The bankruptcy court in New York has thrown Pacific Andes’ Peruvian operations a lifeline and agreed to a plan that could lead to the subsidiary withdrawing from restructuring proceedings in Peru.
On Monday the New York Court approved an order presented by the Chapter 11 trustee in which three of Pacific Andes’ Peruvian subsidiaries agreed to take the necessary steps before Dec. 1 to satisfy the claims of the creditors who had initiated restructuring proceedings in Peru and also to withdraw the Peruvian subsidiaries from Chapter 15 protection.
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