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HVCRE: The Continuing Saga of Lenders

by Bryan Cave on

Bryan Cave attorney Jerry Blanchard joins hosts Jonathan Hightower and Rob Klingler in the studio today to discuss High Volatility Commercial Real Estate (HVCRE) loans....more

Italy: New Rules on Financial Leases Provide Clarity

by Jones Day on

Law no. 124 of August 4, 2017 ("Law 124") provides important new rules on financial leases in Italy. It introduces a statutory definition of "financial lease" and deals with the event of serious breach (grave inadempimento)...more

Tenants Beware – The Ninth Circuit Has Ruled That The Bankruptcy Code Can Be Used By A Landlord To Strip A Tenant’s Right To...

by Ervin Cohen & Jessup LLP on

Just last month, the Ninth Circuit issued a ruling in the case of Matter of Spanish Peak Holding II, LLC, that is potentially devastating to a tenant that leases property from a landlord that files for bankruptcy relief....more

“Spanish Peaks” and Leases in a Landlord’s Bankruptcy – Tenants Beware!

The recent Spanish Peaks decision from the Ninth Circuit (covering Alaska, Arizona, California, Hawaii, Idaho, Montana, Nevada, Oregon and Washington) deepens the split in case law on the ability to strip off leases in a...more

Shifting the onerous: onerous land disclaimed by bankruptcy trustees can also become onerous for lenders

by Dentons on

This update deals with “onerous property” and the issues involved when a trustee in bankruptcy disclaims onerous land, including the potential impact on lenders....more

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

Commercial Tenant Debtors in Chapter 11: Fundamentals of Landlord Creditor Protection in Bankruptcy

by BakerHostetler on

Commercial landlords have unique protections in bankruptcy, but can lose these rights if they do not assert them. When a commercial tenant files bankruptcy under Chapter 11, the landlord must carefully monitor filings and...more

Ninth Circuit Holds That Valuation of Secured Creditor’s Collateral in Chapter 11 Need Not Be Based on Property’s Highest and Best...

On May 26, 2017, an en banc panel of the Ninth Circuit Court of Appeals issued an opinion with important ramifications for secured lenders. The Ninth Circuit held that for purposes of determining the amount of a secured...more

Section 1111(b) Election Not Available When Collateral Is Sold Post Petition

by Dechert LLP on

The facts in Salamon are straightforward. Salamon (“Buyer”) purchased real property from Behrend (“Seller”) that was already subject to two liens (the “Preexisting Debt”). Instead of paying cash at closing, the Buyer executed...more

Sixth Circuit Court of Appeals Holds Properly Perfected Assignment of Rents Not Property of Bankruptcy Estate

by Foley & Lardner LLP on

In a significant ruling impacting commercial real estate lenders in Michigan, the 6th Circuit Court of Appeals has ruled that an absolute assignment of rents that had been fully perfected (by demanding payment from tenants to...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

Supreme Court defended secured creditor stating that premises in insolvency management shall be treated as being part of the...

by White & Case LLP on

In Russian insolvency procedures, it is quite common for third parties to try to exclude property from a debtor’s insolvent estate (konkursnaya massa) by claiming title to its real property in the absence of the registered...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 Devil's Dictionary of Bankruptcy Terms: Strong Arm Powers

by Polsinelli on

The "Devil's Dictionary" is a quick-reference guide for commercial lenders and other restructuring professionals. In this series, we highlight many of the buzz words found in the Dictionary and used in today's bankruptcy...more

Construction Group News: Your corporate real estate is held by a separate LLC, so it's protected, right? Maybe Not...

by Murtha Cullina on

Your business real estate may not be safe from a separate, but related, company’s bankruptcy. In a shot across the bow to the Massachusetts construction community, a Massachusetts bankruptcy court has determined that in...more

Substantive Consolidation - Recent Decisions Examine a Bankruptcy Court’s Ability to Augment a Debtor’s Estate

Two recent opinions concerning the law of substantive consolidation should be of interest to business owners and commercial real estate market participants. The doctrine of substantive consolidation allows a bankruptcy court,...more

Be Prepared Before Your Borrower Files a Farm Bankruptcy

by Ruder Ware on

How prepared are you for a workout or Chapter 12 farm bankruptcy filed by your Borrower? Make it your New Year’s Resolution to know the answer to these questions about your Borrower. Do you conduct regular file reviews?...more

Payments on Commercial Mortgage-Backed Securities Loans Cannot be Avoided in Bankruptcy

by Burr & Forman on

The Bankruptcy Code gives a trustee the power to avoid pre-petition fraudulent and preference transfers made by a debtor, except that a trustee may not avoid a transfer that is “made by or to (or for the benefit of)” a party...more

PACA Liens: A New Cloud on Title?

by Seyfarth Shaw LLP on

The Perishable Agricultural Commodities Act (PACA) was passed by Congress in 1930 to protect agricultural produce suppliers from unscrupulous vendors who refused to pay the suppliers for their goods. PACA contains language...more

Ninth Circuit Overturns Entz-White Lumber; Avoiding Default Interest Via Cure Through Chapter 11 Plan No Longer Valid

by Perkins Coie on

In the case of Pacifica L 51, LLC v. New Investments, Inc. (In re New Investments, Inc.), 9th Cir. November 4, 2016, the U.S. Court of Appeals for the Ninth Circuit held that a Chapter 11 debtor could not avoid paying default...more

Real Estate Gazette - Issue 25: Focus on distressed assets

by DLA Piper on

A very warm welcome to Issue 25 of DLA Piper’s Real Estate Gazette. The global real estate market is currently operating against a backdrop of economic uncertainty. Brexit, immigration and presidential elections in the US...more

NJ Supreme Court Holds Intervening Mortgage Takes Priority After Discretionary Advances by Initial Mortgagee

by Ballard Spahr LLP on

The New Jersey Supreme Court recently clarified its rules regarding mortgage priority, holding that a factoring company’s secured first mortgage can be trumped by a law firm’s later-filed mortgage where the factoring company...more

Court of Appeal decides that full losses flow from a second negligent valuation on a refinance regardless of whether the second...

by Dentons on

In Tiuta International Limited (in Liquidation) v. De Villiers Surveyors Limited [2016] EWCA Civ 661, the Court of Appeal allowed an application to set aside summary judgment after considering the correct application of the...more

PROMESA Shields Puerto Rico Behind a New Automatic Stay

by Bryan Cave on

On June 30, 2016, President Obama signed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) into law. The most significant portions of PROMESA are found in titles I and II, which establish an...more

Bankruptcy Court Rules Chapter 13 Debtors Must Assume or Reject Leases in 120 Days

by PretiFlaherty on

In a recent decision from the Bankruptcy Court for the District of Maine, In re Cho, the Court ruled that 11 U.S.C. § 365(d)(4)(A) applies to debtors in Chapter 13 cases. In this case, the debtors operated a dry cleaning...more

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