Gerova Financial Group Ltd. — a Bermuda-based financial-services company — sought U.S. bankruptcy court protection listing debt of as much as $500 million, Bloomberg reports.
The company filed a Chapter 15 petition in New York to protect its U.S. assets from creditors. Chapter 15 shields foreign companies from U.S. lawsuits and creditor claims while a company continues the process abroad. Gerova began liquidation proceedings in Bermuda on July 20.
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