3AC IS SEEKING PROTECTION FROM CREDITORS IN THE US CHAPTER 15
The Crypto hedge fund Three Arrows Capital (3AC) seeks protection for creditors in the United States under U.S. Article 15. Bankruptcy Code, which allows foreign debtors to protect U.S. assets, according to a court hearing on Friday.
Singapore's 3AC is one of the top investors targeted by sharp sales in the crypto market and is being eliminated, Reuters reported on Wednesday, citing someone familiar with the matter.
Representatives of 3AC have filed a complaint with the U.S. Supreme Court. in the state of South New York on Friday, according to court documents.
On Thursday, the Singapore financial director accused the fund of exceeding asset limits and providing false information.
Non-U.S. companies use Chapter 15 to prevent debtors who want to file lawsuits or bind property in the United States.