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225 proceedings, and (iii) other entities excluded from U.S. bankruptcy relief under Section 109(b) (e.g.¸ railroads, domestic (but not foreign) insurance companies, U.S. or foreign banks and certain other kinds of financial institutions). See 11 U.S.C. § 1501(c). Chapter 15 relief is also not available with respect to any deposit, escrow, trust fund or other security required or permitted under any applicable U.S. State insurance law or regulation for the benefit of U.S. claim holders. 11 U.S.C. § 1501(d). Nor can U.S. subsidiaries of a foreign debtor who are not debtors in the foreign proceeding be eligible for Chapter 15 relief. See In re Mood Media Corp., 569 B.R. 556 (Bankr. S.D.N.Y. 2017). B. Petition for Recognition of Foreign Proceeding Under Chapter 15, a foreign proceeding is defined as: [A] collective judicial or administrative proceeding in a foreign country, including an interim proceeding, under a law relating to insolvency or adjustment of debt in which proceeding the assets and affairs of the debtor are subject to control or supervision by a foreign court, for the purpose of reorganization or liquidation. 11 U.S.C. § 101(23). Chapter 15 provides for recognition of two forms of foreign proceedings—foreign main proceedings ("a foreign proceeding pending in the country where the debtor has its center of main interests" (11 U.S.C. § 1502(4))) and foreign nonmain proceedings ("a foreign proceeding, other than a foreign main proceeding, pending in a country where the debtor has an establishment" (11 U.S.C. § 1502(5))). Before a Chapter 15 case can proceed, the foreign proceeding must be recognized by the U.S. court as either a foreign main or foreign nonmain proceeding. See In re Bear Stearns High-Grade Structured Credit Strategies Master Fund, Ltd., 374 B.R. 122 (Bankr. S.D.N.Y. 2007).

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