NEW York (Bloomberg) - 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.Gerova began liquidation proceedings on July 20 in Bermuda. Chapter 15 shields foreign companies from US lawsuits and creditor claims while a company continues the process abroad.The company said in January 2011 it acquired about $1.2 billion in insurance policies and loans and arranged financing for further purchases in the life-settlements market.