Steven Golden Quoted in Law360 on "Bankruptcy Tourism" and Chapter 15 Challenges

Steve Golden was quoted in the Law360 Bankruptcy Authority article “‘Bankruptcy Tourism’ Ruling Prompts New Ch. 15 Challenges.” The article looks at how Judge Martin Glenn’s July ruling in In re NFE Global Holdings is shaping creditor objections in chapter 15 cases, including Skillz Platform Inc.’s challenge to Papaya Gaming’s bid for recognition of its Israeli insolvency proceeding.

Steve drew a line between manufacturing a center of main interests and choosing among legitimate foreign forums. “There’s an important distinction between COMI creation and international COMI selection,” he said. “I don’t think that just because you have the opportunity to file a Chapter 11 case, you therefore must file one.”

He also said the NFE and Mega Newco decisions show that courts could deny recognition of foreign restructurings when creditors are treated unfairly, adding that “Judge Glenn was kind of laying out ways for a disgruntled or objecting creditor to say, ‘This is why your honor should not recognize or enforce something under Chapter 15.'”

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