Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Emerging Markets/International Stocks / Energy

Berau Capital Resources Pte Chapter 15 Petition Filed

Singapore, China-based Berau Capital Resources Pte filed for Chapter 15 protection with the U.S. Bankruptcy Court in the Southern District of New York, case number 15-11804. The Company, which is involved in the mining and export of thermal coal, is represented by Edward J. LoBello of Meyer, Suozzi, English & Klein. The Company is a wholly-owned subsidiary of PT Berau Coal Energy Tbk (BCE). According to documents filed with the Court, "The financial and operational condition of the BCE Group has deteriorated in the last 2 years. This is, in part, directly attributable to the decrease in the global demand for coal, which resulted in a material drop in coal prices. The poor financial health of BCE has also been exacerbated by recent attempts to change management and disputes arising therefrom which has adversely effected Berau Coal." The Company further notes, "In order for the Foreign Debtor and other companies within the BCE Group to achieve a meaningful recovery, a restructuring of BCE will have to be effected pursuant to restructuring processes available under Singapore law, Indonesia law and/or United States law." Berau Capital Resources Pte's Chapter 15 petition indicates total assets greater than $100 million.

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