Ongoing Case Highlight: Hanjin Shipping Co. v. Glencore, 2016 U.S. Dist. LEXIS 127262 (D.N.J. Sept. 16, 2016)

Summary:

Creditors of a bankrupt Korean shipping company filed a motion for a preliminary injunction staying the Chapter 15 bankruptcy proceedings in aid of the foreign bankruptcy proceedings. The court rejected the motion, finding that "[t]he applicants essentially wish this court, on an ex parte, emergent basis, to find that the Bankruptcy Court not only got it wrong, but 100% wrong.  . . .  I cannot so find."

Takeaway:

The largest maritime bankruptcy in the history of the world has washed ashore on the U.S. courts! It will be fun times following the development on this one.