Rizzo Bottiglieri-De Carlini Armatori Files Ch. 15 Seeking Recognition of Italian Action

Rizzo Bottiglieri de Carlini Armatori SpA, a marine freight transportation services provider, moved to shield its U.S. assets by filing a bankruptcy petition in Texas after seeking protection from creditors in Italy (In re Rizzo Bottiglieri de Carlini Armatori SpA, Bankr. S.D. Tex., 15-32041, petition filed 4/8/15).

The company filed under Chapter 15 of the U.S. Bankruptcy Code, which would prevent creditors from taking action against the company’s U.S.-based assets while it reorganizes under Italian law. The company listed assets and debt of more than $500 million each in court documents filed April 8 in U.S. Bankruptcy ...