Chapter 15

News & Analysis as of

Essar Steel Affiliates File Chapter 11 and Chapter 15 Petitions in Delaware

Certain North American based affiliates of Essar Steel Ltd (Mumbai) have today filed Chapter 11 and Chapter 15 petitions in Delaware. ESML Holdings Inc. and Essar Steel Minnesota LLC have filed Chapter 11 proceedings in...more

New Delaware Chapter 15 Filing – Toshiba Samsung Storage Technology Korea Corporation

Toshiba Samsung Storage Technology Korea Corporation has commenced a case (Case No. 16-11602) under Chapter 15 of the Bankruptcy Code by filing a petition with the U.S. Bankruptcy Court for the District of Delaware....more

Additional Delaware Chapter 11 Filings Related to Abeinsa Holding Inc. (Case No. 16-10790)

On April 6, 2016, eight additional affiliates of Abeinsa Holding Inc. filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware. These entities include Abener Teyma Hugoton General...more

New Delaware Chapter 15 Filing – Abengoa, S.A.

Christopher Morris, the foreign representative of Abengoa, S.A. (Nasdaq: ABGB), a debtor in a foreign proceeding pending in Spain, and 24 affiliates have filed a chapter 15 petitions before the United States Bankruptcy Court...more

"There Can Sometimes Be Good Forum Shopping"

In Re Codere Finance (UK) Ltd [2015] EWHC 3778 (Ch), 17 December 2015, the English High Court sanctioned a scheme of arrangement involving an English company deliberately acquired by a foreign parent to attract the court's...more

Distressed Download

The Distressed Download Newsletter is a roundup of recent news from Orrick's Distressed Download blog, a resource for the latest news and industry trends in the distressed debt and restructuring markets. European...more

United States Bankruptcy Court for the Southern District of New York Holds That Avoidance Powers Can Be Applied...

On January 4, 2016, the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) deviated from SDNY precedent and held that, despite the absence of clear Congressional intent, the...more

Mainbrace: January 2016 No. 1

2015 was an interesting year for the shipping industry. The dry bulk market had a very challenging 2015, with the Baltic Dry Index hitting new all-time lows. Based on various reports, the outlook for 2016 is not very...more

"Berau May Expand US Restructuring Options for Foreign Issuers"

A recent decision in the U.S. Bankruptcy Court for the Southern District of New York clarifies that restructuring options under Chapter 11 or Chapter 15 are available to foreign issuers of U.S. debt, even if those issuers...more

New Case Filing – Chapter 15 – PT Holdco, Inc.

PT Holdco, Inc. and four of its affiliates, including Primus Telecommunications Canada, Inc., which resell residential and business telecommunications services, have commenced cases (Lead Case No. 16-10131 (LSS)) under...more

New Delaware Chapter 15 Filing – Eastern Continental Mining and Development Ltd.

Ninos Koumettou, the foreign representative of Eastern Continental Mining and Development Ltd. has filed a chapter 15 petition before the United States Bankruptcy Court for the District of Delaware (Case No. 16-10121-BLS)... ...more

New Delaware Chapter 15 Filing – Metinvest B.V.

The foreign representative of Metinvest B.V., the parent company of a vertically integrated group of steel and mining companies headquartered in Ukraine, has filed a chapter 15 proceeding before the United States Bankruptcy...more

New Delaware Chapter 15 Filing – Madison Niche Assets Fund, LTD.

The official liquidators of Madison Niche Assets Fund, Ltd. and Madison Niche Opportunities Fund, Ltd., two Cayman Islands entities, have filed chapter 15 petitions on behalf of those entities (Case No. 16-10043).  The case...more

New Delaware Chapter 15 Filing – FC Windenergy GmbH

Holger Blümle, the insolvency administrator and foreign representative of FC Windenergy GmbH, which owns and operates wind farms, has commenced a case (Case No. 16-10056 (MFW)) under Chapter 15 of the Bankruptcy Code by...more

InterConnect - Winter 2015/2016

Out Like A Lion? The waning weeks of calendar year 2015 witnessed a remarkable convergence of regulatory and legislative activity affecting the transportation industry. For instance, the Federal Motor Carrier Safety...more

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

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