Canada's MAAX Files For Chapter 15

Law360, New York (July 15, 2008, 12:00 AM EDT) -- Wracked by the soured housing market and skyrocketing fuel costs, insolvent residential spa manufacturer MAAX Corp. asked a U.S. bankruptcy court Monday to impose a stay and extend a Canadian court's approval of its liquidation to the U.S.

MAAX notched a success later that day when Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware agreed with the company that Chapter 15, the section of the U.S. Bankruptcy Code under which a court-appointed monitor and foreign representative for MAAX and its...
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