Insolvency of Alitalia Puts Creditors on Notice to Make Claims
The May 2, 2017 bankruptcy filing for Alitalia might be the end of the journey for the troubled Italian flag carrier, but creditors in the U.S., Italy and elsewhere might still have a ticket to recover some claims.
Alitalia has now also filed for bankruptcy protection in the U.S. under Chapter 15 of the Bankruptcy Code. Chapter 15 was added to the U.S. Bankruptcy Code in 2005 as the U.S. adoption of the Model Law on Cross-Border Insolvency promulgated by the United Nations Commission on International Trade Law.
U.S.-based creditors can now begin to document and file their claims against Alitalia in the U.S. case.
About the authors:
Stephen Díaz Gavin combines legal acumen and litigation experience with public policy advocacy skills to help a diverse range of clients, both international and domestic, in dealing with legal and policy issues facing them in the United States and overseas.
Stephen specializes in international litigation and arbitration, including sovereign representation.
Emma Larson‘s practice focuses on secured financings and other corporate and structured finance transactions. Ms. Larson represents a broad range of clients seeking to close complex, cross-border transactions.
Douglas Schneller handles a broad range of complex transactional matters involving bank finance and lending; restructuring, bankruptcy and insolvency; intercreditor and subordination arrangements, including for mezzanine, leveraged, multi-lien and unitranche financings; claims analysis and reconciliation; and purchases and sales of par and distressed assets such as bank loans, notes, accounts receivable, trade claims, bankruptcy claims, and equity interests.