Daewoo Logistics Corp. Chapter 15 Bankruptcy – US Creditor Actions Stayed

Daewoo Logistics Corp. (“Daewoo”), a South Korean shipping, warehousing and logistics-services company, initiated a bankruptcy proceeding under Chapter 15 of the U.S. Bankruptcy Code on September 15, 2009 in the United States Bankruptcy Court for the Southern District of New York (“U.S. Bankruptcy Case”).  The U.S. Bankruptcy Case has been assigned to Judge Burton Lifland as case number 09-15558.  Chapter 15 of the U.S. Bankruptcy Code governs the relationship between U.S. bankruptcy laws, on the one hand, and the bankruptcy and insolvency laws of other sovereign nations, on the other, including administration by U.S. bankruptcy courts of matters that are ancillary to bankruptcy cases pending in foreign countries.