IBRC files a Chapter 15 bankruptcy petition in US

Tuesday 27 August 2013 19.14
IBRC files Chapter 15 bankruptcy petition in the US
IBRC files Chapter 15 bankruptcy petition in the US

Irish Bank Resolution Corporation has filed a Chapter 15 bankruptcy petition in the US yesterday to protect its US holdings, according to reports from Bloomberg.

The bank has listed more that $1 billion each in assets and debt in the petition.

IBRC, formerly Anglo Irish Bank, was put into liquidation in February under a plan to restructure its €34.7 billion bailout.

Other names used by the bank in recent years, according to court papers filed in Delaware, were Anglo Boston, Anglo Chicago Corp, Anglo Washington and Irish Nationwide Building Society.

Chapter 15 shields foreign companies from US lawsuits and creditor claims while a company continues the process abroad

Court papers show the bank has outstanding unsecured notes of $165m due in 2015 and $35m due in 2017.