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Zais Investment Grade Limited VII CDO noteholders take advantage of Chapter 11

  • Schulte Roth & Zabel LLP
  • -
  • Cayman Islands, USA
  • -
  • October 3 2011

The U.S. Bankruptcy Court for the District of New Jersey recently held that a Cayman Islands collateralized-debt obligation issuer (“CDO”) could be a debtor under Chapter 11 of the U.S. Bankruptcy Code (the “Bankruptcy Code”) and declined to dismiss an involuntary case commenced against the CDO by certain noteholders on the grounds that the notes held by such noteholders were “non-recourse” notes