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The Effects of a Creditor’s Non-Participation in Bankruptcy Proceedings

Although not required for the res judicata analysis, the court also found that Montanaro received constitutionally sufficient notice of the debtor’s bankruptcy, the plan, and confirmation order to be bound by the plan’s...more

Dechert's Global Private Equity Newsletter - Summer 2017 Edition: Recent Developments in Acquisition Finance

by Dechert LLP on

Basic to any acquisition and its financing are the projections of the target’s future performance. These play a key role in setting the price for the target as well as on the availability of acquisition financing. Projections...more

Restructuring and Insolvency Bulletin - Issue 1 - 2017 - Supreme Court Lehman Waterfall I decision - foreign currency creditors...

by Dechert LLP on

98% of the liabilities of Lehman Brothers International (Europe) (in administration) (“LBIE”) were denominated in non-sterling currencies. The fall in sterling after LBIE entered administration resulted in significant paper...more

Third Circuit Provides Guidance To Creditors Seeking Section 503(b)(9) Administrative Expense Status

by McCarter & English, LLP on

Unsecured creditors frequently find themselves in the lurch when a company files for bankruptcy. One of the few mechanisms for recovering the value of goods supplied to a debtor prior to a bankruptcy case is an administrative...more

Recent Bankruptcy Decision from the Western District of Wisconsin Discusses Negative Equity, Car Loans, and the Chapter 13 Cram...

by Ruder Ware on

A quick introduction for those of you who are not bankruptcy nerds. For certain types of collateral, Chapter 13 allows a Debtor to reduce a secured creditor’s claim down to the value of the collateral. This is called “cram...more

Courts, Cooperation, and More: A Review of Cross-Border Insolvency Protocols

by Jones Day on

In cross-border restructuring cases, including cases under chapter 15 of the U.S. Bankruptcy Code and versions of the UNCITRAL Model Law on Cross-Border Insolvency enacted in 42 other nations or territories, interested...more

Restructuring and Insolvency Bulletin Issue 1 - 2017 - United Kingdom: New Insolvency Rules streamline communication with...

by Dechert LLP on

The existing insolvency rules in the UK have been recast with the aim to "modernize and consolidate" the procedural framework for insolvency processes in the UK and promote efficiency. The Insolvency (England and Wales) Rules...more

Dabbling in Distress: U.S. Supreme Court to Hear Two Important Bankruptcy Issues Next Term

by Hogan Lovells on

Despite a modest uptick in recent years, it is still a relatively rare occasion for the Supreme Court of the United States to tackle issues involving bankruptcy. This term, however, the Supreme Court has granted certiorari in...more

Restructuring and Insolvency Bulletin Issue 1 - 2017 - Cross border restructuring landscape continues to evolve – EU and Singapore...

by Dechert LLP on

Legislative changes in Singapore and the EU introduce pre-insolvency processes facilitating non-consensual debt restructurings or cram downs comparable to those already available in London and New York. In particular, the EU...more

Debt Dialogue: June 2017 - The Cumulus Media Ruling and the Material Adverse Event Default

In February 2017, Judge Katherine Polk Faila of the Southern District of New York issued a bench ruling in Cumulus Media Holdings Inc. v. JPMorgan Chase Bank, N.A. (S.D.N.Y. Feb. 24, 2017), in which she found that a proposed...more

Debt Dialogue: June 2017 - Refusing to Fund Into a Bankruptcy: Lessons From Lyondell for Lenders

In the May 2017 issue of Debt Dialogue, we discussed the recent decision by Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York with respect to the actual and constructive fraudulent...more

Recast EU Insolvency Regulation Comes Into Force

From today, 26 June 2017, the Recast EU Insolvency Regulation (Council Regulation (EC) No. 2015/848) comes into force and will apply to all relevant insolvency proceedings (although existing and ongoing proceedings will...more

