Credit Suisse Boots Champion Creditors' Suit Over $187M Deal

Law360, Wilmington (August 30, 2012, 9:57 PM EDT) -- A Delaware bankruptcy judge on Thursday dismissed Champion Enterprises Inc.'s unsecured creditors' claims against a Credit Suisse AG unit, ruling the bank's breach of a $187 million contract hadn't led to Champion's downfall or caused any provable damages to the now-defunct homebuilder's unsecured creditors.

Brought by Champion's official committee of unsecured creditors as an adversary complaint in its 2009 bankruptcy case, the suit claimed that Credit Suisse's Cayman Islands branch had breached a $187 million credit agreement between the parties, as well as its duty of...
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