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New OHADA Uniform Act Streamlines Collective Insolvency Proceedings

Innovations to the Act in late 2015 seek to modernize and simplify collective proceedings in OHADA member states. On 10 September 2015 in Grand-Bassam (Republic of Côte d’Ivoire), the Organization for the Harmonization...more

The Customer Finally Pays, But the Bankruptcy Trustee Demands the Payment Be Returned; What to do When Faced with a Preference...

Many businesses have been there - a customer who is always slow to pay or, worse yet, has stopped all payments. You diligently press them for payment and after many promises, you finally receive payment. The receivable...more

A review of the Corporate Insolvency Regime

On 25 May, the Insolvency Service published a consultation paper on options for reform of the UK's corporate insolvency regime. Their impetus is for the UK to remain at the forefront of insolvency best practice to ensure...more

Bankruptcy Courts Divided On Whether Chapter 13 Plan Extends Time for Redemption

Bankruptcy courts are currently divided on whether a debtor has a right to redeem property sold at a tax sale after the removed “statutory” redemption period has run. The time for redemption depends on the law of the state...more

Water Industry Deals and News

The latest edition of the OMM Water Report includes select O’Melveny transactions and other items of interest that occurred during May and June 2016. Please see full report below for more information....more

U.S. Supreme Court to Weigh in on Structured Dismissals and Settlements Circumventing the Bankruptcy Code’s Priority Scheme

On June 28, 2016, the U.S. Supreme Court agreed to hear a challenge to a Third Circuit-affirmed settlement and dismissal of the chapter 11 cases of Jevic Transportation, Inc. (“Jevic”) and certain of its affiliates. See...more

Delaware Organizational Meeting – ESML Holdings and Essar Steel Minnesota LLC

Upcoming Committee Formation Meeting: Tuesday July 19, 2016, 10:00 AM - Case Name: ESML Holdings Inc. Case Number: 16-11626 (BLS)...more

Corporate and Financial Weekly Digest - Volume XI, Issue 26

SEC/CORPORATE – SEC Division of Corporation Finance Issues C&DIs on Application of Rule 701 – On June 23, the Staff of the Division of Corporation Finance (Staff) of the Securities and Exchange Commission...more

Delaware Bankruptcy Court: Corporate Debtor's Negotiated Waiver of Bankruptcy Protection Void as Contrary to Federal Public Policy

A provision in LLC's corporate governance document, the sole purpose and effect of which is to place into the hands of a single minority holder (who happens to be a Creditor of the LLC) the ultimate authority to deny the...more

Delaware Organizational Meeting – SynCardia Systems, Inc.

Upcoming Committee Formation Meeting: Thursday July 14, 2016, 1:30 PM - Case Name: SynCardia Systems, Inc. Case Number: 16-11599 (MFW)...more

New Delaware Chapter 11 Filing – Essar Steel Minnesota LLC and ESML Holdings Inc.

Essar Steel Minnesota LLC and its parent, ESML Holdings Inc., which operate an open-pit mine and greenfield pellet plant in Minnesota, have commenced cases (Case Nos. 16-11627 and 16-11626, respectively) under Chapter 11 of...more

[Event] Financial Distress in the Energy Sector: Managing Exposure and Leveraging Opportunities - July 14th, Dallas, TX

Please join Locke Lord for a complimentary CLE seminar on current issues affecting the energy ?sector. By leveraging the extensive experience our lawyers bring to the table from the energy ?and restructuring & insolvency, we...more

Global Private Equity Newsletter - Summer 2016 Edition: Recent Developments in Acquisition Finance

Private equity sponsors should be aware of two recent court decisions. One involves fiduciary duties under state law that may be owing to a limited liability company borrower by its managers, in the context of receivables...more

Delaware Organizational Meeting – Triangle USA Petroleum Corporation., et al.

Upcoming Committee Formation Meeting: Wednesday July 12, 2016, 2:00 PM - Case Name: Triangle USA Petroleum Corporation., et al. Case Number: 16-11556 (MFW)...more

New Delaware Chapter 11 Filing – SynCardia Systems, Inc.

SynCardia Systems, Inc. has filed a chapter 11 petition before the United States Bankruptcy Court for the District of Delaware (Case No. 06-11599). The debtor is the manufacturer of an FDA-approved Total Artificial Heart. ...more

New Delaware Chapter 15 Filing – Toshiba Samsung Storage Technology Korea Corporation

Toshiba Samsung Storage Technology Korea Corporation has commenced a case (Case No. 16-11602) under Chapter 15 of the Bankruptcy Code by filing a petition with the U.S. Bankruptcy Court for the District of Delaware....more

Lenders Cannot Prevent Borrowers From Filing Bankruptcy By Owning Minority Equity With Veto Power Over Borrower’s Decision To File...

In a recent decision, the U.S. Bankruptcy Court for the District of Delaware refused to enforce a provision in the debtor’s LLC operating agreement requiring a unanimous vote of the debtor’s members to authorize the debtor to...more

Application for leave to continue action against an insolvent defendant: A balancing act - A case study of W Y Steel Construction...

The issue before the High Court was whether leave should be granted to the plaintiff to proceed with an action for breach of contract against an insolvent defendant. The court held that in deciding whether leave should be...more

Supreme Court to Hear Truck Drivers’ Challenge to Structured Dismissals in Bankruptcy

The U.S. Supreme Court will hear a group of truck drivers’ challenge to the dismissal of a chapter 11 bankruptcy case that was designed to avoid paying the drivers’ claims. The truck drivers are appealing the Third Circuit’s...more

New Chapter 11 Petition – Triangle USA Petroleum Corporation

Triangle USA Petroleum Corporation and five of its affiliates, including its Ranger Fabrication business, have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (Lead Case No....more

Brexit Q&A: Business Implications

On Thursday 23 June 2016, the UK electorate voted to leave the European Union. While this vote was advisory in nature, we expect that ultimately the UK Government and Parliament will respect the outcome and serve notice to...more

Delaware Organizational Meeting – iON Worldwide, Inc.

Upcoming Committee Formation Meeting: Wednesday July 6, 2016, 10:30 AM - Case Name: iON Worldwide, Inc. Case Number: 16-11543 (LSS)...more

To whom does privilege belong in insolvency?

The Court ordered a law firm to stop acting for the main creditor of a bankrupt individual in circumstances where it had reviewed documents privileged to that individual. The law firm, which also acted for the trustees in...more

New Delaware Chapter 11 Filing – iON Worldwide LLC

iON Worldwide, LLC, a maker of point-of-view video cameras, has filed a chapter 11 petition before the United States Bankruptcy Court for the District of Delaware (Case No. 16-11543)....more

Alberta Energy Regulator releases interim measures in response to Redwater Decision

On May 19, 2016, the Alberta Court of Queen’s Bench issued their decision, Redwater Energy Corporation Re, 2016 ABQB 278 (“Redwater Decision”), which we discussed in our recent alert, “Insolvency and energy insights: The...more

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