Managing Parallel Proceedings: USA & Cayman Islands
This article first appeared in the Summer 2014 edition of Eurofenix, published by INSOL Europe.
Eurofenix recently spoke with Kim Newmarch of DLA Piper LLP, Caroline Moran of Maples and Calder and Eleanor Fisher of Zolfo Cooper to discuss their experiences in recent cross-border insolvency proceedings between the US and the Cayman Islands.
This involved the restructuring of the Trident group of companies that was carried out through a liquidation of the Cayman Islands holding company, Trident Microsystems Far East in the Cayman Islands, and parallel and complementary Chapter 11 proceedings for that company in the US.
This article highlights key issues that can arise in such cross-border proceedings and gives some practical guidance for practitioners.