In re Daewoo Logistics Corp.
Oct
05
2011
Ruling
Arrest of foreign debtor's vessel not precluded once foreign proceeding closed.
Procedural posture
A debtor in foreign rehabilitation proceedings obtained recognition of the foreign proceeding by a bankruptcy court, and the recognition order expressly granted protection under bankruptcy stays. The debtor moved for an order directing a creditor to release funds posted by the debtor to secure the release of a vessel arrested by the creditor after the foreign proceeding terminated.
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Court
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