German Reinsurer Seeks Chapter 15 Protection

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. insolvency proceedings will operate as the foreign main proceeding and the German court will serve as nonmain foreign proceeding, according to Seif. “Absent the relief requested, including injunctive relief, the scheme companies, their estates and creditors could be irreparably harmed,” Global General’s foreign representative Thomas Klaus Freudenstein said in his affidavit supporting the filing. “If United States scheme creditors are permitted to seek their own remedies, the scheme companies' assets could be depleted, thereby preventing a fair distribution to all creditors.” Global General and Reinsurance Co. is represented in the matter by Chadbourne & Parke LLP. Read more. (Subscription required.)