The International Banking Corp.’s Bahrain-based bankruptcy lawyers can’t void U.S. rulings in lawsuits brought by Deutsche Bank AG and Mashreqbank PSC and force the turnover of about $29 million, a judge ruled.
TIBC, a provider of commercial loans winding down in Bahraini courts, is in Chapter 15 bankruptcy in the U.S., which foreign companies use to protect U.S. assets while they are liquidated or reorganized in a foreign court.
U.S. Bankruptcy Judge Stuart Bernstein, who is overseeing TIBC’s Chapter 15 case, today denied a motion by an administrator to the foreign bankruptcy to vacate attachment orders obtained by Deutsche Bank and Mashreqbank, saying a Bahraini court should decide the issue.
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