News & Analysis as of

Insolvency Chapter 15

Delaware Bankruptcy Court Amends Local Rules

by Morris James LLP on

The Delaware Bankruptcy Court amended its local rules effective February 1, 2017. A copy of the latest version of the rules may be found on the Bankruptcy Court's website. The red-line version to the 2016 version shows...more

Second Circuit Refuses to Expand Scope of Chapter 15 of the Bankruptcy Code

by Cole Schotz on

On January 18, 2017, the U.S. Court of Appeals for the Second Circuit issued an opinion in the case of Trikona Advisers Limited v. Chugh, No. 14-975-cv, 2017 WL 191936 (2d Cir. Jan. 18, 2017), thwarting an attempt to expand...more

Five Things You Should Know for 2017 About Cross-Border IP Licensing and Insolvency Law

by Foley & Lardner LLP on

Brexit. Trump. The year 2016 can be characterized as one of unpredicted results and impending uncertainty. In June, the UK electorate voted to leave the European Union and in November, a tumultuous presidential campaign in...more

Holiday Help for Hanjin Headaches: A Few Practical Pointers

by Benesch on

As most readers are aware, Hanjin Shipping Co. Ltd. (“Hanjin”) commenced insolvency proceedings in South Korea on August 31, 2016. Shippers, motor carriers, transportation intermediaries, and others are scrambling to react...more

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

by Cole Schotz on

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

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

by Cole Schotz on

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 – Essar Steel Algoma Inc. USA

by Cole Schotz on

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

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

by Dentons on

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

by Butler Snow LLP on

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

by Butler Snow LLP on

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

Global Insight - Issue 12, Q4 2014

by DLA Piper on

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

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

by Pepper Hamilton LLP on

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

by Reed Smith on

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

The Gateway to Chapter 15: An Evolving Issue

by Blank Rome LLP on

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

Where Do Your Interests Lie Under Chapter 15 of the Bankruptcy Code? Determining a foreign debtor’s “center of main interests”...

by Mintz Levin on

When doing business with a foreign company, it is important to identify the company’s “center of main interests” (“COMI”) as creditors may find themselves bound by the laws of the COMI locale. If a company initiates...more

The Timing Is Off: The Definitional Gap Between Plain Language And Legislative Intent In The Recognition Of Foreign Proceedings

by Shearman & Sterling LLP on

The Second Circuit is currently considering an appeal arising from the decisions of the bankruptcy and district courts in Fairfield Sentry. Its opinion is likely to resolve a split of authority between the Fairfield Sentry...more

Fifth Circuit Crafts New Test For Foreign Debtor Relief

Originally published in the New York Law Journal on January 3, 2012. On Nov. 28, 2012, the U.S. Court of Appeals for the Fifth Circuit in In re Vitro S.A.B. de C.V. issued a groundbreaking decision under Chapter 15 of...more

Fifth Circuit Crafts New Test For Foreign Debtor Relief

Originally published in the New York Law Journal on January 3, 2012. On Nov. 28, 2012, the U.S. Court of Appeals for the Fifth Circuit in In re Vitro S.A.B. de C.V. issued a groundbreaking decision under Chapter 15 of...more

Fifth Circuit Refuses to Enforce Mexican Reorganization Plan's Proposed Release of Non-Debtor Bond Guarantors

The Fifth Circuit recently upheld a Texas Bankruptcy Court’s refusal to enforce non-debtor third party releases in the Mexican reorganization proceeding (known as a concurso mercantil) of Mexican glass manufacturer Vitro SAB...more

Bankruptcy Abroad: US Creditors’ Rights Remain Relevant in Chapter 15

by Mintz Levin on

With an increasing number of businesses operating without regard to borders in today’s global economy, the importance of understanding Chapter 15 — the Bankruptcy Code provisions instructing the cooperation between the United...more

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