Swiss software company LzLabs GmbH sought US bankruptcy court recognition of its foreign insolvency case to halt patent infringement litigation brought by tech giant IBM and preserve its stateside intellectual property.
LzLabs faces severe financial distress following a 20 million pound ($26.7 million) UK judgment issued in IBM’s favor in March as well as IBM’s parallel US suit, the company said in a Chapter 15 bankruptcy petition filed on Oct. 24 in the US Bankruptcy Court for the Western District of Texas.
LzLabs said it’s seeking recognition of its Swiss insolvency proceedings, which have stayed foreign creditor actions. Chapter 15 ...
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