News & Analysis as of

Chapter 11 Chapter 7 Conversions

Kramer Levin Naftalis & Frankel LLP

And Another Lender Blocking Provision Bites the Dust, Texas Bankruptcy Court Rules

One feature commonly seen in commercial lending transactions is a waiver of the borrower’s authority to file for bankruptcy without the consent of the lender. While such “blocking” provisions are generally upheld where the...more

Dorsey & Whitney LLP

Option III - Structured Bankruptcy Dismissals are Alive and Well Even After Jevic

Dorsey & Whitney LLP on

Justice Breyer of the Supreme Court previously recognized that a chapter 11 bankruptcy case can generally lead to the following results: ..reorganization through a confirmed chapter 11 plan, where a deal with creditors...more

Freeman Law

Bankruptcy: The Mechanics of Exemptions and Related Issues

Freeman Law on

Most bankruptcy attorneys have a basic level of understanding of the how exemptions work. At a very broad level, a claim of exemptions removes property of a consumer debtor (note that business debtors are not afforded...more

Patterson Belknap Webb & Tyler LLP

The Final Say: Conversion from Chapter 11 to Chapter 7 is Not a Given

It is well-settled that if you are a debtor in chapter 11, you do not have the unfettered right to convert the case to a chapter 7 liquidation.  A recent 10th Circuit decision shows why. Kearney v. Unsecured Creditors...more

Patterson Belknap Webb & Tyler LLP

Clarity Of Drafting And Reliance On A Spouse For Bankruptcy Protection - A Cautionary Tale

The importance of clarity in drafting agreements can never be understated. And while there are strategies available to spouses of business owners to help protect a family in bankruptcy, it is imperative to properly plan and...more

Dechert LLP

Third Circuit Clarifies the Inner Workings of Foreclosure on Repo Collateral

Dechert LLP on

In the fifth opinion involving the repo liquidation saga of HomeBanc, the Third Circuit addressed several crucial issues involving the liquidation and valuation of repo collateral in bankruptcy. In re HomeBanc Mortg....more

Mitchell, Williams, Selig, Gates & Woodyard,...

Landfill Gas Collection System: Federal Appellate Court Addresses Competing Claims for Possession

The Seventh Circuit Court of Appeals addressed the priority of claims between the City of Peoria, Illinois, and Banco Panamericano, a secured creditor, regarding gas-to-energy conversion infrastructure left behind from a...more

Kramer Levin Naftalis & Frankel LLP

Fifth Circuit Affirms Dismissal of Claims Relating to Pre-Petition Payments to D&O’s

The Fifth Circuit, in In the Matter of: ATP Oil & Gas Corp. (Tow v. Bulmahn, et. al.), dismissed breach of fiduciary duty claims and fraudulent transfer claims brought by a chapter 7 trustee relating to cash bonuses and...more

Jones Day

Without WARN-ing: Third Circuit Clarifies WARN Act's Unforeseen Business Circumstances Exception

Jones Day on

Valera v. AE Liquidation, Inc., the Third Circuit Court of Appeals agreed with five other circuits in holding that WARN notice was not required where an external event outside the employer's control triggering layoffs was...more

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