Misconduct Not Grounds To Terminate Ch. 15 Recognition
May 14, 2014, 4:11 PM EDT
Law360, New York (May 14, 2014, 4:11 PM EDT) -- The latest round in the ongoing struggle between Cozumel Caribe SA de CV and its secured creditor, CT Investment Management LLC, involved CTIM’s motion to terminate the order recognizing Cozumel Caribe’s Mexican reorganization case as a foreign main proceeding under Chapter 15 of the Bankruptcy Code.
CTIM alleged delay by the Mexican court and a pattern of misconduct by the foreign representative, the debtor and its affiliates as grounds to terminate recognition. In an April 21, 2014, decision, the U.S. Bankruptcy Court for the Southern District...