Business Organization, Bankruptcy, Labor & Employment Law

District Court Limits the Collection of Withdrawal Liability Against Private Equity Funds

by Anthony Cacace, Neal Schelberg | Proskauer - ERISA Practice Center on 5/9/2013

In Sun Capital Partners III, LP v. New England Teamsters and Trucking Industry Pension Fund, 2012 WL 5197117 (D. Mass. Oct. 18, 2012), a federal district court in Massachusetts concluded that a private equity fund was not a...more

Indalex: What Are the Pension Implications?

by Lesha Van Der Bij | Osler, Hoskin & Harcourt LLP on 2/13/2013

On February 1, 2013, the Supreme Court of Canada released its much anticipated decision in Sun Indalex Finance, LLC v. United Steelworkers, a case which pitted the claims of pensioners against those of secured creditors in...more

Supreme Court of Canada Upholds Priority for DIP Lenders in CCAA Proceedings

by Michael N. Atlas, Lisa Corne, David Preger, Michael Weinczok | Dickinson Wright on 2/7/2013

Overview - On February 1, 2013, the Supreme Court of Canada (the “SCC”) affirmed the priority granted to Debtor-In-Possession (“DIP”) lenders who provide capital to debtor companies undergoing the restructuring process...more

Hostess Does Not Liquidate, Set to Mediate With Union

by Douglas Mintz, Jeffrey H. Taub | Cadwalader - Financial Restructuring on 11/20/2012

Reports of Twinkie the Kid’s death have been exaggerated. Despite widespread mainstream media reports of Hostess’ impending liquidation, the court has not yet approved liquidation. To the contrary, on November 19, 2012, after...more

Hostess Bankruptcy

by Clint W. Smith, P.C. on 11/9/2012

In the dog-eat-dog world of Chapter 11 bankruptcy, we should not be surprised when disputes arise between parties arguing about money. Kodak is trying to terminate pension/retirement benefits for its workers in its Chapter...more

Hostess Court Authorizes Rejection of Bakers’ Union Collective Bargaining Agreements

by Cadwalader - Financial Restructuring on 11/7/2012

Last month the drama surrounding Hostess’s efforts to reject various collective bargaining agreements drew to a close (pending appeal). Bankruptcy Judge Robert Drain (in an unpublished decision) authorized Hostess to reject...more

Economic Forecast For Slow Growth

by Peter Bauman - Senior Associate at Tharpe &... on 10/31/2012

Two major conclusions are found in a recent survey of economists by the Wall Street Journal: 1. Slow growth over the coming year 2. A recession is unlikely As reported by the Los Angeles Times, the survey of 48...more

American Airlines Pilots Gamble And Lose In Bankruptcy Case [Video]

by Bloomberg Law on 9/6/2012

Sept. 6 (Bloomberg Law) -- Bloomberg Law's Lee Pacchia talks with Bloomberg News bankruptcy columnist and editor-at-large Bill Rochelle about how a strategy backfired on the pilots' union at American Airlines. Bill also...more

Case Alert!! Decisions Which Will Affect Financing of Companies with Pension Plans and Potential Environmental Liability Expected...

by Domenico Magisano | Lerners LLP on 9/4/2012

Supreme Court of Canada is considering two key insolvency related cases where their findings could have significant ramifications on the financing of companies with pension plans and/or potential for environmental liability....more

Debtors May Not Be Able To Keep The KEIP

by Lowenstein Sandler LLP on 8/30/2012

In two recent decisions, the United States Bankruptcy Court for the Southern District of New York denied motions by large chapter 11 debtors to approve executive bonus plans designated as key employee incentive plans...more

Approval of Key Employee Retention Plans: Did Global Aviation Get It Right?

by Cadwalader, Wickersham & Taft LLP on 7/31/2012

We recently commented here on the standard for reviewing key employee incentive plans (KEIPs) and the approval of the KEIP in the Velo Holdings chapter 11 cases pending in the Southern District of New York. On July 24,...more

Velo Holdings KEIP Approved by SDNY Bankruptcy Court

by Cadwalader, Wickersham & Taft LLP on 7/25/2012

On June 6, 2012, Bankruptcy Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York approved a $2.875 million key employee incentive plan (“KEIP”) in the Velo Holdings bankruptcy cases over the...more

PBGC Asks Bankruptcy Court to Treat Prior Sale of Interest in Debtor As Prohibited Attempt to Evade ERISA Pension Liability

by Duane Morris LLP on 6/22/2012

The Pension Benefit Guaranty Corporation (PBGC) filed an objection on June 14, 2012, in the Delaware bankruptcy court proceedings of RG Steel ("Debtor"), challenging a recent sale by RG Steel's parent entity ("Parent") of a...more

Pension Plan Restructuring (Part III) - Plan Conversions

by Osler, Hoskin & Harcourt LLP on 6/18/2012

This is the third post in my series on pension plan restructuring (for prior posts see April 12, 2012 and June 8, 2012). In this post, I will examine the basics of converting your defined benefit (DB) plan to a defined...more

Judge Rules Hostess Must Maintain Teamsters Union Contract

by Joel Glucksman on 5/18/2012

Judge Rules Hostess Must Maintain Teamsters Union Contract by Joel R. Glucksman on May 18, 2012 A recent court ruling will prohibit Hostess Brands Inc. from terminating its union contract with the Teamsters, a move that...more

