The dramatic case of Prince Global Holdings, whose founder is accused of running one of Asia's largest transnational criminal organizations, illustrates the breadth of issues that Chapter 15 of the U.S. Bankruptcy Code can handle — and potentially its limits, cross-border insolvency experts told Law360.
First Brands was cleared to send its Chapter 11 plan to a creditor vote, defeating calls to convert the case to a Chapter 7 liquidation. The Supreme Court reversed a Fifth Circuit decision that barred a man from bringing a personal injury lawsuit he failed to disclose in bankruptcy. And a company linked to an alleged trafficking ring won Chapter 15 recognition.
Bankrupt drug research and development company Inotiv Inc. has tapped a team of lawyers from Hunton Andrews Kurth LLP and Ropes & Gray LLP to see it through a Chapter 11 it began with nearly $489 million in debt and support from most of its creditors for a reorganization plan.