PHILIPSBURG–The Central Bank of Curaçao and St. Maarten (CBCS), ENNIA Caribe Holding NV and some of its subsidiaries are seeking legal recognition in the United States (US) of existing emergency regulations for the insurance firm. This will help to access ENNIA’s assets in the US, including the accounts in the company’s name at American bank Merrill Lynch.
In this way, the possibilities are being expanded to bring the restructuring of ENNIA to a favourable conclusion, stated a CBCS release. The existing emergency regulations for ENNIA do not automatically have enforceable validity in the United States.
Its legal recognition there can be achieved by using Chapter 15 of the US Bankruptcy Act. With the legal recognition, the steps required for ENNIA’s restructuring can be implemented more easily.
“By making use of the US bankruptcy law, we are not heading to a bankruptcy of ENNIA. The aim of the restructuring is and remains to improve the solvency of ENNIA.
“In addition to legal recognition of the existing emergency regulations in the United States, ENNIA will continue to exercise its activities normally and pensions will be paid out. As announced in July 2018, CBCS will continue to inform the community about the progress of the restructuring process, provided that the provision of information should not interfere with the restructuring process or make the process more difficult,” according to the release.
Source: The Daily Herald https://www.thedailyherald.sx/islands/81051-efforts-to-access-ennia-s-us-assets