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IN RE BOARD OF DIRECTORS OF MULTICANAL S.A.

Nos. 04-10280 (ALG), 04-10523 (ALG).

314 B.R. 486 (2004)

In re BOARD OF DIRECTORS OF MULTICANAL S.A., Debtor in Foreign Proceeding. In re Multicanal S.A., Alleged Debtor.

United States Bankruptcy Court, S.D. New York.

August 27, 2004.

Attorney(s) appearing for the Case

Cleary, Gottlieb, Steen & Hamilton, By Lindsee P. Granfield, Esq., Kurt A. Mayr, Esq., Timothy S. Mehok, Esq., Maria McFarland, Esq., Sara Lester, Esq., New York City, for § 304 Petitioner Board of Directors of Multicanal S.A. and Alleged Debtor Multicanal S.A.

Proskauer Rose LLP, By Louis M. Solomon, Esq., Jeffrey Levitan, Esq., Caroline S. Press, Esq., Jennifer R. Scullion, Esq., Justin Killian, Esq., Adam T. Berkowitz, Esq., New York City, for Respondent and Involuntary Petitioner Argentinian Recovery Company LLC.

MEMORANDUM OF DECISION

ALLAN L. GROPPER, Bankruptcy Judge.

Multicanal S.A. ("Multicanal"), a cable company located in Argentina, has filed a petition under § 304 of the Bankruptcy Code seeking recognition in the United States of an acuerdo preventivo extrajudicial ("APE") proceeding in the Republic of Argentina. At the commencement of the proceeding, Multicanal also moved to enjoin a large United States holder of its Notes, Argentinian...

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