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Awal seeks US bankruptcy protection
- Bahrain: Sunday, October 11 - 2009 at 09:37
Bahrain-based Awal Bank, which was put into administration by Bahrain's central bank in July, has filed a petition for Chapter 15 bankruptcy in the US to seek protection as it decides whether to liquidate or reorganize, Emirates Business has reported. The US bankruptcy will 'safeguard the ability of the external administrator to treat all creditors equitably', according to lawyers from the bank's US-based counsel. Under Chapter 15 of the bankruptcy code, US lawsuits can be stayed and American creditors can be organised, helping a company with its main proceeding in a foreign court.
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StaffSunday, October 11 - 2009 at 09:37 UAE local time (GMT+4)
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