On July 13, 2015, Judge Stuart M. Bernstein of the U.S. Bankruptcy Court for the Southern District of New York issued a decision recognizing the Brazilian bankruptcy proceedings of OAS S.A. and certain of its affiliates as a foreign main proceeding under chapter 15 of the U.S. Bankruptcy Code. In re OAS S.A., Case No. 15-10937 (SMB), 2015 WL 4197076 (Bankr. S.D.N.Y. July 13, 2015) (the “Decision”). The Decision provides important guidance for foreign debtors with respect to who may serve as a foreign representative in a chapter 15 proceeding, the determination of a foreign debtor’s center of main interests and chapter 15’s public policy exception to recognition.
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