Analyzing Catalyst For A New Breed Of Ch. 15 Cases
April 4, 2012, 12:51 PM EDT
Law360, New York (April 4, 2012, 12:51 PM EDT) -- The Bankruptcy Court for the District of Delaware in In re Catalyst Paper Corp., et al., recently granted recognition of the debtors’ proceedings under Canada’s Companies’ Creditors Arrangement Act (the “CCAA Proceeding”) as a foreign main proceeding under Chapter 15 of the Bankruptcy Code with respect to the Canadian parent company as well as its Canadian and U.S. debtor subsidiaries.
As part of the recognition order, the Bankruptcy Court found that the center of main interest (“COMI”) of all debtors, including the subsidiaries incorporated under U.S....