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Emeco’s new scheme recognized by U.S. Bankruptcy Court
New York, March 9 – Emeco Holdings Ltd. received recognition of its new scheme as a foreign main proceeding in an order filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.
The recognition follows the filing of an amended Chapter 15 bankruptcy petition on Feb. 8 in order to gain U.S. court recognition of its new scheme of arrangement proceedings in Australia.
The company initially petitioned the court for Chapter 15 bankruptcy protection on Nov. 2. However, that petition was based on an earlier version of Emeco’s proposed scheme, which was thrown out by an Australian court in December after noteholder Black Diamond Capital Management, LLC voted against it.
As previously reported, noteholders are scheduled to vote on the new scheme on March 13.
Emeco is a provider of equipment solutions to the mining industry and is based in Perth, Australia. The Chapter 15 case number is 16-13080.
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