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Two Recent Decisions Demonstrate Continued Disagreement Over Whether Economic Value or Face Amount of Liens Is Appropriate Metric...

by Jones Day on

The ability of a trustee or chapter 11 debtor in possession ("DIP") to sell bankruptcy estate assets "free and clear" of liens on the property under section 363(f) of the Bankruptcy Code has long been recognized as one of the...more

Ninth Circuit Joins “Minority” of Courts That Allow Property to be Sold in Bankruptcy Free and Clear of Leaseholds

The Ninth Circuit recently held, in Pinnacle Rest. at Big Sky, LLC v. CH SP Acquisitions, LLC (In re Spanish Peaks Holdings II, LLC), No. 15-35572, 2017 U.S. App. LEXIS 12526, 2017 WL 2979660 (9th Cir. July 13, 2017), that a...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

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

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

Exculpatory Provisions Under Delaware Law: Say What You Mean And Mean What You Say

Exculpation provisions in operating agreements must be carefully crafted in order to protect members, managers, directors and officers for breaches of fiduciary duties...more

Fisker’s Reach: Liquidating Trustee May Pursue Overseas Fraudulent Transfers as Unjust Enrichment

by K&L Gates LLP on

The U.S. Bankruptcy Court for the District of Delaware recently granted in part and denied in part dismissal in favor of the defendant car manufacturer in a fraudulent transfer adversary proceeding brought by the Chapter 11...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

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

Recent Article on the Nuts and Bolts of Section 503(b)(9) Claims in Chapter 11 Cases

The so-called 20-day administrative priority claim (set forth in Section 503(b)(9) of the Bankruptcy Code) is perhaps the best remedy available to vendor creditors in Chapter 11 cases....more

Amendments to Companies Act Aim to Transform Singapore into Debt Restructuring Hub

by Morgan Lewis on

Singapore’s firm trajectory towards becoming an international hub for debt restructuring received a boost with the Companies (Amendment) Act 2017 coming into force on 23 May 2017....more

Re-examining purpose clauses and Quistclose trusts

by Dentons on

In CCM Industrial Pte Ltd (in liquidation) v Chan Pui Yee [2016] SGHC 231 (CCM Industrial), the liquidators of CCM Industrial Pte Ltd (the Company) brought a claim for the recovery of certain payments (the Payments) to the...more

Kmart Bankruptcy, Part Deux

It’s no secret that Kmart is facing another liquidity crisis. Just over ten years after Sears rescued the discount retailer from bankruptcy in 2006, the pioneer of the “blue light special” is destined for another, and...more

If At First You Don’t Succeed - Georgia Supreme Court Upholds Waiver of Confirmation After Prior Confirmation Action Denied

On April 17, 2017, the Supreme Court of Georgia found that defendant guarantors had waived the statutory protections under the Georgia foreclosure confirmation statute, and the lender could pursue a deficiency judgment...more

The Chapter 11 Vendor Game Changer: Section 503(b)(9) Claims

What is Section 503(b)(9)? This section of the Bankruptcy Code provides an allowed administrative expense for “the value of any goods received by the debtor within 20 days before the date of commencement of a case * * * in...more

Not Chapter 11 but Chapter 11-ish

by Morrison & Foerster LLP on

Parents, headmasters, hoteliers, restauranteurs, insurers and countries love them or hate them, depending on how their school or restaurant, company or nation is ranked. I’m referring to the World Bank’s annual Doing...more

Commercial Restructuring & Bankruptcy Alert - April 2017, Issue 1

by Reed Smith on

Welcome to the April 2017 issue of the CR&B Alert, the newsletter produced by Reed Smith's Commercial Restructuring & Bankruptcy Group. Excerpt from Newsletter: SUPREME COURT WILL DECIDE STANDARD OF REVIEW ON...more

Sabine: The Next Episode

by Bryan Cave on

On June 16, 2016, The Bankruptcy Cave gave you our previous summary of the controversial Sabine decision. When Bankruptcy Judge Chapman determined there was no reason to expedite review of her decisions in the case, we...more

Global Private Equity Newsletter - Spring 2017 Edition: Recent Developments in Acquisition Finance

by Dechert LLP on

When a portfolio company underperforms, an equity sponsor will want to assess the degree of negotiating leverage the company’s lenders have against the company under the circumstances, which can play a significant role in...more

Keep On Truckin’: Priority Rules Still Rule in Structured Dismissals

In 2015, Distressing Matters reported on the Third Circuit’s decision in In re Jevic Holding Corp., wherein that panel ruled that, in rare circumstances, bankruptcy courts may approve the distribution of settlement proceeds...more

Anticipating and Managing Bankruptcy Risk

by Blank Rome LLP on

Blank Rome Partner Ira Herman authored “Anticipating and Managing Bankruptcy Risk,” a series of articles prepared for the Financial Restructuring & Bankruptcy module of Lexis Practice Advisor, a comprehensive practical...more

Singapore Enacts New Corporate Bankruptcy Law to Promote International Debt Restructuring

by Jones Day on

On March 10, 2017, Singapore's Parliament approved the Companies (Amendment) Bill 2017 ("Act") to enhance the country's corporate debt restructuring framework. The Act was assented to by President Tony Tan Keng Yam on March...more

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