Rizzo Bottiglieri-De Carlini Armatori Files Chapter 15

Rizzo Bottiglieri de Carlini Armatori SpA, a marine freight transportation services provider, moved to shield its U.S. assets by filing a bankruptcy petition in Texas after seeking protection from creditors in Italy, Bloomberg News reported. The company filed under Chapter 15 of the U.S. Bankruptcy Code, which would prevent creditors from taking action against the company’s U.S.-based assets while it reorganizes under Italian law. The company listed assets and debt of more than $500 million each in court documents filed Wednesday in U.S. Bankruptcy Court in Houston. The Italian proceeding is before the Court of Torre Annunziata. The company is asking a U.S. judge to recognize the Italian action as the primary proceeding. Read more.