Zebra Crossings: the view on secondment in Johannesburg

by Hogan Lovells on

When I left the UK, bound for Johannesburg, it was (and remains) a turbulent time with the UK government facing difficult negotiations in the coming years first over Brexit and now too in relation to its very ability to...more

Second Circuit Holds that Contingent Equity-Based Compensation of Former Lehman Employees are Subordinate to Creditor Claims

In In re Lehman Bros. Holdings Inc. 855 F.3d 459 (2d Cir. 2017), the United States Court of Appeals for the Second Circuit affirmed a district court order subordinating the claims of former Lehman Bros. (“Lehman”) employees...more

Safe harbour and ipso facto reform in Australia

by DLA Piper on

Long-awaited law reform to bring Australia's insolvency regime into step with many of its trading counterparts is slated to be enacted in the second half of 2017. The text of the law is currently before parliament for debate....more

Germany introduces legislation to facilitate corporate group insolvencies (Konzerninsolvenzrecht)

by DLA Piper on

Germany’s major legal reform aiming to facilitate group insolvencies takes effect on April 21, 2018 (full German text). The new law will allow insolvency proceedings over companies within a corporate group to be concentrated...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

There’s been a hitch in Saudi Aramco’s IPO plans (mind-boggling $2 trillion possible valuation and all): where to list. The frontrunners, by the way, are the London Stock Exchange and the NYSE....more

Reaffirming Rash – Replacement Value Applies to Cram Down Valuations

by Selman Breitman LLP on

Cram down reorganization, a fundamental concept in bankruptcy law, allows a debtor to retain possession and use of collateral while reducing the principal value of the secured debt to the present value of the collateral. ...more

Bankruptcy courts cannot approve structured dismissal of Chapter 11 case that violates absolute priority rule

by Snell & Wilmer on

In Czyzewski v. Jevic Holding Corp., 137 S. Ct. 973 (2017), the U.S. Supreme Court held that a bankruptcy court was not authorized to approve a structured dismissal of a Chapter 11 case that violated the absolute priority...more

In Brief: Court Rules Against Lyondell Litigation Trustee on LBO Fraudulent Conveyance Claims

by Jones Day on

In Weisfelner v. Blavatnik (In re Lyondell Chemical Company), 2017 BL 131876 (Bankr. S.D.N.Y. Apr. 21, 2017), the bankruptcy court presiding over the chapter 11 case of Lyondell Chemical Company ("Lyondell") handed down a...more

Singapore Enacts New Corporate Bankruptcy Law in Bid to Become Center for International Debt Restructuring

by Jones Day on

On March 10, 2017, Singapore's Parliament approved the Companies (Amendment) Bill 2017 (the "Act") to enhance the country's corporate debt restructuring framework. The Act, a copy of which is available here, was assented to...more

Group Insolvency Proceedings Under the Revised EU Insolvency Regulation

by Jones Day on

Restructuring an international group of companies in Europe continues to be challenging. While companies can transact business freely across European borders, coordination between the stakeholders involved in a cross-border...more

Substantive Consolidation of Non-Debtors-Standing and Notice Issues

by Dechert LLP on

U.S. courts generally agree that the substantive consolidation should be applied sparingly, and even more so when substantive consolidation of debtors with non-debtors is sought. While many opinions address the grounds for...more

From the Top: U.S. Supreme Court to Hear Case on Scope of Section 546(e)'s Safe Harbor

by Jones Day on

On May 1, 2017, the U.S. Supreme Court agreed to hear Merit Management Group v. FTI Consulting, No. 16-784, on appeal from the U.S. Court of Appeals from the Seventh Circuit. See FTI Consulting, Inc. v. Merit Management...more

Debt Dialogue: May 2017 - Supreme Court to Hear Circuit Split Over Bankruptcy Safe Harbor Provision

The Supreme Court has granted certiorari in Merit Management Group L.P. v. FTI Consulting Inc. to resolve a circuit split over the interpretation of Section 546(e) of the Bankruptcy Code, the “safe harbor” provision that...more

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