Magyar Telecom Files for Chapter 15 Protection in U.S.
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Magyar Telecom BV, the owner of a Hungarian telecommunications company, filed for Chapter 15 bankruptcy protection in the U.S. while it seeks to reorganize in the U.K.
The company, incorporated in the Netherlands, listed debt of less than $500 million and assets of less than $50,000 in a filing yesterday in U.S. Bankruptcy Court in Manhattan. Chapter 15 protects foreign companies from U.S. lawsuits and creditor claims while they reorganize abroad.