Sao Paulo, Brazil-based Lupatech (f/k/a Valmicro Industria e Comercio de Valvulas) and three affiliated Debtors filed for Chapter 15 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 16-11078. The Company, which supplies products and services primarily for the oil and gas sector in Brazil and internationally, is represented by Fredric Sosnick of Shearman & Sterling.
On May 25, 2015, the Company initiated a judicial reorganization proceeding the Federative Republic of Brazil pursuant to Federal Law No. 11,101; and on December 11, 2015 the Brazilian Court issued a decision confirming the Brazilian Reorganization Plan.
According to documents filed with the U.S. Bankruptcy Court, “These chapter 15 cases are being filed in an effort to maximize recoveries of, and provide for an equitable distribution of value among, all creditors. The enjoining of certain ongoing litigation to which Lupatech is a party and the protection of Lupatech’s United States assets in conjunction with the protections afforded by the Brazilian Judicial Reorganization is essential to this effort.” Lupatech initiated a previous Chapter 15 filing on May 22, 2014.
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