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Third Circuit Approves Use Of Structured Dismissals Of Chapter 11 Bankruptcies, but Rarely

On May 21, 2015, the United States Court of Appeals for the Third Circuit approved the settlement and dismissal of chapter 11 bankruptcy cases through a structured dismissal in rare instances. See Official Committee of...more

The Road Ahead for TransVantage Solutions, Inc.

The Chapter 7 Trustee appointed in the TransVantage Solutions, Inc. bankruptcy case ground the gears of the nation’s trucking industry this past April when he filed over 500 adversary complaints against common carriers,...more

Schemes of Arrangement for Distressed Shipping Companies – a viable (and cheaper) alternative to chapter 11?

While it is clear that chapter 11 of the U.S. Bankruptcy Code can be an effective tool of reorganisation for distressed foreign shipping companies that are locked in an adversarial dispute with their creditors, should an...more

Aircraft Deregistration and Repossession in India: Lessons from Kingfisher and SpiceJet

In 2012, Kingfisher Airlines, one of India's major airlines, ceased operations. India and its courts delayed responses to the request of lessors and financiers to deregister and repossess their aircraft, upsetting the market...more

Trespass And Other Claims: Ever Wonder If Litigation Is Worth It?

Flyboy Aviation Properties, LLC v. Franck (In re Flyboy Aviation Properties, LLC), 525 B.R. 510 (Bankr. N.D. Ga. 2015) – A chapter 11 debtor operated a small private airport. The debtor and an adjacent landowner had a...more

Implementing the Cape Town Convention in the UK

Repossession and Insolvency - The UK has decided to override existing insolvency law by adopting Alternative A of Article XI of the Protocol. Where a creditor has a correctly registered its international interest, the...more

Mainbrace: March 2015 No. 2

In this issue: - A Note from the Editor - Congress and Administration Take Cautious Approach to Crude Exports as Oil Prices Fall - Meet Blank Rome—Fairfield Sentry: Comity, Seller’s Remorse, and Chapter...more

Bankruptcy Court Dismisses Class Action DFR Complaint Involving Airline Merger

One deliberately ironic facet of the 2004 film Howard Hughes bio-pic The Aviator (the one with Leonardo DiCaprio) is the fact that the airlines fighting for world dominance in the 1940s were Howard Hughes’ TWA and Juan...more

Fortress Affiliate Believed to Bid on MM&A Railway

An affiliate of investment firm Fortress Investment Group LLC is believed to have made a play to acquire the Montreal, Maine & Atlantic Railway Ltd., which was involved in a deadly crash this past summer, out of bankruptcy...more

Montreal, Maine and Atlantic Railway rehiring workers thanks to $3 million loan

Thanks to a recent $3 million loan, workers are being rehired by the bankrupt railway that owned the runaway train that devastated a Canadian town, killing 47 people, the railway’s court-appointed trustee said Monday. ...more

US, Canadian judges coordinate railroad bankruptcy; focus is on compensating Lac-Megantic victims, trustee says

The adoption of cross-border protocols by judges in Canada and the U.S. on Wednesday will allow the Montreal, Maine and Atlantic Railway bankruptcy to move forward so that the victims of the Lac-Megantic train disaster may...more

Restructuring & Beyond: The marine industry’s routes to safety: Survival strategies and new opportunities for companies, banks and...

Shipping has its fortunes anchored to the health of the global economy. As long as supply exceeds demand, there will be companies at risk of failure. More than four years into the industry’s downturn, market equilibrium...more

Are You “Betting the Company” Through Your Handling of Customer Funds or By Virtue of Transfer of Title Provisions Related to...

Two common types of arrangements between contracting parties can create excessive financial risk for a party. The first is a company serving as a middleman or payment agent by accepting funds from a customer and then...more

Clear Skies Seen Ahead for the American Airlines/U.S. Airways Merger

The recently announced merger of American Airlines and U.S. Airways creates a new carrier that is a behemoth by any measure. The combined airline will have revenues of $39 billion, slightly larger than the current revenue...more

Links To Free Copies Of Documents Filed In The Chapter 11 Bankruptcy Cases Of Overseas Shipholding Group, Inc., Et Al. (U.S....

Our newest website – www.courtreads.com – offers completely free access to over 150,000 documents filed in hundreds of the largest current corporate bankruptcy cases, including cases under chapter 9, chapter 11, and chapter...more

New Chapter 11 Case Alert: Valence Technology, Inc. $VLNC

In re Valence Technology, Inc. United States Bankruptcy Court, Western District of Texas Summary Valence Technology, Inc., a developer and manufacturer of proprietary phosphate-based lithium ion batteries, voluntarily...more

Bankruptcy Court Issues New Opinion Addressing First Day Critical Vendor Relief (In re O&S Trucking)

Read the Opinion Here: http://chapter11cases.com/new-bankruptcy-opinion-in-re-os-trucking-inc-bankr-court-wd-missouri-2012-case-no-12-61003-issue-first-day-critical-vendor-relief/ Summary: Company & Case Background O&S...more

SDNY Bankruptcy Court Tackles Jurisdiction of Federal Maritime Commission

On February 10, 2012, Judge Sean Lane of the United States Bankruptcy Court for the Southern District of New York denied the motion of 22 defendants in adversary proceedings filed by the Debtor, The Containership Company,...more

Shipping Newsletter - August 2011, Issue 28

In this issue: The Effect of Insolvency on a Charterparty; The Bribery Act 2010; Federal Maritime Commission Eases Rate Filing Requirements; Update: Sanctions Regimes; Case Study: Refusal of Orders to proceed to Yemen; Case...more

Omega Navigation Enterprises (ONAV) Voluntarily Files for Bankruptcy Protection in Texas

A group of affiliated companies - Omega Navigation Enterprises, Inc.; Galveston Navigation Inc.; Beaumont Navigation Inc.; Carrolton Navigation Inc.; Decatur Navigation Inc.; Elgin Navigation Inc.; Fulton Navigation Inc.;...more

Florida Toll Bridge May Go Bankrupt

The $95 million Garcon Point Bridge stretches over East Bay in Santa Rosa County. It is in danger of defaulting on its debts and its ownership might be taken from the Santa Rosa Bay Bridge Authority. Senator Don Gaetz intends...more

Cargo Transportation Services, Inc. – Major Florida Trucking Company – Files for Chapter 11 Protection

We have recently added the chapter 11 case of Cargo Transportation Services, Inc., which was filed on Wednesday in the Middle District of Florida, to our database. The company is a major trucking company with approximately...more

Rocketplane in Bankruptcy

Rocketplane, a pioneer in the space tourism industry has filed for Chapter 7 bankruptcy protection last month in Wisconsin, where it relocated after shutting down its operations in Oklahoma. The company, started by CEO George...more

TC Insolvency News - September 2010

*TC Represents Lender in Lightning Fast Sale of Food Distributor Assets *TC Has Interdisciplinary Team for Low-Income Housing Tax Credit Deals *TC Represents Purchaser/DIP Lender in Franchisee’s Bankruptcy *TC Represents...more

In re: General Motors Corporation

Debtor's Voluntary Petition for Protection of Chapter 11

General Motors filed for Chapter 11 bankruptcy, listing $82.29 billion in assets and $172.81 billion in debt. It is the fourth largest bankruptcy in U.S. history....more

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