October 20th, 2016
Partner L.P. Harrison 3rd quoted by the Wall Street Journal on Chapter 15 protection
New York-based partner and co-chair of Curtis’ Restructuring and Insolvency Group L.P. Harrison 3rd was quoted in an article entitled, “Palank’s Take: Recent Chapter 15s Highlight Key Ruling; Companies are putting the year-old decision to good use,” which appeared in the Wall Street Journal on October 17, 2016.
The article discussed Judge Martin Glenn’s precedent-setting ruling in the chapter 15 case of Singapore coal miner Berau Capital Resources last year, which said that foreign companies may file for Chapter 15 protection in New York, provided they have dollar-denominated debt governed by New York law. Speaking to the article’s author, Jacqueline Palank, Mr. Harrison said that Judge Glenn’s ruling “connects the dots” of existing case law and provides “an additional jurisdictional hook, which is contractual rights” for foreign companies seeking protection under chapter 15. He added that many international companies have debt governed by New York law due to its role as the world’s “financial hub.”