Bermuda-based financial services company Gerova Financial Group Ltd has sought US bankruptcy court protection, listing debt of as much as $500 million.
The company, formerly known as Asia Special Situations Acquisition Corp, filed a Chapter 15 petition in Manhattan on Friday to protect its US assets from creditors. Assets were valued at more than $50 million, Gerova said.
That face got the whole meaning of the title. Sad and frustrating.
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