Chapter 11

News & Analysis as of

New Delaware Chapter 11 Filings – Affiliates of Seaboard Realty, LLC

On February 4, 2016, nine affiliates of Seaboard Realty, LLC filed petitions seeking voluntary relief under chapter 11 of the Bankruptcy Code before the United States Bankruptcy Court for the District of Delaware....more

New Delaware Chapter 11 Filing – Horsehead Holding Corp. et al.

Horsehead Holding Corp. (Nasdaq: ZINC) and four affiliate debtors, which comprise an integrated produce of zinc, zinc oxide and zinc powder from recycled sources, have filed chapter 11 petitions before the United States...more

New Delaware Chapter 11 Filing – Outer Harbor Terminal, LLC

Outer Harbor Terminal, LLC (a/k/a Ports America Outer Harbor Terminal, LLC), the former lessor and operator of the Outer Harbor Terminal in Oakland, California, has filed a chapter 11 petition before the United States...more

Bankruptcy Law "Trumps" The National Labor Relations Act in Casino Reorganization Case

In a case of first impression, the United States Court of Appeals for the Third Circuit recently ruled that federal bankruptcy courts may extinguish a Chapter 11 employer’s obligations under an expired collective bargaining...more

How Will Exploration and Production Companies Weather the Storm of 2016?

On December 31, 2014, when the price of West Texas Intermediate crude oil dropped 50% from summer prices that year to just under $55.00 per barrel, experts predicted there would be a flurry of industry restructurings; but no...more

New Delaware Chapter 11 Filing – Hancock Fabrics, Inc. et al.

Hancock Fabrics, Inc. (OTC: HKFI), a retailer of fabric, sewing and accessories, and six of its affiliates have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (lead case no....more

New Case Filing – Chapter 11 – Peregrine Midstream Partners, LLC

Peregrine Midstream Partners LLC and three of its affiliates, which operate natural-gas storage facilities, have commenced cases (Lead Case No. 16-10292 (KJC)) under Chapter 11 of the Bankruptcy Code by filing petitions...more

New York Federal Bankruptcy Court Finds Insurance Insolvency Proceeding Does Not “Reverse – Preempt” Bankruptcy Court Jurisdiction

In a recent adversary proceeding in the chapter 11 case involving Ames Department Stores, Inc. (“Ames”), Lumbermens Mutual Casualty Company (“Lumbermen’s”) argued that under the McCarran-Ferguson Act, the issues in dispute...more

New Case Filing – Chapter 11 – Extreme Plastics Plus, Inc.

Extreme Plastics Plus, Inc., which produces specialized environmental containment solutions, has commenced a case (Lead Case No. 16-10221 (CSS)) under Chapter 11 of the Bankruptcy Code by filing a petition with the U.S....more

New Delaware Chapter 11 Filing – RCS Capital Corporation

RCS Capital Corporation (OTC: RCAP), a full-service investment firm focused on individual retail investors, and eleven affiliated debtors have filed a chapter 11 petition before the United States Bankruptcy Court for the...more

New Case Filing – Chapter 11 – SFX Entertainment, Inc.

SFX Entertainment, Inc. (NASDAQ: SFXE) and many of its affiliates, which hold live electronic-music events, have commenced cases (Lead Case No. 16-10238 (MFW)) under Chapter 11 of the Bankruptcy Code by filing petitions with...more

Sirdah Enterprises/Taboo 2 Consents to $250,000 Judgment to Settle EEOC Sexual Harassment Suit

Roswell Restaurant/Nightclub Manager Harassed Waitresses And Forced Them to Quit, Federal Agency Charged - ATLANTA - Sirdah Enterprises, Inc., doing business as Taboo 2 Bar & Bistro in Roswell, Ga., has consented to a...more

New Case Filing – Chapter 11 – Liquid Holdings Group, Inc.

Liquid Holdings Group, Inc. (OTC PINK:LIQD), which provides cloud-based order, execution, and risk-management solutions to the global hedge fund and active trading markets, has commenced a case (Case No. 16-10202-KG) under...more

Third Circuit Court of Appeals Permits Chapter 11 Debtor to Reject Expired CBA

It is a familiar scenario: a company is on the verge of bankruptcy, bound by the terms of a collective bargaining agreement (CBA), and unable to negotiate a new agreement. However, this time, an analysis of this distressed...more

New Case Filing – Chapter 11 – Nuo Therapeutics, Inc.

Nuo Therapeutics, Inc. (NUOT.PK), a biomedical company, has commenced a case (Case No. 16-10192) under Chapter 11 of the Bankruptcy Code by filing a petition with the U.S. Bankruptcy Court for the District of Delaware. ...more

Eleventh Circuit Accepts Broad Definition of the Term "Value" in the Context of Constructive Fraudulent Transfers

In PSN Liquidating Trust v. Intelsat Corp. (In re PSN USA Inc.), 615 F. Appx. 925 (11th Cir. 2015), the Eleventh Circuit held that in the context of constructive fraudulent transfers, the term "value" may take the form of an...more

New Delaware Chapter 11 Filing – Verso Corporation

Verso Corporation (VRSZ, OTC), a producer of printing papers, specialty papers and pulp, and 26 affiliated debtors have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (lead...more

Bankruptcy Beat: Another Tool in the Toolbox of Bankruptcy Trustees and Debtors in Possession: The Pre-Judgment Asset-Freeze...

In a decision handed down on January 4, 2016, a New York Bankruptcy Court issued a preliminary injunction preventing the transfer of any assets of the Defendant in an adversary proceeding in which a turnover of monies, along...more

Circuit Court Affirms Bankruptcy Order Requiring Creditor to Reimburse Trustee for Maintaining Collateral

In the case of Domistyle, Inc., 14-41463 (5th Cir. Dec. 29, 2015), the United States Court of Appeal for the Fifth Circuit affirmed an order of the bankruptcy court requiring a secured creditor to reimburse the trustee for...more

Lenders are Required to Investigate Suspicious Loan Transactions

The Seventh Circuit Court of Appeals recently held that a lender is obligated to conduct a diligent investigation when it becomes aware of suspicious facts relating to the legitimacy of a loan transaction. In Sentinel...more

"Berau May Expand US Restructuring Options for Foreign Issuers"

A recent decision in the U.S. Bankruptcy Court for the Southern District of New York clarifies that restructuring options under Chapter 11 or Chapter 15 are available to foreign issuers of U.S. debt, even if those issuers...more

"Bankruptcy Court Tightens Intentional Fraudulent Transfer Pleading Requirements"

On November 18, 2015, the U.S. Bankruptcy Court for the Southern District of New York dismissed intentional fraudulent transfer claims asserted by a bankruptcy litigation trustee against former shareholders of Lyondell...more

Emerging Cybersecurity Company’s Distress Offers Important Lessons for Licensees and Lenders

Last week, the United States Court of Appeals for the Sixth Circuit issued a decision in the case of Cyber Solutions International LLC v. Pro Marketing Sales, Inc. Although the decision blazes no new legal territory, the...more

"Recent Rulings Underscore Importance of Careful Drafting of Make-Whole Payment Provisions"

Under long-established common law, loans must be paid only upon maturity, not before. This "perfect tender in time" rule is the default rule in a number of jurisdictions. Many indentures and credit agreements therefore either...more

Landlords Beware: Potential Post-Holiday Bankruptcy Filings By Retail Tenants

The holiday shopping season has long been the most important time of the year for many retailers. In the past, it has been common for troubled retailers to file for bankruptcy protection in the months following the holiday...more

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