Canadian IT Firm Xchange Wins Interim Stay In Ch. 15

Law360, Wilmington (October 30, 2013, 5:56 PM ET) -- A Delaware bankruptcy judge on Wednesday granted an interim stay to Xchange Technology Group LLC, protecting the Canadian information technology company from U.S. creditors and lawsuits while it awaits Chapter 15 recognition and approval of a planned sale.

At a hearing in Wilmington, U.S. Bankruptcy Judge Kevin Gross granted the provisional relief, finding there was “more than a sufficient record for doing so.”

An Ontario court ordered Xchange into receivership last week, and on Tuesday court-appointed receiver Duff & Phelps Canada Restructuring Inc. sought Chapter 15...
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