Chapter 15 Bankruptcy in the U.S.
Owners, Charterers, bunker suppliers, or other creditors may hear the bad news from a P&I Club, an industry broker, the press – their contractual counterparty just filed for insolvency protection. A mad dash of information gathering and plotting ensues. Your rights and strategy moving forward depend largely on the type of bankruptcy relief sought by the debtor. For the purposes of this article, the focus is on a debtor filing for insolvency relief in a non-U.S. jurisdiction and then filing an ancillary bankruptcy proceeding in the U.S.