Banco Pontual granted U.S. court recognition of Brazilian proceeding

By Caroline Salls

Pittsburgh, Nov. 15 - Banco Pontual, SA was granted U.S. recognition of its foreign proceeding pending in the First Bankruptcy and Judicial Reorganization Court of Sao Paulo, Brazil, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of Florida.

The recognition order stays all actions related to the bank's assets, rights, obligations or liabilities in the United States and prohibits all parties from transferring, encumbering or otherwise disposing of any of Banco Pontual's U.S. assets.

Trustee Valdor Faccio is the foreign representative in the bank's Chapter 15 case.

Banco Pontual, a Sao Paulo, Brazil-based bank, filed bankruptcy on Oct. 22. The Chapter 15 case number is 13-35298.

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