Brazilian Bank With $450M Debt Gets Ch. 15 Protection

Law360, Miami (November 13, 2013, 1:21 PM EST) -- A Florida bankruptcy judge on Wednesday approved a petition for Chapter 15 protection sought by Brazilian bank Banco Pontual S.A., which owes about $450 million to more than a hundred creditors including the Central Bank of Brazil.

Chapter 15 protection is the “most efficient discovery tool of investigation” and will help the bank pursue its investigation into assets in the U.S. by giving it needed subpoena powers, the bank's counsel, Gregory S. Grossman of Astigarraga Davis Mullins & Grossman PA, told U.S. Bankruptcy Judge Laurel M....
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