RCT OBTAINS RECOGNITION FOR ONE OF THE LARGEST CHAPTER 15 CASES
On July 17, 2015, in one of the largest Chapter 15 cases, the United States Bankruptcy Court for the Southern District of New York recognized Saad Investments Co. Ltd.’s insolvency proceeding in the Cayman Islands as a foreign main proceeding. SICL is the main holding company of a group of Saad entities controlled by Maan Al-Sanea, a Saudi Arabian billionaire once ranked by Forbes magazine as the world’s 62nd richest person.
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