VeraSun: Claims Under “Change in Control” Agreements Subject to Cap Governing “Employment Contracts”

by Cadwalader, Wickersham & Taft LLP on 4/13/2012

In a recent decision in the VeraSun bankruptcy cases, the U.S. Bankruptcy Court for the District of Delaware held that “change in control” agreements between former executives and the debtors are “employment contracts” under...more

Leverage is Back: The Return of the Pyramid Business Model for Law Firms, with a Twist

by Jerome Kowalski on 2/21/2012

In the second half of the last century, BigLaw developed and then fine tuned its pyramided business model. The name of the game was leverage: put an increasingly large cadre of associates at the base of the pyramid, have...more

K&L Gates: On Notice - February 2012: TUPE

by K&L Gates LLP on 2/3/2012

How far does the insolvency exemption go? The Court of Appeal recently gave its long awaited judgment in Key2law LLP v Gaynor De'Antiquis, in relation to the scope of the exemption to TUPE for companies which...more

Seventh Circuit Holds Companies Liable for Insolvent Affiliate’s Pension Obligations

by Cadwalader, Wickersham & Taft LLP on 1/30/2012

The Seventh Circuit Court of Appeals recently affirmed a district court decision holding that two limited liability companies were jointly and severally liable for the pension obligations of a third, insolvent affiliate that...more

Pension Pulse - Leave to Appeal Granted in Indalex

by Heenan Blaikie LLP on 12/2/2011

The Supreme Court of Canada today granted leave to appeal in Indalex Limited (Re). This is an appeal from the Ontario Court of Appeal (2011 ONCA 265). Please see our Pension Pulse dated April 20, 2011, for a detailed summary...more

Points & Authorities - Special Issue Fall 2011

by Buchalter Nemer on 11/15/2011

In This Issue: - A Good Way to Give Bad News: Recent Amendment to California’s Breach Notification Statute - Accountable Care Organizations: The Private Sector Will Lead - New Faces - Points from the...more

Pensions and Corporate Insolvency: Ontario Court of Appeal Releases Surprising Decision

by Heenan Blaikie LLP on 4/20/2011

The Ontario Court of Appeal released its decision in Indalex Limited (Re), 2011 ONCA 265 on April 7, 2011. The decision comes as a surprise to many pension and insolvency professionals, lenders and pension plan sponsors. The...more

Dissatisfied Employees Unable to Recover Penalties from Investors under New York Law

by Katten Muchin Rosenman LLP on 3/8/2011

A New York statute that requires a corporation's largest investors to guarantee employee wage payments does not require such investors to satisfy penalties owed workers under Indiana law. Employees of Waste Reduction,...more

Directors' Disqualification Proceedings in the United Kingdom

by Druces LLP on 8/2/2010

In the United Kingdom, Directors' Disqualification proceedings under the Company Directors Disqualification Act 1986 do not only arise on company insolvency. In this article, Richard Baines and Marie-Louise King of Druces LLP...more

Corporate and Financial Weekly Digest - April 2, 2010

by Katten Muchin Rosenman LLP on 4/2/2010

In this issue: *SEC/CORPORATE ..PCAOB Proposes Auditing Standards on Communications with Audit Committees, Amendments to PCAOB Interim Standards *BROKER DEALER ..FINRA Issues Guidance on Subordinations *CFTC ..CFTC...more

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Business Organization › Bankruptcy › Labor & Employment Law

District Court Limits the Collection of Withdrawal Liability Against Private Equity Funds

Indalex: What Are the Pension Implications?

Supreme Court of Canada Upholds Priority for DIP Lenders in CCAA Proceedings

Hostess Does Not Liquidate, Set to Mediate With Union

Hostess Bankruptcy

Hostess Court Authorizes Rejection of Bakers’ Union Collective Bargaining Agreements

Economic Forecast For Slow Growth

American Airlines Pilots Gamble And Lose In Bankruptcy Case [Video]

Case Alert!! Decisions Which Will Affect Financing of Companies with Pension Plans and Potential Environmental Liability Expected...

Debtors May Not Be Able To Keep The KEIP

Approval of Key Employee Retention Plans: Did Global Aviation Get It Right?

Velo Holdings KEIP Approved by SDNY Bankruptcy Court

PBGC Asks Bankruptcy Court to Treat Prior Sale of Interest in Debtor As Prohibited Attempt to Evade ERISA Pension Liability

Pension Plan Restructuring (Part III) - Plan Conversions

Judge Rules Hostess Must Maintain Teamsters Union Contract

VeraSun: Claims Under “Change in Control” Agreements Subject to Cap Governing “Employment Contracts”

Leverage is Back: The Return of the Pyramid Business Model for Law Firms, with a Twist

K&L Gates: On Notice - February 2012: TUPE

Seventh Circuit Holds Companies Liable for Insolvent Affiliate’s Pension Obligations

Pension Pulse - Leave to Appeal Granted in Indalex

Points & Authorities - Special Issue Fall 2011

Pensions and Corporate Insolvency: Ontario Court of Appeal Releases Surprising Decision

Dissatisfied Employees Unable to Recover Penalties from Investors under New York Law

Directors' Disqualification Proceedings in the United Kingdom

Corporate and Financial Weekly Digest - April 2, 2010

American Airlines Pilots Gamble And Lose In Bankruptcy Case [Video]

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