The Australian mining supplier Emeco Holdings Limited ("Emeco") originally filed Chapter 15 proceedings on 11 February 2016. Emeco was looking to complete a significant restructure involving a three way merger and refinancing and debt for equity swaps of around A$680 million. Following creditor approval of the scheme of arrangement, Emeco surfaced from the Chapter 15 proceedings on 7 June 2017.
Whilst the restructure has primarily been based in Australia, Emeco have successfully used the recognition granted by Chapter 15 proceedings to ensure the settlement is enforceable against creditors in the United States. An earlier attempt at the scheme of arrangement failed to receive sufficient creditor backing in November 2016, but the US court was persuaded to leave the case open as negotiations continued to reach this successful restructuring outcome.