High Court Won't Disturb Aussie Co.'s Ch. 15 Protection

Law360, New York (February 24, 2014, 9:31 PM EST) -- The U.S. Supreme Court on Monday let stand the bankruptcy protections granted to Australia-based ABC Developmental Learning Centres Ltd., declining to hear arguments from creditor RCS Capital Development LLC that the child care company's foreign insolvency proceedings didn't merit Chapter 15 recognition.

RCS had sought to challenge a Third Circuit finding that ABC was entitled to Chapter 15 recognition and an automatic stay protecting its U.S. assets from creditor actions, but the high court denied the company's petition for writ of certiorari without comment.

RCS is...
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