Recently, the U.S. Bankruptcy Court for the Southern District of New York, in In re Metcalfe & Mansfield Alternative Investments, held that broad nondebtor, third-party releases previously approved as part of foreign restructuring proceedings under the Canadian Companies’ Creditors Arrangement Act (CCAA) where the restructuring plan was adopted by 96 percent of its creditors would be enforced in U.S. chapter 15 proceedings, despite the fact that such releases might not be approved in a chapter 11 bankruptcy proceeding.[1]
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Written by: Cullen Ann Drescher
U.S. Bankruptcy Court (E.D. Va.); Norfolk, Va.
The U.S. Bankruptcy Court for the District of Delaware recently granted recognition under chapter 15 of the Bankruptcy Code to the foreign liquidation proceedings of Saad Investments Finance Co. (No. 5) Ltd. (SIFCO 5).[1] The debtor is incorporated as an “exempted company” under the Cayman Companies Law. Exempted companies are not permitted to conduct domestic business in the Caymans, but may conduct foreign business from within that jurisdiction.[2] Although recognition was ordered without an opinion, the decision provides further clarity regarding the quantum of proof needed to establish a foreign debtor’s “center of main interests” (COMI), where the debtor conducts significant business outside the jurisdiction in which it is incorporated.
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ABI's 28th Annual Spring Meeting will be held April 29-May 2 at the expansive Gaylord National Resort and Convention Center, just moments from Washington, D.C. Nestled in a harbor on the banks of the Potomac with views of our Nation's Capitol, this hotel offers the best in the meetings industry with high-end guest rooms, fine and casual dining and a spa.
The International Committee will present a session on Saturday, May 1 at 4:15 p.m. entitled "Melting the Golden Chalice: Sovereign Wealth Funds, Distressed Investing and Restructuring Opportunities Ahead." Gordon Johnson of EM Advisors LLC in Reston, Va. will moderate. Panelists will include Inho Lee of the International Finance Corporation in Washington, D.C., Parham Pouladdej of CRG Partners Group LLC in Boston and Roger Schwartz of Latham & Watkins LLP in New York. Register today!
