Oi Brasil and Competing Foreign Main Proceedings: Creditors Can’t “Weaponize” Chapter 15
According to the Manhattan Bankruptcy Court’s thoughtful and well-written December 4, 2017, decision in In re Oi Brasil Cooperatief U.A., a bondholder, Aurelius Capital Management (“Aurelius”) forced the straight Dutch liquidation of Oi Brasil Cooperatief (“Coop”) in order to revoke the prior recognition as a foreign main proceeding in the Manhattan Bankruptcy Court of a broader Brazilian reorganization of Coop and its operating affiliates, the Oi Group, a Brazilian telecommunications consortium. Read More »
This article by Michael B. Schaedle and Rick Antonoff, partners at Blank Rome, is one in a series of articles written for Blank Rome Maritime's quarterly Mainbrace newsletter. To view the other articles in the June 2018 edition of Mainbrace, please click here.