Fri 12/15/2023 11:05 AM
Reorg Asia’s Highlights:
The Supreme Court of the State of New York has indicated that Euroclear’s operating procedures, or Operating Procedures, likely enable underlying beneficial holders, or UBHs, to take unilateral action against defaulted USD note issuers and/or guarantors;
The issue is at the center of a collection suit brought by BFAM Asia Opportunities Master Fund LP, or BFAM, against Zhongrong International Resources Co. Ltd., or Zhongrong, in respect of its defaulted $500...
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