Multi-national companies continue to grow and expand their global networks, with subsidiaries, assets, creditors, and contracts spanning across multiple jurisdictions, and the need for a coherent legal process to coordinate insolvency proceedings across borders has grown correspondingly. A restructuring that might once have involved assets and creditors concentrated in one or two countries now routinely implicates a dozen or more jurisdictions simultaneously. One of those jurisdictions very often includes the U.S. Indeed, the rise of sophisticated international capital markets means that foreign companies frequently have U.S.-law-governed debt, U.S.-based bondholders, or assets held through U.S. entities.
Many distressed…