TMA’s Journal for Corporate Renewal July/August 2016 published an article written by Nava Hazan, Mark Salzberg and Susan Kelly, which discusses how the US Bankruptcy Courts have been open to foreign debtors, as well as the limits to such availability, which was the subject of the recent Baha Mar decision in Delaware.
The article further describes how it is increasingly common for foreign companies to use the English scheme of arrangement in cross-border restructuring matters. Several recent cases show the English judiciary, much like its counterpart in the US, has welcomed this type of cross-border restructuring, even where the nexus of the foreign debtor to the UK is minimal.
