Cross-border M&A dealmakers should keep in mind that there are significant differences between bankruptcy proceedings in the U.S. and in other countries, says Bracewell & Giuliani partner Renée M. Dailey in this video interview. While in the U.S., the bankruptcy court plays an active role in a Chapter 11 proceeding, elsewhere, though a court is present, an administrator runs the show. Because foreign bankruptcies tend to result in liquidations, U.S. investors who hope to restructure companies in other countries should conduct negotiations privately. For more on other cultural considerations of bankruptcy, see "American exceptionalism," a column co-authored by Dailey, in the current issue of The Deal magazine. - Mary Kathleen Flynn