S.D.N.Y. Bankruptcy Court Grants Chapter 15 Recognition to Large Brazilian Bankruptcy Proceeding

July 22, 2015

On July 13, 2015, Judge Stuart M. Bernstein of the U.S. Bankruptcy Court for the Southern District of New York issued a decision recognizing the Brazilian bankruptcy proceedings of OAS S.A. and certain of its affiliates as a foreign main proceeding under chapter 15 of the U.S. Bankruptcy Code. In re OAS S.A., Case No. 15-10937 (SMB), 2015 WL 4197076 (Bankr. S.D.N.Y. July 13, 2015) (the “Decision”). The Decision provides important guidance for foreign debtors with respect to who may serve as a foreign representative in a chapter 15 proceeding, the determination of a foreign debtor’s center of main interests and chapter 15’s public policy exception to recognition.