Kalo Continues Winning Ways
Kalo and the team involved in the Ocean Rig restructuring continue their winning ways - this time on the other side of the Atlantic in London. The deal was named as the winner in ‘Innovation in Cross-Border Insolvency and Restructuring’ at the 2018 Global Restructuring Review (GRR) awards, held in London on June 26th. The awards judges noted that the Cayman restructuring of Ocean Rig marked a number of firsts: the first time a centre of main interests (COMI) shift has taken place before the appointment of joint provisional liquidators in the Cayman Islands; the first time a Cayman Court sanctioned schemes of arrangement promoted by foreign incorporated companies; and the first use of a litigation trust for creditor claims (a Cayman Islands STAR trust )in the context of a scheme of arrangement. It was also highlighted that the deal featured a novel court-to-court communication protocol between Cayman and US courts, to increase transparency between the proceedings, after dissenting creditors tried – and failed – to file an involuntary Chapter 11 case against Ocean Rig in the Southern District of New York. Congratulations once again to the Ocean Rig restructuring team.