October 30, 2020

Ocean Rig UDW says Schemes of Arrangement receives approval from Cayman Islands Court

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By Sonia Wilson from Fairmount Times Ocean Rig UDW (ORIG) said Monday that the Grand Court of the Cayman Islands has sanctioned the schemes of arrangements of the company and its subsidiaries, Drill Rigs Holdings Inc., Drillships Financing Holding Inc., and Drillships Ocean Ventures Inc. The company said the terms of the restructuring have been […]

Ocean Rig UDW files for bankruptcy protection

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By Patrick Fitzgerald From Market Watch Offshore drilling contractor Ocean Rig UDW Inc. filed for bankruptcy protection in the U.S. to block distressed debt investors from interfering with a debt restructuring that will slash $3.7 billion in debt from its books. The Cayman Islands holding company filed Monday night for protection under chapter 15, the […]

Cayman Islands: CHC Group foreign proceeding approval sought

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BY BRANDY CHETSA From Bankrupt Company News CHC Group filed with the U.S. Bankruptcy Court a motion for entry of an order authorizing a Debtor affiliate to commence a foreign an ancillary proceeding in the Cayman Islands with respect to CHC Parent’s estate. The motion explains, “As a result of CHC’s global operations and the anticipated […]

Madoff case ruling means some offshore funds protected

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From Offshore Bankers A ruling in a bankruptcy case in a federal court in New York involving fraudster Bernard Madoff and the Koch brothers, U.S. billionaires known for funding conservative causes, has put some offshore funds out of reach of trustees trying to recover funds. Judge Stuart Bernstein’s ruling, issued Monday, means Charles and David […]

US: Bankruptcy judge in Sports Authority case rejects bonuses for executives

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By Laura Northrup From Consumerist U.S. Bankruptcy Court judge Mary Walrath may be a new folk hero. She’s the judge handling the Sports Authority case, and today she ruled that four Sports Authority executives will not receive a combined $2.85 million in bonuses that the company claims are incentives. Incentives for running the company into […]