Kyrgyzstan Escapes Kumtor Gold Bid For Ch. 11 Sanctions
By Rick Archer (September 15, 2021, 6:13 PM EDT) -- A New York bankruptcy judge Wednesday denied Kumtor Gold Co.'s request for $1 million a day in sanctions against the Republic of Kyrgyzstan, saying the Central Asian country hasn't yet violated court orders regarding Kumtor's Chapter 11 case.
Following a virtual hearing, U.S. Bankruptcy Judge Lisa Beckerman said the Kyrgyz government's actions — including passed but not enacted laws concerning corporate equity and statements by officials about its contracts with Kumtor — are not a violation of the Chapter 11 automatic stay on the case. She also said Kumtor had not yet managed to properly serve government officials with legal documents....
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