Icelandic Bank's Ch. 15 Protection Bid Approved

Law360, New York (January 6, 2009, 12:00 AM EST) -- Glitnir Banki HF, the first of three major Icelandic banks to file Chapter 15 petitions following the country's financial crisis, won permission Tuesday to receive bankruptcy protection of its U.S. assets.

Judge Stuart M. Bernstein of the U.S. Bankruptcy Court for the Southern District of New York issued an order recognizing Glitnir's filing as a foreign main proceeding, according to attorney Gary S. Lee of Morrison & Foerster LLP.

The order protects the bank's U.S. assets from creditor action and makes them available for creditors internationally...
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