Law360, New York (August 25, 2010, 5:41 PM ET) -- In a decision that could have major ramifications for Chapter 15 cases, a federal judge ruled Monday that the Kazakhstan-based JSC BTA Bank cannot use U.S. law as a shield against a large debt owed to a Swiss bank.
Last year, Kazakhstan's second-largest bank defaulted on a $20 million loan from Banque Internationale de Commerce-BRED Paris, succursale de Geneve. The Swiss bank initiated arbitration proceedings but found itself facing a motion from JSC BTA in the U.S. Bankruptcy Court for the Southern District of New York...
Kazakh Bank Can't Dodge Foreign Debts Under Ch. 15
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