Marine Bankruptcies - U.S. Chapters 11 and 15
Marine Money
December 31, 2008
Nancy L. Hengen- New York
James "Jim" Hohenstein- New York
Francesca Morris- New York
Arthur E. Rosenberg- New York
Jovi Tenev - New York
Chapter 11 and Chapter 15 are both part of the legal framework that should be considered by a potential debtor, as well as by its secured and unsecured creditors and contract counterparties. Chapter 11 is considered a relatively debtor-friendly process that allows existing corporate management to remain in charge of the debtor, preserves jobs for employees, and allows the debtor to renegotiate, affirm or reject executory contracts (e.g. contracts requiring future performance by both parties). Chapter 15 is a relatively new section of the U.S. Bankruptcy Code which is designed to recognize and provide mechanisms for transferring control of a non-U.S. debtor's U.S. assets to the debtor's non-U.S. bankruptcy proceedings. Some of the highlights of each of Chapter 11 and Chapter 15 are described below. Please click on the below link to view the article.
READ: Marine Bankruptcies - U.S. Chapters 11 and 15
Related Practices