Daewoo Granted Chapter 15 Protection

Law360, New York (October 23, 2006, 12:00 AM EDT) -- Creditors of bankrupt Korean trading company Daewoo Corp. will have to put the brakes on their plans to claim the company’s assets, after a bankruptcy court judge granted the company protection from creditor lawsuits.

Judge Robert Gerber ruled that Daewoo’s South Korean bankruptcy case takes precedence over proceedings in the United States, a decision that protects the company from U.S. lawsuits until the conclusion of the case in Korea.

The ruling blocks cases filed by the company’s creditors, as well as staying a 2004 case filed...
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