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MatlinPatterson Gets Ch. 11 Stay Order To Halt Foreign Cases
Law360 (July 8, 2021, 8:38 PM EDT) Bankrupt distressed company investment fund MatlinPatterson received approval Thursday from a New York federal judge for an order enforcing the Chapter 11 automatic stay that the debtor said it needed to pause actions against it in foreign jurisdictions.
During a virtual first-day hearing, U.S. Bankruptcy Judge David S. Jones said he was initially reluctant to approve such an order because he didn t see an immediate need for it. But he agreed to do it with certain caveats after hearing from MatlinPatterson Global Opportunities Partners II LP about its concerns related to pending Brazilian lawsuits.
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A New York federal bankruptcy judge rejected a bid to qualify discovery into real estate attorney Mitchell Kossoff and his shuttered law firm in consideration of criminal investigations, but assured his counsel that all rights will be preserved going forward.