On October 28, 2015, Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York (the “Court”) issued a Memorandum Opinion (the “Decision”) in the chapter 15 proceeding of Singaporean company Berau Capital Resources Pte. Ltd., providing an expansive reading of the manner in which foreign debtors may obtain a jurisdictional hook for commencing chapter 15 proceedings under the Bankruptcy Code. In re Berau Capital Res. Pte. Ltd., No. 15-11804(MG), 2015 WL 6507871 (Bankr. S.D.N.Y. Oct. 28, 2015). The Decision, which supplemented a prior Court ruling on chapter 15 eligibility, held that USD-denominated bonds issued under New York law constitute intangible “property in the United States” that may satisfy the criteria for chapter 15 eligibility enumerated in §109(a) of the Bankruptcy Code. Read more.
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