capital contribution and credit support obligations, as well as various creditor claims, in successfully exiting investments in Brazil (related to Petrobras scandals).
    • Represent certain entities in connection with one of the largest oil company bankruptcies in history (Yukos Oil Company).
    • Represent Larsen & Toubro Hydrocarbon Engineering on the creation of a new form of framework agreement to preserve client rights and a consortium’s rights to billions of dollars of contracts with Saudi Aramco. This deal was honored by the Financial Times in connection with the publication’s annual North America Most Innovative Lawyers awards program in 2017.
    • Represent ad hoc group of term loan B lenders with $267 million outstanding in connection with the Australian restructuring and recapitalization of Atlas Iron Limited Australia, independent Australian iron ore company. The transaction was awarded the Insolvency & Restructuring Deal of the Year at the 2016 Australasian Law Awards.
    • Represent a subsidiary of Sembcorp in the $14 billion bankruptcy of Seadrill and subsidiaries by successfully preserving disputed ownership rights over a new semi-submersible drilling rig, the West Rigel.
    • Represent, as U.S. counsel and lead deal counsel, Sumitomo Corporation in the Apex Silver Mines Limited chapter 11 case as pre-petition secured lender, DIP lender, and acquirer (from Apex's non-debtor subsidiaries) of Minera San Cristobal, the largest silver, zinc and lead mine in Bolivia. (In re Apex Silver Mines Ltd.)
    • Represent financiers of solar power projects in Europe and South America in resolving claims in SunEdison, Inc.’s bankruptcy case.
  • Additional Cross-Border Experience
    • Represent U.S. government contractor non-debtor subsidiaries in the U.S. chapter 11 case of Australian company Speedcast International Limited.
    • Represent Japanese publicly traded Fujimori in connection with its section 363 acquisition of operating assets from the Hedwin chapter 11.
    • Represent trustee of the $300 million Xacur bankruptcy estates, who won recognition as a U.S. Trustee in Mexico under Title XII of the Mexican Commercial Bankruptcy Law for recognition of a United States based trustee.
    • Represent joint administrators of Toys “R” Us Limited In Administration in connection with inter-company and related claims in the Toys “R” Us, Inc. bankruptcy case.
    • Represent Bermuda based cruise line in coordinated proceedings with the U.S. bankruptcy court and Bermudan administration.
    • Represent Singapore company in acquiring several fishing vessels from the Peru subsidiary of China Fisheries, which was indirectly under the control of a chapter 11 trustee.
  • Additional International Insolvency Experience
    • Through U.S. Department of Commerce (CLDP Division), USAID, World Bank, and individual country-sponsored efforts, assist in the drafting and implementation of new insolvency laws in Saudi Arabia, UAE, Bahrain, Morocco, Kuwait, Georgia, Armenia and several Latin America countries.

Practice Area Highlights

  • Pillsbury partners are active members in the International Insolvency Institute (III), the International Association of Restructuring, Insolvency & Bankruptcy Professionals (INSOL) and the International Women’s Insolvency & Restructuring Confederation (IWIRC).
  • Pillsbury is “Highly Commended” by Financial Times for legal innovation in our out-of-court work.
  • Best Lawyers recognizes our Bankruptcy and Creditor/Debtor practice as among the top in the nation and U.S. News & World Report reports top-tier national recognition to Pillsbury for bankruptcy litigation.

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  • Lawdragon has recognized several of our partners on their annual lists of the 500 Leading Global Restructuring & Insolvency Lawyers and 500 Leading U.S. Bankruptcy & Restructuring Lawyers.
  • Chambers USA recognizes individual Bankruptcy/Restructuring partners throughout our various offices.
  • Law360 recognizes individual Bankruptcy/Restructuring partner as one of five national “Rising Stars” under 40.
  • Multiple “Deal of the Year” honors and other accolades from publications such as The Financial Times, M&A Advisor, Global M&A Network (“Cross Border Turnaround of the Year” in 2018), Turnaround Management Association, International Financial Law Review and Latin Lawyer.

Awards

2022 Lawdragon 500 Guide

Three Pillsbury partners named to the 2022 Lawdragon U.S. Bankruptcy & Restructuring Lawyers guide

2022 U.S. News—Best Lawyers Best Law Firms

96 Tier 1 practice rankings in the U.S. News—Best Lawyers 2022 Best Law Firms survey

2022 Latin Lawyer Deal of the Year - Restructuring

Counsel for multiple creditors in the chapter 11 restructuring of Avianca Holdings, S.A.

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