A bankruptcy judge in New York agreed to back a debt restructuring plan filed by Agrokor Group, a Croatian food and retail giant, in a case he said required grappling with complex and unsettled matters of international insolvency law, WSJ Pro Bankruptcy reported. In an order handed down Wednesday, Judge Martin Glenn agreed to recognize and enforce a restructuring plan that retools billions of euros in Agrokor debt. The judge said that the case raised some of the most important and difficult issues arising in cross-border restructurings. In August, Judge Glenn approved Agrokor’s request for chapter 15 recognition, the section of the U.S. bankruptcy code available to help protect foreign businesses from creditors while they restructure abroad. But the judge said that he would reserve judgment on whether to fully enforce the company’s multibillion-dollar restructuring plan. Read more.
Be sure to register for ABI’s Cross-Border Insolvency Program on Nov. 7 in New York as speakers from several nations will be discussing today’s most relevant cross-border cases and topics.
