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Irish Reinsurance Co. Seeks Ch. 15 As It Liquidates Abroad

Law360 (May 8, 2019, 8:25 PM EDT) -- An Irish company established to provide indemnity reinsurance to Security Life of Denver Insurance Co. under a block of life insurance policies asked a New York bankruptcy court on Tuesday to recognize that it's dealing with a $1.2 billion deficit in foreign liquidation proceedings.

Ballantyne Re PLC filed for protection under Chapter 15 of the U.S. Bankruptcy Code, which provides legal cover for foreign companies going through insolvency or restructuring proceedings abroad. Attorneys for an appointed foreign representative said recognition of Ballantyne’s case in Ireland is needed to effectuate the special purpose entity’s restructuring scheme, or “Lock-Up Support Agreement,” reached with...

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