French Bankruptcy Shields Modeling Agency From Default

Law360, New York (October 10, 2013, 2:02 PM EDT) -- A New York federal judge on Wednesday held that a French modeling agency is protected against a U.S.-based hedge fund’s demands that it pay up under a loan by the bankruptcy-like proceedings it entered last year in Paris.

U.S. District Judge Ronnie Abrams dismissed Oui Financing LLC’s breach of contract, declaratory judgment and fraud claims against Oui Management SAS and its president, Steven Dellar, in a decision finding that the modeling agency is protected by its “safeguard” restructuring plan, which was approved by the Paris Commercial...
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