Judge Approves Chapter 15 Protection For Brazilian Bank

Law360, Los Angeles (July 15, 2014, 9:20 PM EDT) -- A Florida federal bankruptcy judge on Tuesday approved Brazilian bank Banco Cruzeiro do Sul SA's petition for Chapter 15 bankruptcy, a decision that will provide the bank some protection in United States courts while it continues its primary insolvency proceedings in Brazil.

U.S. District Court Bankruptcy Judge Laurel M. Isicoff granted recognition to the bank's petition for Chapter 15 bankruptcy, which was filed on June 5, saying that the bank's foreign representative, Eduardo Felix Bianchini, is qualified and granting the bank protection in U.S. courts while the Central Bank of Brazil proceeds with its liquidation.

"All persons and entities are stayed...

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