Extract
Restructuring and insolvency Bulletin.
EU
Cenargo: the end of the saga It has been said that the only thing worse than hell is US litigation. This view may need to be revised if the observations of US Bankruptcy judge Robert Drain are taken on board by foreign creditors anxious to avoid getting embroiled in Chapter 11 proceedings concerning non-US companies. As we reported in the last issue, Cenargo International and its subsidiaries filed for Chapter 11 bankruptcy protection in the US on 14 January 2003. Then Lombard (part of the Royal Bank of Scotland group) successfully petitioned in England for Ernst & Young to be appointed as provisional liquidators of Cenargo. Ernst & Young immediately obtained an injunction restraining Cenargo's directors from continuing the Chapter 11 case in the US. Juris...See the full content of this document
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