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Bankruptcy Updates

Read Bankruptcy Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

The Financially Distressed Subcontractor on a Government Contract: What a Prime Contractor Should Do to Protect the Project and...

Some bankruptcy experts predict an increase in business failures for government contractors in the coming years. Increased demands and constraints on government spending will stress both prime contractors and subcontractors....more

Debt Dialogue: July 2017 - Non-consolidation and True Sale Issues for Insurance Company Sponsors — Part Two

Our two-part article on non-con and true sale issues in insurance contexts continues with a deeper dive into the considerations that distinguish these issues from similar remoteness principles in a Bankruptcy Code context. In...more

Paying for a debt restructuring - can costs be adopted by the Trustee?

by Hogan Lovells on

On 13 July 2017 the High Court gave its judgment in UBS AG, London Branch v. GLAS Trust Corporation Limited [2017] EWHC 1788 (Comm), a case brought by UBS against the trustee for notes issued as part of a securitisation...more

Preferences Actions Filed In Univita Holdings LLC Bankruptcy Case

by Fox Rothschild LLP on

On July 19-21, 2017, David W. Carickhoff, in his capacity as Chapter 7 Trustee of the Estates of Univita Holdings, et al., filed approximately 46 complaints seeking the avoidance and recovery of allegedly preferential and/or...more

Debt Dialogue: July 2017 - Non-consolidation and True Sale Issues for Insurance Company Sponsors — Part One

This two-part article discusses the key concerns, from a non-consolidation and true sale perspective, that arise when an insurance company, as opposed to a bankruptcy-eligible entity, is a sponsor/seller in a securitization...more

SC utilities to suspend nuclear construction

by PretiFlaherty on

Two South Carolina utilities have announced their decisions to cease work on two new nuclear units under construction at the V.C. Summer Nuclear Station in Jenkinsville, South Carolina. The project to develop Units 2 and 3...more

Suppliers Beware: Two Recent Cases (in Third Circuit and Delaware) Hold that Debtor Must Physically Possess Goods Within Statutory...

Amidst a surge in retail bankruptcies, two recent decisions construing section 503(b)(9) of the Bankruptcy Code directly limit suppliers’ ability to seek administrative claims for goods shipped to a debtor in the period...more

Secured creditors are not left out in the cold

by Hogan Lovells on

In the recent case of Kevin Taylor v Van Dutch Marine Holding Ltd and others, the High Court decided that the exercise of existing rights by a secured creditor should not be regarded as a disposal by a defendant, and as a...more

Debt Dialogue: July 2017 - A New Millennium: Bankruptcy Courts May Lack Constitutional Authority to Approve Nonconsensual Plan...

Third-party releases have become a common and oft-litigated issue in connection with confirmation of a Chapter 11 plan. This is especially so if the party being released is the target of claims arising out of questionable...more

Success Fees - Technical Arguments Fail In The Face Of Broad Definitions

by Fox Rothschild LLP on

In a decision signed July 26, 2017 in the Nephrogenex bankruptcy (case 16-11074), Judge Gross of the Delaware Bankruptcy Court approved of the application of the Debtor’s investment banker for a success fee over the objection...more

Delaware Clarifies “Received” For Valuable 503(b)(9) Claims

by Cole Schotz on

Delaware’s Bankruptcy Court has recently issued two insightful opinions that impact a creditor’s ability to establish the “receipt” element of a valuable 503(b)(9) administrative expense priority claim. CASE 1: In re SRC...more

Banking & Financial Services - July 2017

by Burr & Forman on

What does a recent Georgia Supreme Court case mean for the viability of the state's confirmation statute? Atlanta Partner Erich Durlacher explores answers in this Alert. Please see full E-Note below for more information....more

Delaware Court Denies Request of Beverly Hills Entities to Require Chapter 11 Debtor to Properly Abandon Wells

by Clark Hill PLC on

In In re Venoco, LLC, 2017 WL 2374683 (May 31, 2017), the Delaware bankruptcy court denied the request of California governmental agencies to require the Debtor to comply with environmental obligations with regard to an oil...more

Kramer Levin-Debtwire Retail Event Tackles Distressed Asset Monetization Strategies

Kramer Levin Naftalis & Frankel and Debtwire recently co-sponsored a retail restructuring discussion that brought together a formidable roster of retail restructuring experts to discuss opportunities and strategies for...more

ECJ: Clarification on Withdrawing State Aid from Companies Deemed "Undertaking in Difficulty"

by Jones Day on

The notion of "undertaking in difficulty" is a key element in State aid law because undertakings in difficulty can receive State aid only under the restrictive conditions for so-called rescue and restructuring aid. Any other...more

Tenth Circuit Upholds Confirmation Of Arbitral Award In LLC Dissolution Dispute

by Carlton Fields on

The Tenth Circuit recently affirmed a district court’s confirmation of an arbitration award in a dispute regarding the dissolution of Knowledge Strategy Solutions, LLC (“KSS”). KSS was a partnership between the professional...more

Third Circuit Decides Goods Are “Received” Upon Physical Possession in Bankruptcy Case

by Perkins Coie on

Many creditors that provide goods to a debtor before a bankruptcy case begins believe that their recovery will be mere cents on the dollar. While prepetition claims often receive small, if any, distributions, Section...more

Third Circuit Rejects Unsecured Oil Producers’ Claims of Automatic Perfection

by King & Spalding on

On July 19, 2017, the U.S. Court of Appeals for the Third Circuit (the “Court”) issued an opinion, upholding a district court’s ruling that downstream purchasers took oil purchased from a bankrupt intermediary, SemGroup L.P....more

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

Charging Orders

A “charging order” allows a judgment creditor to receive a debtor’s share of distributions from a limited liability company (LLC) or a partnership. With the proliferation of LLCs in the last 20 years, understanding “charging...more

Third Circuit Rejects Oil Producers’ Security Interest Arguments In Midstream Provider’s Bankruptcy Proceeding

On July 19, the U.S. Court of Appeals for the Third Circuit decided an important case involving oil and gas producers, intermediaries, and the ultimate purchasers of the oil and gas. The case, a bankruptcy matter, is In re:...more

United States Supreme Court to Decide Whether Recharacterization of Debt Should Be Decided by State or Federal Law

On June 27, 2017, the United States Supreme Court granted the petition for writ of certiorari regarding the decision In re Province Grande Olde Liberty, LLC, 655 Fed.Appx. 971 (4th Cir. Aug. 12, 2016) to decide a circuit...more

Supreme Court Issues Two Rulings Interpreting FDCPA

by Tucker Arensberg, P.C. on

The Supreme Court recently issued two rulings interpreting various sections of the Fair Debt Collection Practices Act (FDCPA) in favor of creditors and certain debt buyers. The FDCPA protects debtors from unfair collection...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

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