USA Chapter 11 Recognition in Australia
USA Chapter 11 Recognition in Australia
Sydney, July 7, 2014 AEST (ABN Newswire) - Buccaneer Energy Limited (ASX:BCC) (OTCMKTS:BCGFQ) advises that, further to its announcement of 2 June 2014 that it had initiated voluntary Chapter 11 proceedings in the United States under the US Bankruptcy Code, on 2 July 2014, the Federal Court of Australia heard a successful application brought by BCC for recognition in Australia of the Chapter 11 proceedings opened in Texas.

The Federal Court recognised the Chapter 11 proceeding as a "foreign main proceeding" with the effect that no action against property or any litigation can be progressed against BCC in Australia without the Board's consent or the leave of the Federal Court. A full copy of the orders, and reasons for the decision, are available at the Federal Court of Australia website at:
http://www.fedcourt.gov.au

The Board will continue to keep the market informed of further material developments as they arise.

About Beam Communications Holdings Ltd

Limited Beam Communications Holdings Limited (formerly World Reach Limited) is an Australian publicly-listed company that specialises in the design, development, manufacture and distribution of satellite, cellular and dual-mode equipment, applications and services. Its products and services are adopted by some of the world's largest satellite and telecommunications companies, such as Iridium, Telstra, KDDI, Inmarsat & Thuraya, to fill the global needs of Information Communication & Technology markets. Beam Communications Holdings Limited owns 100% of Beam Communications Pty Ltd and SatPhone Shop Pty Ltd www.satphoneshop.com. For more information, visit www.beamcommunications.com.

 


Contact

Ronn Bechler
Managing Director
Market Eye
Tel: +61-400-009-774
E-mail: ronn.bechler@marketeye.com.au



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