Xchange Technology Group Seeks Ch. 15 In Delaware

Law360, Wilmington (October 29, 2013, 8:45 PM EDT) -- Canadian information technology company Xchange Technology Group, which was ordered into receivership last week by an Ontario court, sought Chapter 15 protection along with several affiliates Tuesday in Delaware, looking to protect its U.S. assets while aiming to put together a stalking horse sale.

XTG's court-appointed receiver, Duff & Phelps Canada Restructuring Inc., lists nearly $50 million in debt for the company and hopes to hold a bankruptcy auction with a unit of the debtors' senior secured creditor, Callidus Capital Corp., acting as stalking horse bidder...
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