Brazilian Bank Files For Ch. 15 Protection

Law360, New York (October 23, 2013, 3:35 PM EDT) -- Brazilian bank Banco Pontual S.A. filed for Chapter 15 protection in Florida bankruptcy court Tuesday after nearly two decades of financial troubles have left it owing approximately $450 million to more than a hundred creditors including the Central Bank of Brazil.

Valdor Faccio, who has been the bank’s extrajudicial liquidator since 2004, filed the petition as trustee for the bank, asking the Southern District of Florida to recognize a bankruptcy action currently pending in the First Bankruptcy and Judicial Recognition Court of Sao Paolo, Brazil as...
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