The number of such cases has increased in recent times, given that participants in, and service providers to, the distressed oil and gas sector often have Cayman entities in their group structure.
One recent example with which the writers were heavily involved was the cross-border restructuring of CHC Group Ltd (CHC Parent). CHC Parent was the ultimate holding company of the CHC Group (the Group), being one of the world’s largest commercial helicopter services providers, primarily engaged in servicing the offshore oil and gas industry.
By coordination of restructuring processes in the US and Cayman, the Group was able to continue as a going concern, throughout the world, saving a large number of jobs and the Group’s enterprise value.
The Cayman piece involved a number of interesting issues, some of which are explored in this article.
