Last month was marked by cross-border related milestones on high-profile in-court restructurings of Latin American companies. The US Court handling the Chapter 15 case of Chilean casino Enjoy SA recognized the restructuring plan approved by its creditors and sanctioned by the Chilean court overseeing its domestic proceeding, but refused to close the ancillary proceeding due to a proof of claim filed by a creditor against certain subsidiaries.

Also in October, a High Court Judge in London sanctioned a scheme of arrangement proposed by Brazilian electricity company Light SA as part of its wider efforts to restructure its bond debt, and the US Bankruptcy Court handling the company’s Chapter 15 case scheduled a recognition hearing for 12 November (see Court Calendar below). In addition, the US bankruptcy judge overseeing the Mina Tucano Ltda. Chapter 15 case has ordered the closing of the proceeding commenced in 2022 by the Brazilian gold mining company.