South Korea's Daewoo Runs For Cover Under Ch. 15

Law360, New York (September 26, 2006, 12:00 AM EDT) -- Already under bankruptcy protection in South Korea, Daewoo Corp., the former parent of the South Korean construction and trading conglomerate, sought refuge Monday under Chapter 15 in the United States.

Hyung-Ha Lee, the court-appointed Trustee in Daewoo’s foreign bankruptcy, submitted the filing in the U.S. District Court for the Southern District of New York to stave off U.S. creditors from closing in on the company’s assets while its Korean bankruptcy is pending.

U.S. creditor DWHK Recovery Co. brought a suit against Daewoo in New York state...
To view the full article, register now.