First Half Review: Chapter 15s
Twenty-two foreign companies looked to protect their U.S. assets with a Chapter 15 in the first half of 2012. Ten of these businesses were Canadian companies, while four were from England and two were from Singapore. New York’s Southern District handled seven Chapter 15s and Delaware served as the venue for five such cases. Elipda Memory, which filed its petition on March 19, and Catalyst Paper, which filed on Jan. 17., were the largest Chapter 15s. Both listed liabilities of more than $1 billion.