MatlinPatterson fund case ordered into mediation, including Variglog

Chicago, May 6 – The judge overseeing MatlinPatterson Global Opportunities Partners II LP’s Chapter 11 bankruptcy case has ordered mediation for the parties involved in the case, according to a filing with the U.S. Bankruptcy Court for the Southern District of New York on Friday.

The debtors, VRG Linhas Aereas SA, HJDK Aerospacial SA and MP II Preferred Partners LP expressed willingness to undergo the mediation process.

Varig Logistica SA expressed unwillingness to participate.

Previously reported, the foreign representative of creditor VarigLog’s estate, Vanio Cesar Pickler Aguiar, had asked the court to convert the MatlinPatterson fund’s case.

The court has decided to direct the parties to mediate, including VarigLog.

James M. Peck will serve as mediator. The mediation period is set through June 24.

The mediation shall be conducted as a settlement process.

MatlinPatterson is a New York-based distressed debt and credit opportunities fund. The company filed bankruptcy on July 6, 2021 under Chapter 11 case number 21-11255.

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