JSC Alliance Bank, the sixth-largest bank in Kazakhstan by net loans, filed for Chapter 15 bankruptcy to protect itself from U.S. lawsuits and creditor claims while it reorganizes at home, BusinessWeek reported on a Bloomberg story. The Almaty-based company listed both debt and assets of more than $1 billion in documents filed today in U.S. Bankruptcy Court in Manhattan. JSC “experienced severe liquidity difficulties” following the worldwide financial crisis, according to the papers.
BTA Bank, the second-largest bank in Kazakhstan by assets, filed for bankruptcy protection to shield itself from U.S. creditors while it restructures about $11.6 billion in debt, BusinessWeek reported on a Bloomberg story. The Almaty-based bank listed both debt and assets of more than $1 billion in Chapter 15 documents filed today in U.S. Bankruptcy Court in Manhattan. Chapter 15 of the bankruptcy code is designed to block U.S. lawsuits against a foreign company with assets in the U.S. while it restructures in its home country. Most of BTA Bank’s U.S.
The US Bankruptcy Court for the District of Delaware has granted protection over the US assets of a Cayman Islands exempted company in liquidation, Hedgeweek reported. The company, SIFCO5, is subject to official liquidation proceedings in the Cayman Islands, which the Bankruptcy Court found was eligible for relief under chapter 15 of the US Bankruptcy Code.
A U.S. bankruptcy court judge approved an application Tuesday, seeking to make the controversial Canadian restructuring plan of C$32 billion in toxic asset-backed commercial paper enforceable in the U.S., Dow Jones reported. Ernst & Young, which was appointed monitor by an Ontario court in March, petitioned the U.S. Bankruptcy Court for the southern district of New York to import, in its entirety, the restructuring plan under chapter 15 of the U.S. bankruptcy code. U.S. Judge Martin Glenn approved the decision, Ken Coleman of Allen & Overy LLP told Dow Jones.
A U.S. bankruptcy-court judge postponed his ruling Wednesday on an application seeking to make the controversial Canadian restructuring plan for C$32 billion in toxic asset-backed commercial paper enforceable in the U.S., Dow Jones reported. Ernst & Young, which was appointed monitor by an Ontario court in March, petitioned the U.S. Bankruptcy Court for the southern district of New York to import, in its entirety, the restructuring plan under chapter 15 of the U.S. bankruptcy code. U.S.
The International Banking Corp., a Bahrain-based provider of commercial loans, filed a Chapter 15 bankruptcy petition, seeking protection from U.S. creditors, The China Post reported. TIBC had assets of US$4 billion and liabilities of US$2.6 billion as of July 31, according to documents filed in Manhattan court Monday. TIBC is under administration proceedings in Bahrain, with Trowers & Hamlins Services Ltd. acting as administrator, and Zolfo Cooper hired for restructuring work.
A federal judge has ruled that a London-based fur broker that filed the equivalent of bankruptcy in the U.K. can't stay a bid-rigging suit in the U.S. without first petitioning for recognition of the U.K. insolvency proceedings under Chapter 15, Bankruptcy Law360 reported. Read more. (Subscription required.)
W.C. Wood Corp., which owned a freezer factory in Ottawa, announced it couldn't find a buyer in time to avoid liquidating the entire company, Industrial Laser Solutions reported. A Canadian court placed the company in receivership, leaving the Ottawa plant's remaining 150 employees without a job. The company had been looking for a buyer since filing a Companies Creditors Arrangement Act in Canada in May. It received Chapter 15 protection in the United States in June.
Daewoo Logistics has sought Chapter 15 bankruptcy protection in New York, to avert what the court filing describes as a “race to the courthouse” over Daewoo’s unpaid bills while its main bankruptcy case unfolds in South Korea. The petition was sparked by a raft of Rule B attachment actions taken against Daewoo, Lloyd’s List reported. Read more. (Subscription required.)
Lehman Brothers Holdings Inc.'s Bermuda-based life insurance unit, Lehman Re, filed for bankruptcy protection, citing alleged shortfalls on its reinsurance obligations and lawsuits against it in the US, The Royal Gazette reported. The petition for Chapter 15 bankruptcy in Manhattan court on Thursday listed more than $1 billion in debts and as much as $1 billion in assets. Under Chapter 15, companies can win protection from US lawsuits and organise US creditors to help with the company's main bankruptcy in another country.