Creditors of a bankrupt Korean shipping company filed a motion for a preliminary injunction staying the Chapter 15 bankruptcy proceedings in aid of the foreign bankruptcy proceedings. The court rejected the motion, finding that "[t]he applicants essentially wish this court, on an ex parte, emergent basis, to find that the Bankruptcy Court not only got it wrong, but 100% wrong. . . . I cannot so find."
The largest maritime bankruptcy in the history of the world has washed ashore on the U.S. courts! It will be fun times following the development on this one.
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