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Read Finance & Banking Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

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

Supreme Court Rules in Favor of Truck Drivers In Challenge To Structured Dismissals in Bankruptcy

by Freeborn & Peters LLP on

We previously wrote about the U.S. Supreme Court’s decision to 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. Today, the U.S....more

Judicial Foreclosure Sales are Immune to Preference Challenges

The Bankruptcy Court for the Western District of Pennsylvania has recently held that a pre-petition foreclosure of a debtor’s real property, conducted in accordance with state law, is not subject to attack as a preference...more

Creditor-Friendly Changes to North Carolina’s Accord and Satisfaction Law

by Poyner Spruill LLP on

A creditor can now reinstate a disputed debt that has been inadvertently discharged. The North Carolina Legislature recently amended its accord and satisfaction law to include creditor-friendly revisions that make it...more

Circulating security interests and competing priorities

by DLA Piper on

The recent Federal Court decision (on 1 March 2017) in Langdon, in the matter of Forge Group Limited (Receivers and Managers Appointed) (in Liq) [2017] FCA 170 considered the situation where a sizeable, unexpected tax refund...more

Reform of German clawback law

by DLA Piper on

The German Parliament passed an act to reduce the risk of clawback actions and provide more legal certainty in this regard under German law, the so called "Act for the Improvement of Legal Certainty concerning Clawback...more

Recent SDNY decision protects and clarifies investment banker compensation in bankrupcy

by DLA Piper on

Recently 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...more

Court Finds That There Is A Fact Issue On Whether Corporate Shareholder And Officer Breached Fiduciary Duties To Creditors

by Winstead PC on

In Tow v. Wellington Yu, a bankruptcy trustee sued a corporation’s shareholder and officer for breaching fiduciary duties by entering into a settlement agreement that required the sale of real estate where the defendant would...more

Equitable or Equity Committees: Lessons from Recent Cases

by Morrison & Foerster LLP on

The second half of 2016 saw a surge in the number of requests to form official equity committees, especially in commodity-related restructurings. This most recent restructuring cycle began in August 2015 and remains active....more

"Loan to own" strategies in Australia

by DLA Piper on

The increase in the availability of alternate capital in Australia over the past decade has provided a landscape for well-tested global restructuring techniques to be applied locally. This includes 'loan to own' strategies....more

The Increased Use of Combined Hearings and Combined Plan and Disclosure Statements in Delaware

by Cole Schotz on

Since February 2016, the Local Rules for the United States Bankruptcy Court for the District of Delaware provide for combined hearings on approval of disclosure statements and confirmation of plans and for the use of combined...more

Second Circuit Holds That Minority Bondholders Cannot Avail Themselves of the Trust Indenture Act

by BakerHostetler on

While out-of-court restructurings can help companies in need, they can negatively impact minority bondholders. Minority bondholders displeased with out-of-court restructurings looked to a 2015 decision interpreting the Trust...more

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