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A SUCCESS STORY WITHOUT BORDERS

On May 31, 2021, Kumtor Gold Company CJSC ("KGC") and Kumtor Operating Company CJSC ("КОС") each filed a voluntary Chapter 11 petition for relief under the Bankruptcy Code.2 On June 4, 2021, each Debtor filed an amended voluntary petition. "6 THE DISPUTES IMMEDIATELY LEADING...

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Bibliographic Details
Published in:Commercial Law World 2023-07, Vol.37 (3), p.46-4
Main Author: Borges, Wanda
Format: Article
Language:English
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Summary:On May 31, 2021, Kumtor Gold Company CJSC ("KGC") and Kumtor Operating Company CJSC ("КОС") each filed a voluntary Chapter 11 petition for relief under the Bankruptcy Code.2 On June 4, 2021, each Debtor filed an amended voluntary petition. "6 THE DISPUTES IMMEDIATELY LEADING TO THE DANKRUPTCY FILING On May 6, 2021, the Kyrgyz Parliament passed legislation (the "Temporary Management Law") that purported to empower the Cabinet of Ministers of the Kyrgyz Republic to install temporary external management of a company in the event that such company's right to use subsoil resources was suspended for certain unremedied violations of Kyrgyz law that posed an immediate threat to the life and health of persons working or living in the zone of influence of the company's operation.7 On May 14, 2021, the Debtors and Centerra initiated arbitration proceedings seeking injunctive relief against the Kyrgyz Republic for violations of agreements between it, the Debtors and Centerra. "8 THE CATCH 22 DURING THE CHAPTER 11 PROCEEDING WHICH HINDERED CREDITORS FROM FULFILLING CONTRACTS OR GETTING PAID The Debtors and the Kyrgyz Republic were embroiled in litigation in the U.S. Bankruptcy Court with KGC asserting that the actions of the Kyrgyz Government were illegal and the Kyrgyz asserting that KGC does not belong in a chapter 11 proceeding in the United States. The IBIS-ArcSAR unit provides reliable early-detection alerts on impending failures in near real time, as well as, accurate geo-referenced outputs over long periods of time allowing users to integrate radar data into geotechnical analysis of slope failure mechanisms.
ISSN:0888-8000