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Legend International Holdings Case Dismissed

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The U.S. Bankruptcy Court issued an order granting the cross motion of the U.S. Trustee assigned to the Legend International Holdings case to dismiss the Chapter 11 proceeding.

The order states, “It is hereby ordered, adjudged and decreed that the motion is granted pursuant to 11 U.S.C. section 305 (a)(1)….The adversary proceeding styled Legend International Holdings vs. Indian Farmers Fertiliser Cooperative and vs. Queensland Phosphate PTY are hereby Dismissed.” Court-appointed liquidators previously argued, “The Liquidators now seek dismissal in order to avoid unnecessary expense and distraction as they administer the Debtor (in Liquidation)’s estate in Australia.”

The order continues, “Insolvency proceedings are ongoing in Australia, and this chapter 11 case is not necessary to obtain a just and equitable solution. In fact, Australian insolvency law is well-developed and the Liquidators can pursue a wide array of in- and out-of-court options to maximize return to creditors, ranging from reorganization to liquidation.”

This mineral explorer and developer filed for Chapter 11 protection on May 8, 2016, listing $6 million in pre-petition assets. Read more bankruptcy news.

The post Legend International Holdings Case Dismissed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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