Abu Dhabi's NMC Health Seeks Ch. 15 To Shield US Assets
Law360 (May 29, 2020, 10:31 AM EDT) -- Already facing international probes of some $4.5 billion in undisclosed debt, "aggressive" global creditor litigation and insolvency action in the United Kingdom, Abu Dhabi-based private health care provider NMC Health PLC sought protection for its U.S. affiliates in Delaware's bankruptcy court late Thursday.
In an initial Delaware court declaration, administrators for the U.K. proceedings said Delaware Chapter 15 recognition of the overseas insolvency case would allow a value-preserving stay of collection and enforcement actions in the U.S., including investor suits in California.
The "foreign main" bankruptcy action also would support discovery efforts underway in the U.K. insolvency proceedings, launched in early...
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