Chapter 11

News & Analysis as of

New Delaware Chapter 11 Filing – BIND Therapeutics, Inc. et al.

BIND Therapeutics, Inc. (Nasdaq – BIND), a clinical-stage nanomedicine platform company development novel targeted therapeutic, primarily for the treatment of cancer, and its affiliate BIND Biosciences Security Corporation,...more

New Delaware Chapter 11 Filing – NephroGenex, Inc.

NephroGenex, Inc. (Nasdaq – NRX), an innovator in the development of drugs to treat kidney disease, has filed a chapter 11 petition before the United States Bankruptcy Court for the District of Delaware (Case No. 16-11074)....more

The Devil's Dictionary of Bankruptcy Terms

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

Delaware Committee Formation Meeting for AF-Southeast, LLC, et al.

Upcoming Committee Formation Meeting: Thursday, May 5, 2016, 1:00 p.m - Case Name: AF-Southeast, LLC, et al. Case Number: 16-11008 (KG)...more

Termination of a Commercial Lease May be an “Avoidable Transfer” in Bankruptcy, holds Seventh Circuit

In March 2016, the U.S. Court of Appeals for the Seventh Circuit ruled that a landlord may be liable to a debtor’s bankruptcy estate for the value of a lease the debtor terminated early, holding the termination may be an...more

“The ABC’S of ACB’S” – Arbitration Clauses in Bankruptcy Court

You’ve decided that your business will fare better if you put a mandatory arbitration clause into all of your contracts. You want to be fair to your counterparty, so you choose to arbitrate under the Federal Arbitration Act....more

Ninth Circuit: Affordable Housing Restrictions Do Not Limit Value of Secured Claim in Bankruptcy Cram Down

In In re Sunnyslope Housing Ltd. Partnership, No. 12-17241, 2016 WL 1392318 (9th Cir. Apr. 8, 2016), a divided panel of the Ninth Circuit held that affordable housing restrictive covenants should not affect the valuation of a...more

Your daily dose of financial news The Brief – 4.22.16

US financial regulators dropped some much-anticipated rules yesterday that aim to restrict how “big financial institutions can pay their top executives.” In particular, the rules would make banker wait “at least four years...more

New Delaware Chapter 11 Filing – AF-Southeast, LLC

AF-Southeast, LLC and two of its subsidiaries, Allied Fiber – Florida, LLC and Allied Fiber – Georgia, LLC, which own and operate a fiber-optic network, have commenced cases (Lead Case No. 16-11008 (KG)) under Chapter 11 of...more

Committee Formation Meeting for Vestis Retail Group, LLC, et al.

Upcoming Committee Formation Meeting: April 26, 2016, 11:00 a.m. Case Name: Vestis Retail Group, LLC, et al. Case Number: 16-10971 (CSS)...more

Bankruptcy Court Chips Away at Bankruptcy Remoteness of Special Purpose Vehicles

A Chicago bankruptcy court declined to dismiss the Chapter 11 case of a “bankruptcy remote” limited liability company even though the debtor failed to obtain the unanimous consent of its members as required by its operating...more

Illinois Bankruptcy Court Nullifies Lender's Right To Block Debtor's Bankruptcy Filing

Often, as part of a forbearance agreement, a lender will obtain a provision requiring its consent to any subsequently filed bankruptcy; the theory being that if the business debtor subsequently defaults under its restructured...more

Ninth Circuit Rulings on Equitable Mootness in Transwest and Sunnyslope Impact Third Party Investors

The doctrine of equitable mootness provides that Chapter 11 reorganization plans will be deemed moot, and therefore not subject to appellate review, if a plan has been substantially consummated and granting appellate relief...more

New Delaware Chapter 11 Filings – Vestis Retail Group, LLC et al.

Vestis Retail Group, LLC and eight affiliates, which own the Bob’s Stores, Sports Chalet and Eastern Mountain Sports retail chains, have filed chapter 11 petitions before the United States Bankruptcy Court for the District of...more

Dot Your “I”s and Cross your “T”s: When It Comes to Perfecting Your Security Interest

It always starts so easy. Borrower comes in and wants to borrow money. Lenders want some form of collateral to secure (potentially) a loan and the Borrower happily agrees to provide, or pledge, collateral to secure a loan. ...more

Terminating a Distressed Tenant’s Lease? Plan Now to Defend a Possible Bankruptcy Avoidance Action Later

Landlords contemplating terminating a lease with a distressed tenant in advance of a possible tenant bankruptcy will want to consider carefully a recent decision from the Seventh Circuit. The decision, In re Great Lakes Quick...more

Your daily dose of financial news The Brief – 4.13.16

US regulators are reportedly preparing a handful of the US’s biggest banks for news that their living wills (their plans for winding down without a taxpayer bailout in the case of a potential bankruptcy) aren’t going to cut...more

When Going “All In” Pays Off: The Third Circuit Upholds The Decision of the Bankruptcy Court in In re Trump Entertainment Resorts,...

In an appeal certified directly from the Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) to the Court of Appeals, the Third Circuit issued a ruling upholding Judge Kevin Gross’s decision that a chapter...more

Committee Formation Meeting for Pacific Sunwear of California, Inc.

Upcoming Committee Formation Meeting: April 19, 2016, 10:00 a.m. Case Name: Pacific Sunwear of California, Inc. Case Number: 16-10882 (LSS)...more

New Delaware Chapter 11 Filing – Pacific Sunwear Of California, Inc. et al.

Pacific Sunwear of California, Inc. (Nasdaq: PSUN) and two of its affiliates have commenced cases (Lead Case No. 16-10882 (LSS)) under Chapter 11 of the Bankruptcy Code before the U.S. Bankruptcy Court for the District of...more

Additional Delaware Chapter 11 Filings Related to Abeinsa Holding Inc. (Case No. 16-10790)

On April 6, 2016, eight additional affiliates of Abeinsa Holding Inc. filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware. These entities include Abener Teyma Hugoton General...more

Committee Formation Meeting for Abeinsa Holding Inc., et al.

Upcoming Committee Formation Meeting: April 13, 2016, 9:30 a.m. Case Name: Abeinsa Holding Inc., et al. Case Number: 16-10790 (KJC)...more

No Déjà Vu – Lender Liability Claims Barred by Res Judicata Effect of Bankruptcy Sale Order

Put down your remotes for just a minute and let’s talk about res judicata. You remember that lovely Latin legal concept don’t you? Or maybe you prefer the more modern English version of “claim preclusion”? Either way it means...more

March 2016 Bankruptcy & Restructuring Litigation Update

Background. The NBC is an invitation-only organization dedicated to improving the Bankruptcy Code and its administration. It consists of 60 conferees, themselves the nation’s leading bankruptcy judges, professors, and...more

New Delaware Chapter 11 Filing – Abeinsa Holding Inc.

Abeinsa Holding Inc. and 12 of its affiliates have commenced cases (Lead Case No. 16-10790) under Chapter 11 of the Bankruptcy Code by filing petitions with the U.S. Bankruptcy Court for the District of Delaware. ...more

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