- 11 U.S.C.
In re Zais Inv. Grade Ltd. VII
Aug
26
2011
Ruling
Junior noteholders could not contest involuntary petition and did not meet burden of showing cause for abstention.
Procedural posture
Senior noteholders filed an involuntary chapter 11 bankruptcy case against debtor, a Cayman Islands corporation, pursuant to 11 U.S.C.S. § 303(c), the court entered an order for relief after the debtor failed to contest the petition. Movant junior noteholders filed a motion to dismiss the debtor's case pursuant to 11 U.S.C.S. § 1112, urged the court to abstain from hearing the case pursuant to 11 U.S.C.S. § 305(a)(1).
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Court
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