Bankruptcy court gives Pacific Andes breathing room with latest ruling

In the first day hearing in New York on Monday, the Court approved the motion by the Pacific Andes Group for joint administration under Chapter 11, a spokesman told IntraFish.

This means that all the Chapter 11 cases will procedurally be administered together.

"The court also entered an order -- on the group's motion -- to reinforce and restate the automatic stay against enforcement or other recovery actions by creditors," the spokesman said.

Pacific Andes told to the court that the motion relating to cash management would likely be made by the end of this week after consultation with counsel to the Club Lenders -- which include Rabobank, Standard Chartered Bank (Hong Kong) Limited, China CITIC Bank International Limited and DBS Bank (Hong Kong) -- on a confidential and non-discloseable basis later this week.

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