‘Bankruptcy Tourists’ Battle for Assets From Caymans to Marshall Islands
- Elliott-backed restructuring latest ‘bankruptcy tourism’ spat
- Greek shipping magnate Economou pursued over $370 million
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A battle of so-called bankruptcy tourists has erupted in New York court, with unclear consequences for global companies and their bondholders.
On Thursday, New York bankruptcy Judge Martin Glenn refused to issue a ruling on a request by Ocean Rig UDW Inc. to block a lawsuit in the Marshall Islands that it said threatens a $3.7 billion restructuring approved in Cayman Islands Courts. Glenn said he would think about the “extraordinary” issues the case raised, possibly ruling later.