Towergate files for bankruptcy protection in US
Towergate Finance goes to US court to see through restructuring plans.
Towergate Finance Plc has filed for bankruptcy protection in America to prevent the threat of legal action from investors if they were opposed to the firm's restructuring plans, according to the Wall Street Journal.
The newspaper reports that the business sought an order at the Bankruptcy Court in New York on Friday to only recognise proceedings in England and ban any action in US courts.
The move comes in the wake of Towergate's unsecured creditors taking an 80.6% shareholding in the company
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