In re Oversight & Control Commn of Avanzit S.A.

Application for recognition of foreing proceeding granted.
Procedural posture: 
After a foreign telecommunications company filed a suspension, or insolvency, proceeding in a foreign country, a foreign bank terminated its agreement to acquire contractual credits from the company and set off the amount it paid the company against amounts allegedly owed. An oversight commission in the foreign proceeding applied for recognition of the foreign proceeding, and the bank moved for summary judgment of dismissal.
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Commercial case opionion summary, case decided on April 18,2008, LexisNexis #0508-092