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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

FAQ: Recent Developments in US Law Affecting Pension and OPEB Claims in Restructurings (2017)

by Latham & Watkins LLP on

From theory to practice, planning to enforcement, the answers to 42 of the most frequently asked questions can help you prepare, cope or respond to a restructuring. This Client Alert answers some of the most frequently asked...more

ERISA Benefits and a Claimant’s Bankruptcy: When Judicial Estoppel Requires Dismissal of Lawsuits Seeking Long Term Disability...

Don’t forget that... judicial estoppel can require dismissal of a claimant’s suit for ERISA-governed long term disability (LTD) benefits if the claimant failed to list the “potential cause of action” in bankruptcy filings....more

Court of Appeal Permits Union Certification Application in Face of Insolvency Stay of Proceedings

by Bennett Jones LLP on

The Ontario Court of Appeal recently released a decision allowing a certification application by a union to proceed in the face of a receivership of the employer. The decision garnered a strong dissent from Justice Lauwers,...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The Fed wrapped up its Open Market Committee meeting yesterday without any change in interest rates but with an expression of confidence in the economy, despite Q1’s sub-1 percent growth figure (which it dubbed “transitory”)....more

Creditor Protection of Retirement Plan Assets

Assets in qualified retirement plans and individual accounts (IRAs) total more than $20 trillion and represent 34% of U.S. household assets.1 Clients and their advisers are rightfully concerned about insulating those assets...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

Supreme Court Absolutely Affirms the Absolute Priority Rule

by Ward and Smith, P.A. on

The United States Supreme Court recently decided a case that impacts lenders and other creditors in Chapter 11 bankruptcy proceedings. The Supreme Court held that a bankruptcy court may not approve a “structured dismissal” of...more

Supreme Court Limits Use of Structured Dismissals of Chapter 11 Cases

by Holland & Knight LLP on

In a 6-2 decision on March 22, 2017, the U.S. Supreme Court determined that bankruptcy courts may not approve a structured dismissal of a Chapter 11 case that provided for distributions of estate funds that do not follow...more

Supreme Court Bars Structured Dismissals of Bankruptcy Cases That Violate the Code’s Priority Distribution Scheme – Could it...

by Foley & Lardner LLP on

On March 22, 2017 the Supreme Court issued its long-awaited ruling regarding the legality of structured dismissals of Chapter 11 bankruptcy cases that would make final distributions of estate assets to creditors in a manner...more

Yes, Virginia, there is a Code Priority Scheme: Supreme Court Strikes Down Structured Dismissals in Jevic

by Foley & Lardner LLP on

A potential threat to the Code’s priority scheme is the allowance of “structured dismissals,” which include a settlement as part of the dismissal of the chapter 11 case that would distribute estate assets in a manner that...more

U.S. Supreme Court Invalidates Non-Consensual Structured Dismissal Deviating from Bankruptcy Priority Scheme

by Jones Day on

The U.S. Supreme Court ruled on March 22, 2017, in Czyzewski v. Jevic Holding Corp., that without the consent of affected creditors, bankruptcy courts may not approve "structured dismissals" providing for distributions that...more

Absolute Priority Remains Absolute – US Supreme Court Holds Structured Dismissals Cannot Violate Priority Rules

by Dechert LLP on

In a highly anticipated bankruptcy opinion, the United States Supreme Court, in Czyzewski v. Jevic Holding Corp., held that courts may not approve structured dismissals providing for distributions that deviate from the...more

U.S. Supreme Court Rules WARN Claimants/Workers Must Get Priority Over Other Unsecured Creditors In Bankruptcy

by Seyfarth Shaw LLP on

Seyfarth Synopsis: A bankruptcy court overseeing an employer’s Chapter 11 bankruptcy proceeding allowed the employer to pay certain unsecured creditors before paying Worker Adjustment And Retraining Notification Act (“WARN”)...more

Supreme Court Gives WARN-ing To Companies In Bankruptcy: Don’t Ignore Wage Claims

by Fisher Phillips on

The U.S. Supreme Court held today in a 6 to 2 decision that “structured dismissals” resolving Chapter 11 bankruptcy proceedings cannot deviate from the Bankruptcy Code’s priority scheme without the consent of the affected...more

Key issues facing the UK residential care home sector

by DLA Piper on

Historical backdrop - The collapse of over 750 care homes operated by the Southern Cross group in 2011 following rapid expansion financed by the sale of leases of its homes exposed the financial risks inherent in the...more

Second Court of Appeals Win for State Street Bank in $200 Million Chrysler “Top Hat Plan” Class Action

by McDermott Will & Emery on

“Top hat plans” have many attractive features, but a new court decision is a reminder that top hat plan participants have limited protections under ERISA – and that assets held in a rabbi trust are not protected from the...more

Legal issues for those running construction businesses

by Dentons on

Insolvency issues - A review of the corporate insolvency regime: our Insolvency team recently responded to the government consultation on options for reform of the UK's corporate insolvency regime. It wants the UK to...more

Class Action Waivers in Employment Arbitration Agreements? Not as 'Fresh & Easy' as You Think

by Williams Mullen on

Many companies require their employees to sign employment agreements in which the employees agree that any claims they have against the company, including class action claims, will be decided only through private arbitration...more

Bankruptcy Courts Can Handle Pretrial Matters: Another Court Weighs in on Early Motions to Withdraw the Reference

by Robins Kaplan LLP on

Not all decisions need to be complicated. A recent decision from the Eastern District of Michigan is instructive as to one principal consideration taken into account in facing a motion to withdraw the reference at an early...more

A lifeboat with conditions: new guidance from the PPF

by Reed Smith on

The Pension Protection Fund (“PPF”) has updated its approach to employer restructuring guidance and its general guidance for restructuring and insolvency professionals. These documents set out certain criteria that should be...more

Points & Authorities - Summer 2016

by Buchalter on

There Ought to be a Law: Consider This Alternative To Litigation - Government is becoming more intrusive. At the state and federal levels, a host of agencies and departments continuously create new rules for us to live...more

Unsecured Creditor Perspectives in Energy Restructurings

by Morrison & Foerster LLP on

This Practice Note provides guidance and advice to unsecured creditors in energy restructurings. This Note specifically addresses restructurings in the oil, gas, and coal industries and the strategies that unsecured creditors...more

InterConnect - Summer 2016

by Benesch on

On April 6, 2016, the Food and Drug Administration (FDA) published its Final Rule on the Sanitary Transportation of Human and Animal Food (the Final Rule). These long-awaited regulations were mandated by the Food Safety...more

Game Over, Man! Bankruptcies Trump Ongoing Obligations under Expired CBAs

On May 31, 2016, the Supreme Court denied the cert. petition of Unite Here Local 54, Atlantic City’s largest casino workers’ union, which challenged a Third Circuit decision affirming a Delaware Bankruptcy Court decision that...more

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