7/21/2016
START DATE
END DATE
2/28/2017
In The Matter of C & J Energy Services Ltd. and In The Matter of C & J Corporate Services (Bermuda) Ltd. no judge listed Supreme of Bermuda
COURT:
LAW:
JUDGE(S):
CLAIMANT'S LAWYER:
DEFENDANT'S LAWYER:
Supreme Court of Bermuda Civil Jurisdiction (Commercial Court)
COMMERCIAL COURT COMPANIES (WINDING UP)
Hon. Chief Justice Ian Kawaley
Mr. John Wasty (Appleby Bermuda Limited)
N/A (No opposition in proceedings)
FACTS OF THE CASE:
C & J Energy Services Ltd. and its subsidiary, C & J Corporate Services (Bermuda) Ltd., filed for winding-up in Bermuda as part of a global debt restructuring estimated at $1.38 billion. The companies were also involved in Chapter 11 proceedings in the United States Bankruptcy Court (USBC) in Texas, alongside Canadian ancillary proceedings under the Companies' Creditors Arrangement Act (CCAA). The Bermuda court had to determine whether to recognize the USBC restructuring plan, approve a winding-up order, and allow an accelerated liquidation process.
SUMMARY:
(1) Should Bermuda recognize the USBC restructuring plan? (2) Can the statutory winding-up process be accelerated given that restructuring was already complete? (3) Does the Companies Act allow statutory meetings to be dispensed with in an expedited liquidation?
OUTCOMES:
Recognition of USBC restructuring plan granted; winding-up order issued; joint provisional liquidators appointed as permanent liquidators.
RULED IN FAVOUR OF:
C & J Energy Services Ltd. and C & J Corporate Services (Bermuda) Ltd. (Plaintiffs).
PLAINTIFF/CLAIMANT
DEFENDANT:
DURATION (DAYS):
ISSUES:
RELEVANCE:
RULING:
RULING TYPE:
CASES CITED:
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In The Matter of C & J Energy Services Ltd. and In The Matter of C & J Corporate Services (Bermuda) Ltd. no judge listed Supreme of Bermuda
C & J Energy Services Ltd. and its subsidiary, C & J Corporate Services (Bermuda) Ltd., filed for winding-up in Bermuda as part of a global debt restructuring estimated at $1.38 billion. The companies were also involved in Chapter 11 proceedings in the United States Bankruptcy Court (USBC) in Texas, alongside Canadian ancillary proceedings under the Companies' Creditors Arrangement Act (CCAA). The Bermuda court had to determine whether to recognize the USBC restructuring plan, approve a winding-up order, and allow an accelerated liquidation process.