German reinsurer Global General and Reinsurance Co. Ltd., formerly the sixth largest reinsurance company in the world, has filed for Chapter 15 protection in the U.S., Bankruptcy Law360 reported. The filing indicated liabilities of more than $100 million and assets of more than $100 million. The company has estimated that it has between 50 and 99 creditors. Howard Seif, global chair of Chadbourne & Parke LLP’s bankruptcy and restructuring practice, is commandeering the U.S. proceedings. The U.K.
Chapter 15 Headlines
Landsbanki Islands hf sought bankruptcy protection from its U.S. creditors on Tuesday, the last of Iceland's three largest banks to do so in the last two weeks, Reuters reported. The Reykjavik-based lender filed a Chapter 15 bankruptcy petition with the U.S. bankruptcy court for the Southern District of New York. It said it had more than $1 billion of both assets and liabilities. Iceland's banks had taken on billions of dollars of debt in recent years to fund aggressive overseas expansion.
Kaupthing Bank hf, Iceland's largest bank, has sought bankruptcy protection from its U.S. creditors, Reuters reported. The Reykjavik-based lender filed a Chapter 15 bankruptcy petition on Sunday with the U.S. bankruptcy court for the Southern District of New York. The filing came after Iceland's Financial Supervisory Authority seized Kaupthing, Glitnir Banki hf and Landsbanki Islands hf, the nation's three largest banks, as the global credit crisis deepened. Glitnir filed on Nov 26 for Chapter 15 protection.