U.S. Trustee picks Kelakos as Terra Nostra trustee

By Caroline Salls

Pittsburgh, Dec. 23 - The U.S. Trustee has selected George M. Kelakos as Terra Nostra Resources Corp.'s Chapter 11 trustee, according to an application filed Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, Terra Nostra and an informal committee of its noteholders agreed to the appointment of a Chapter 11 trustee on Dec. 17.

On Dec. 10, the noteholders asked the court to limit the company's ability to transfer assets without court approval, as well as to appoint a Chapter 11 trustee to oversee the case.

Kelakos' appointment is subject to bankruptcy court approval.

Los Angeles-based Terra Nostra is a copper and stainless steel producer in China. A group of noteholders filed an involuntary Chapter 11 case against the company on Nov. 25. Its Chapter 11 case number is 08-14708.

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