The Chapter 15 petition follows an application to commence rehabilitation proceedings in the Seoul Central District Court, which was submitted on 11 February 2015.
Since then, at least five creditors have filed lawsuits against Daebo and its affiliates in the US, which is why observers say they aren't surprised by today’s revelation.
They note it’s not uncommon for debtors to seek Chapter 15 recognition of foreign restructurings, particularly when a petitioner's assets are targets of domestic suits.
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