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Bankruptcy Beat: Decision Approves Cramdown of Secured Creditors in Chapter 11 With Sub-Market Interest Rate And Disallows...

On May 4, 2015, the U.S. District Court for the Southern District of New York affirmed the controversial and widely discussed decision of the Bankruptcy Court in In re MPM Silicones, LLC, 2014 WL 4436335 (Bankr. S.D.N.Y....more

Commercial Restructuring & Bankruptcy Alert - May 2015

In this issue: - How Safe are the Bankruptcy Code Safe Harbors? - Stockton’s Chapter 9 Plan Approval - Delaware Chancery Court Clarifies Fiduciary Duties of Insolvent Corporation Directors in Derivative...more

Should Court Approval Be Required to Engage in Mediation?

Alternate Dispute Resolution is an accepted alternative to litigation, consists primarily of arbitration and mediation. Arbitration involves the disputing parties presenting their arguments to a mutually agreed upon neutral...more

Prepared Food Manufacturer, Golden County Foods, Inc., Cooks Up A Chapter 11 Case

On Friday, May 15, 2015, Golden County Foods, Inc. (“GCF”), a business that manufactures prepared foods, filed a voluntary chapter 11 petition in the United States Bankruptcy Court for the District of Delaware. It was joined...more

"District Court Decision on MPM Silicones Bankruptcy Case Highlights Risks for Secured Lenders"

In a May 4, 2015, decision, the U.S. District Court for the Southern District of New York rejected secured lenders’ appeals of a controversial bankruptcy court decision confirming the Chapter 11 plan of reorganization of MPM...more

Will Congress Finally Act? The ABI Commission on Business Bankruptcy Reform: Secured Lenders

Congress rarely accomplishes anything these days, but the need to reform Chapter 11 of the Bankruptcy Code seems to have “crossed over the aisle.” When the Bankruptcy Code was enacted in 1978, America boasted the world’s...more

Calculating Title Insurance Claims: Reduction in Value vs. Insured Claim

After a mortgagor filed bankruptcy, a lender brought claims under a ship mortgage insurance title policy. [See, First Am. Bank v. First Am. Transp. Title Ins. Co., 759 F.3d 427 (5th Cir. 2014).] The lender appealed the...more

Delaware Bankruptcy Court: Debtors Can Offset Administrative Claims Before General Unsecured Claims

While section 503(b)(9) claims deserve priority payment over general unsecured claims, they do not provide a basis for stripping a debtor’s defenses in determining the allowed amount of a section 503(b)(9) claim....more

Considerations and Consequences of a Bankruptcy Filing in the Oil and Gas Industry

A Chapter 11 bankruptcy filing of an oil and gas company will likely have broad implications for a wide range of parties. Certain pervasive agreements in today’s oil and gas industry generate substantial, high-dollar...more

Orrick's Financial Industry Week in Review

EBA Final Report on Guidelines on Triggers for Use of Early Intervention Measures Under BRRD - On May 8, the European Banking Authority (EBA) published its final report (EBA/GL/2015/03) on guidelines on triggers for the...more

UPDATE: Cross-border Leveraged Lending – Consider Changes Needed to US Intercreditor Agreements for Financings with European...

Hybrid US/European restructurings can lead to unexpected commercial outcomes because of different practices in intercreditor agreements. The US loan markets continue to attract European borrowers whenever US pricing...more

Who needs New York law when you can have an English scheme of arrangement instead?

DTEK Finance B.V., Re [2015] EWHC 1164 (Ch) - Following upon the November judgment in Re APCOA Parking Holdings GmbH, last week Mrs Justice Rose sanctioned a scheme of arrangement between the Dutch company DTEK Finance...more

Chapter 15 Cross-Border Insolvency Means Comity and Cooperation; Not Necessarily Comedy and Concern

After taking the last train into the small Italian town of Vernazza, my travelling party soon came to realize that our booked inn had given away our rooms and that there were no available rooms in town and no more trains out....more

DTEK Scheme sanctioned on the basis of a change of governing law of New York law bonds

On 27 April 2015, the English High Court sanctioned a scheme of arrangement (the “Scheme”) for the US$200 million 9.5% senior notes due 2015 (the “2015 Notes”) issued by DTEK Finance B.V. (the “Issuer”), a Dutch finance...more

The DTEK Scheme: A New Way to Restructure US Law Bonds?

Double First: A Ukrainian group of companies breaks ground — first by changing the governing law of its high yield bonds from US to English law and then by being the first Ukrainian-based group to restructure via an English...more

Social Media Assets in Bankruptcy: Facebook and Twitter Accounts Subject to Reach of Creditors

Social media accounts can be “property of the estate” in a bankruptcy case of a business, and thus belong to the business, even when the contents of the accounts are intermingled with personal content of managers and owners....more

Section 546(e) Protects Two Tiered Securitization Structures

What happens when a debtor, whose loan is pooled and securitized, files for bankruptcy? Are payments made to investors recoverable as fraudulent transfers or preferences? Until recently, no published court opinion...more

OAS UPDATE: Bankruptcy Court Grants Limited Temporary Relief in Chapter 15 Case

Background: Grupo OAS, a Brazilian construction conglomerate linked to a massive corruption scandal (“OAS”), filed for Chapter 15 creditor protection in the Bankruptcy Court for the Southern District of New York on April 15,...more

Payments to Investors in a Securitization Structure Protected from Avoidance

In what appears to be a matter of first impression, the U.S. Bankruptcy Court for the Northern District of Illinois recently held that payments made to investors in a two tiered securitization structure commonly employed in...more

BANKRUPTCY ALERT: Golf Channel Learns Hazards Of Playing With A Ponzi Scheme

The recent Fifth Circuit decision in Janvey v. The Golf Channel, Inc. ("Golf Channel") reminds us again that sometimes, despite our best efforts, bad things happen to good people. In that case, the Golf Channel learned a...more

The American Bankruptcy Institute's Recommendations for Chapter 11 Reform

Last December, the American Bankruptcy Institute’s Commission to Study the Reform of Chapter 11 released a 400-page report on recommended changes to Chapter 11 of the Bankruptcy Code. Originally published in the April...more

Texas Bankruptcy Court ‘Likes’ Facebook and Twitter Accounts as Property of the Reorganized Debtor

In a recent opinion in In re: CTLI, LLC (Tactical Firearms), Judge Jeff Bohm in the United States Bankruptcy Court for the Southern District of Texas ordered a debtor to handover its Facebook and Twitter accounts to the...more

High yield bond restructurings across Europe

As the flood of capital into riskier deals continues to pour in at unprecedented rates, and economic and geopolitical risks evolve, the prospect of a surge of bond defaults in the years ahead is looming over high yield...more

Foreclosure Sales: When Is the “Deed” Done?

In re Betchan, 524 B.R. 830 (Bankr. E.D. Wash. 2015) – A mortgagee was the highest bidder at a foreclosure sale that took place shortly before the debtor filed bankruptcy. The lender requested relief from the...more

Lessons From Mt. Gox Bankruptcy

MtGox Co., Ltd., once the world’s largest Bitcoin exchange company, is insolvent, bankrupt, and now history. This history offers lessons to cryptocurrency startups. ...more

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