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Showing 3 posts in Cross Border Insolvencies.

The Assets of “One Nortel” To Be Allocated Equitably On A Modified Pro Rata Basis

In re Nortel Networks, Inc., Case No. 09-10138 (KG), 2015 WL 2374351 (Bankr. D. Del. May 12, 2015)

In an “unprecedented, complex, and massive dispute involving highly integrated multinational enterprises,” Judge Gross of the Delaware Bankruptcy Court, along with Justice Newbould of the Ontario Superior Court of Justice (Commercial List), issued simultaneous opinions after a truly unique twenty-one day cross-border trial, determining how to allocate $7.3 billion to creditors of Nortel Networks Corporation (“NNC”), the indirect parent of more than 130 subsidiaries, located in more than 100 countries.  Consistent with its unprecedented nature, Judge Gross ruled that a modified pro rata allocation of the funds is required, which by his own admission is “an extraordinary result.”  Op. at 111. Read More ›

Bankruptcy Court Permits Stipulated Dismissal Over Objection of Potential Intervenor

Tampa Port Auth. v. Taylor (In re Irish Bank Resolution Corp. Ltd.), No. 14-50084 (CSS), 2014 WL 1884916 (Bankr. D. Del. May 12, 2014)

In this Memorandum Order, the Honorable Christopher S. Sontchi allowed dismissal of an adversary proceeding by voluntary stipulation signed by the plaintiff and all defendants pursuant to Federal Rule of Civil Procedure 41(a)(1)(A)(ii).  The Court allowed the dismissal over the objection of Liberty Channelside, LLC (“Liberty”), which previously sought to intervene in the proceeding but had not yet been granted authority to do so. Read More ›

Irish Insolvency Proceeding of Irish Bank Resolution Corporation Limited Granted Recognition Under Chapter 15

In re Irish Bank Resolution Corp. Ltd. (In Special Liquidation), No. 13-12159 (CSS) (Bankr. D. Del. Apr. 30, 2014)

[Update - On August 4, 2015, the Delaware District Court affirmed the decisions of the Bankruptcy Court, agreeing with its legal and factual findings and concluding that the Court did not err in granting recognition of IBRC’s proceeding pursuant to 11 U.S.C. §§ 101 – 1532.]

On December 18, 2013, the Honorable Christopher S. Sontchi entered an Order granting recognition under Chapter 15 of the Bankruptcy Code of the insolvency-related Irish proceeding of Irish Bank Resolution Corporation Limited (“IBRC”).  Shortly thereafter, the decision of the Court was appealed to, and is currently pending before, Delaware’s District Court.  These Findings of Fact and Conclusions of Law, entered on April 30, 2014, set forth the legal and factual reasons for the Bankruptcy Court’s ruling, and contain a lengthy but rather straightforward analysis of the substantive and procedural requirements for recognition under the Code. Read More ›