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Wednesday, June 13, 2012

Solar Millennium AG files Chapter 15 in Delaware

Insolvent and over-indebted Solar Millennium AG, the subject of German insolvency proceedings, filed a petition under Chapter 15 of the Bankruptcy Code last week.  According to the Verified Petition filed with the Bankruptcy Court, Solar Millennium AG's Foreign Representative "respectfully requests the assistance of the United States Bankruptcy Court for the District of Delaware to bind creditors in the U.S. to the German Proceedings and to prevent the distribution of SMAG's property on a basis inconsistent with the regime applicable to the German Proceedings."  (http://globalinsolvency.com/sites/globalinsolvency.com/files/6_4.pdf)

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