Court Approves Stay In Daewoo Ch. 15 Case

Law360, New York (September 27, 2006, 12:00 AM EDT) -- Former South Korean construction and trading conglomerate Daewoo Corp. has won a temporary restraining order to block creditors from seizing its U.S. assets while the company handles its bankruptcy proceedings abroad.

Judge Robert Gerber granted the restraining order under a Chapter 15 petition Tuesday in the U.S. Bankruptcy Court for the Southern District of New York. The restraining order will put a stay on creditors’ claims in a pending lawsuit as Daewoo focuses on its Korean bankruptcy case.

“Unless a restraining order is issued, it appears...
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