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Second Circuit: Reclassification of Claim as Equity Interest? Not Unless It Is Duplicative

The Second Circuit affirmed the bankruptcy and district courts’ decisions subordinating claims asserted against the Debtor by holders of restricted stock units. However, while the court agreed with the lower courts that the...more

Supreme Court judgment in the long-running Lehman Waterfall litigation

by Dentons on

On 17 May 2017, the UK Supreme Court handed down judgment in proceedings - commonly known as the Waterfall I litigation - to determine claims with regard to the estimated £8 billion surplus arising in the estate of Lehman...more

Success for LBHI2 and LBL in Supreme Court on Lehman Waterfall I

by DLA Piper on

The Supreme Court's decision in Lehman Waterfall I was handed down this morning. DLA Piper represents one of the successful appellants, Lehman Brothers Limited (in administration) (LBL)....more

Hong Kong: Financial Restructuring and Insolvency Update

by White & Case LLP on

The Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 (the "Amendment Ordinance") came into effect on 13 February 2017 seeking to revamp and modernize the winding-up regime in Hong Kong, but does...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

Upside Down in Chapter 15

by WilmerHale on

Most lawyers familiar with chapter 15 cross-border insolvency proceedings might assume that “foreign” debtors in chapter 15 cases must be foreign entities — that is, entities not organized under the laws of U.S. states. For...more

Assigned Rents Not Bankruptcy Estate Property After Assignment is Enforced

by Miller Canfield on

On May 2, 2017, the Sixth Circuit Court of Appeals clarified whether a bankruptcy debtor retains any property rights in rents after defaulting on a loan that includes an assignment of rents. The case, Town Center Flats,...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

The Jevic Fallout: Settlement DENIED

In one of the first of many cases to determine the scope of the Supreme Court’s recent decision in Jevic, the Bankruptcy Court for the Eastern District of Tennessee denied a proposed settlement by the Debtor that the court...more

Delaware Bankruptcy Court Approves Indenture Trustee Fees in Face of Fee Objection by Certain Noteholders

by Dorsey & Whitney LLP on

On March 8, 2017, the U.S. Bankruptcy Court for the District of Delaware issued a decision in In re Nortel Networks Inc., et al., 2017 Bankr. LEXIS 674 (Bankr. D. Del. Mar. 8, 2017), that addresses the issue of whether an...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

Group proceedings settlement update: Court of Appeal upholds binding nature of settlement on group members

by DLA Piper on

In Pekell, the Court of Appeal has provided welcome clarity around the effect of settlements in group proceedings, which should provide comfort to group proceeding defendants and their insurers. Importantly, the case affirms...more

US House of Representatives Judiciary Committee Passes Bankruptcy Reform Bill That Would Amend Title II

by Shearman & Sterling LLP on

The Judiciary Committee of the US House of Representatives marked up and passed HR 1667, the Financial Institution Bankruptcy Act of 2017...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

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

SDNY decision protects and clarifies investment banker compensation in bankruptcy

by DLA Piper on

In the Relativity Media Chapter 11 case in the Southern District of New York, Bankruptcy Judge Michael E. Wiles definitively shot down challenges brought by the fee examiner Robert Keach and Relativity Secured Lender LLC...more

Singapore: Debt Restructuring Hub Ready For Business

by White & Case LLP on

After months of public consultations and revision, the Singapore parliament passed the Companies (Amendment) Bill (the "Bill") on 10 March 2017 amending the Singapore Companies Act (the "Companies Act"). The Bill contains,...more

EuroResource—Deals & Debt - March 2017

by Jones Day on

For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments...more

Supreme Court Completely Endorses Critical Vendor Theory! Well, Not Completely. But Almost!

by Bryan Cave on

We at the Bankruptcy Cave are not very surprised by the ruling yesterday in Czyzewski v. Jevic Holding Corp. The Supreme Court in Jevic reviewed a Bankruptcy Court’s decision to approve a settlement (with a distribution of...more

Jevic - The Supreme Court Puts the "Dis" in Structured Dismissals

In a much anticipated decision issued on March 22, 2017, the United States Supreme Court determined in Czyzewski v. Jevic Holding Corp. (“Jevic”) that a “structured dismissal” of a bankruptcy case cannot include a...more

Tenth Circuit Joins Missouri River to Divide Kansas City Over What Constitutes A Stay Violation

by Bryan Cave on

On February 27, 2017, the United States Court of Appeals for the Tenth Circuit joined a minority approach followed by District of Columbia Circuit: failing to turn over property after demand is not a violation of the...more

Supreme Court Narrows Use of Structured Dismissals

by Miles & Stockbridge P.C. on

On March 22, 2017, in a 6-2 decision, the United States Supreme Court reversed the Third Circuit and held that distributions made pursuant to a structured dismissal must follow the Bankruptcy Code’s priority rules unless the...more

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