Chapter 15

News & Analysis as of

New Delaware Chapter 15 Filing – Essar Steel Algoma Inc. USA

The foreign representative of Essar Steel Algoma Inc. USA, Cannelton Iron Ore Company, Essar Steel Algoma (Alberta) ULC, Essar Steel Algoma Inc. and Essar Tech Algoma Inc. has filed chapter 15 petitions for those entities...more

United States Bankruptcy Court for the Southern District of New York Identifies New Jurisdictional Hook to Provide Chapter 15...

On October 28, 2015, the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) issued a decision that significantly expands the jurisdictional bases that foreign issuers can rely upon...more

New York Law Governed Bonds are Sufficient “Property” for U.S. Bankruptcy Court Jurisdiction

To qualify as a “debtor” under the U.S. Bankruptcy Code, an entity must reside, have a place of business or property in the U.S. It is common for non-U.S. entities that file for chapter 11 protection to rely on the “property”...more

New Delaware Chapter 15 Filing – Thane International, Inc.

Consumer product marketer Thane International, Inc. and six affiliates have filed a chapter 15 petition before the United States Bankruptcy Court for the District of Delaware (Lead Case # 15-12186). The case has been...more

New Delaware Filing – Energy Coal S.p.A.

Genova, Italy-based Energy Coal S.p.A., a subsidiary of Ice Holding Srl, has filed a chapter 15 petition in the United States Bankruptcy Court for the District of Delaware. Energy Coal is engaged in the trading of coal and...more

OAS Chapter 15 decision sheds new light on cross-border insolvency practice, but may add complexity to financial institutions'...

In an interesting decision with important implications for both Chapter 15 practice and financial institutions’ global credit risk analyses, a US Chapter 15 court (the “Court”) granted recognition of a number of Brazilian...more

Raising a Drawbridge Objection: Eligibility in Chapter 15 Cross-Border Insolvency Cases

Insolvency like international law can lend itself to aggressive protectionism as parties or countries try to preserve their own interests, like medieval lords surrounded their castles with moats and towering walls to fend off...more

Chapter 15 Cross-Border Insolvency Means Comity and Cooperation; Not Necessarily Comedy and Concern

After taking the last train into the small Italian town of Vernazza, my travelling party soon came to realize that our booked inn had given away our rooms and that there were no available rooms in town and no more trains out....more

OAS UPDATE: Bankruptcy Court Grants Limited Temporary Relief in Chapter 15 Case

Background: Grupo OAS, a Brazilian construction conglomerate linked to a massive corruption scandal (“OAS”), filed for Chapter 15 creditor protection in the Bankruptcy Court for the Southern District of New York on April 15,...more

Second Circuit Denies Petition for En Banc Review of Fairfield Decision

On January 13, 2015, the U.S. Court of Appeals for the Second Circuit denied a petition for en banc review of the Second Circuit’s September 2014 panel decision holding that bankruptcy courts are required to review the...more

Global Insight - Issue 12, Q4 2014

In This Issue: - Americas: Chapter 15: Section 363 Review Trumps Comity - Continental Europe: ..Update On Spanish Insolvency Laws - Refinancing Agreements And Purchase Of Business Units Of Companies...more

U.S. Court Asserts its Authority in a Cross-Border Bankruptcy Case

The United States Court of Appeals for the Second Circuit recently asserted its authority in addressing an asset sale in a cross-border bankruptcy case where the main insolvency proceeding was conducted in the British Virgin...more

Financial Services Weekly News Roundup - November 2014 #4

Editor’s Note: Spotlight on the FDIC: In a Financial Institutions Letter, FIL-56-2014, the FDIC announced additional guidance on its 1998 Statement of Policy on Applications for Deposit Insurance in a Q&A format on...more

Rehearing Petition Dramatizes Second Circuit's Comity Rejection

Recognition of a foreign main proceeding under Chapter 15 of the Bankruptcy Code has “effects” under Section 1520 that are automatic and powerful, including application of the automatic stay of Section 362 and the...more

Second Circuit Fails to See the Comity in Chapter 15

In Krys v. Farnum Place, the Second Circuit ruled that, in a Chapter 15 ancillary proceeding, a SIPA claim is within the territorial jurisdiction of the United States and its sale by the Foreign Representative must be...more

Supreme Court’s Denial of Certiorari Strengthens Intellectual Property Licensees’ Protections in Cross-Border Insolvency Cases

Chapter 15 of the Bankruptcy Code provides mechanisms for dealing with cases of cross-border insolvency. On Oct. 6, 2014, the U.S. Supreme Court, in Jaffé v. Samsung Electronics Co., Ltd., denied review of a decision of the...more

Commercial Restructuring & Bankruptcy Alert - October 2014

In this issue: - Judge Says That Stockton, California Can Cut Pension Obligations - Third-Party Releases – Better Make Sure They Are Adequately Disclosed - Lawyers Who Sign Proofs of Claims for Clients...more

Blog: U.S. Supreme Court Denies Review In Jaffe v. Samsung, Letting Stand The Fourth Circuit’s Decision Applying Section 365(n) To...

On Monday, October 6, 2014, the U.S. Supreme Court issued an order denying the petition for a writ of certiorari in the Jaffe v. Samsung case, also known as the Qimonda case. The Supreme Court let stand the Fourth Circuit’s...more

Bankruptcy and Intellectual Property: Trademark Licenses, Chapter 15, and Pending Legislation

Introduction - Recent cases have addressed the interplay between intellectual property and bankruptcy, including trademark licenses and Section 365(n)’s application in Chapter 15 cases. Proposed legislation could...more

Second Octaviar Chapter 15 Petition Clears Hurdle Set by Second Circuit

In December 2013, the Second Circuit ruled that recognition of a foreign proceeding under chapter 15 of the Bankruptcy Code required proof that the debtor in the foreign proceeding also met the eligibility standards to be a...more

The Gateway to Chapter 15: An Evolving Issue

Chapter 15 of the United States Bankruptcy Code is a relatively recent addition to the American bankruptcy statute and it incorporates the United Nations Commission on International Trade Law Model Law on Cross-Border...more

Cross-Border Insolvency Proceedings: Recent Chapter 15 Filings in the United States

It is not surprising that the amount of Chapter 15 bankruptcy filings is growing in the global economy. Chapter 15 was added to the Bankruptcy Code by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. It is...more

Secured Lender Protection Limited When Bitcoin is Collateral

On June 17, 2014, the U.S. Bankruptcy Court in Dallas granted recognition under chapter 15 of the Bankruptcy Code of the bankruptcy proceeding in Japan of failed bitcoin exchange, Mt Gox. Mt. Gox shut down after claiming to...more

Misconduct Not Grounds to Terminate Chapter 15 Recognition

A recent ruling from the U.S. Bankruptcy Court for the Southern District of New York illustrates the limited, specific grounds for changing or terminating chapter 15 recognition. The ruling demonstrates that recognition may...more

February 2014: Bankruptcy & Restructuring Update

Second Circuit Holds that Section 109 Eligibility Requirements Apply to Foreign Entities in Chapter 15 Bankruptcy Cases. Recently, the United States Court of Appeals for the Second Circuit held that the eligibility...more

36 Results
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.