Judge OKs Ch. 15 Request For Brazilian Gas Distributor

Law360, Miami (March 25, 2014, 5:09 PM EDT) -- A Florida bankruptcy judge on Tuesday approved a Chapter 15 petition by Brazilian gas distributor Petroforte Brasileiro de Petroleo Ltda. that will allow the trustee overseeing the 1.2 billion reais (US$519.6 million) insolvency case in Brazil to go after assets he says were transferred to the U.S.

U.S. Bankruptcy Judge Robert Mark granted Petroforte trustee Dr. Afonso Henrique Alves Braga's petition for recognition of a foreign proceeding currently pending in Sao Paulo. The order will allow Braga to proceed with an investigation into the company's U.S.-based...
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