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Afinsa Mails In Chapter 15 Petition

Law360 (March 14, 2007, 12:00 AM EDT) -- Stamp dealer Afinsa Bienes Tangibles SA filed for Chapter 15 protection on Tuesday in order to run its bankruptcy proceedings in Spain without U.S. interference.

In court documents, Madrid-based Afinsa said its petition “seeks recognition of, and relief necessary to aid, a foreign main proceeding…which currently is pending before the foreign court.”

Its main bankruptcy proceedings are taking place before the Mercantile Court No. 6 in Madrid. By filing for Chapter 15 protection with the U.S. Bankruptcy Court in Manhattan, Afinsa is hoping to receive recognition...
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