Chapter 11 Creditors

News & Analysis as of

Confirmation Of A Chapter 11 Plan: Good Faith In The Context Of “Artificial Impairment”

In order to confirm a chapter 11 plan, at least one class of creditors whose claims are “impaired” must accept the plan. The concept of “impairment” is very broad. Under the Bankruptcy Code, a class of claims is impaired...more

Delaware Organizational Meeting – Last Call Guarantor, LLC

Upcoming Committee Formation Meeting: Monday August 22, 2016, 10:00 AM - Case Name: Last Call Guarantor, LLC - Case Number: 16-11844 (KG)...more

Delaware Organizational Meeting – Roadhouse Holdings, Inc.

Upcoming Committee Formation Meeting: Friday August 19, 2016, 12:00 PM - Case Name: Roadhouse Holdings, Inc. Case Number: 16-11819 (BLS)...more

U.S. Supreme Court to Weigh in on Structured Dismissals and Settlements Circumventing the Bankruptcy Code’s Priority Scheme

On June 28, 2016, the U.S. Supreme Court agreed to hear a challenge to a Third Circuit-affirmed settlement and dismissal of the chapter 11 cases of Jevic Transportation, Inc. (“Jevic”) and certain of its affiliates. See...more

Delaware Organizational Meeting – ESML Holdings and Essar Steel Minnesota LLC

Upcoming Committee Formation Meeting: Tuesday July 19, 2016, 10:00 AM - Case Name: ESML Holdings Inc. Case Number: 16-11626 (BLS)...more

How Reporting a Crime May Subject You to Sanctions

You are a creditor and your loan is secured by personal property, let’s say equipment. The borrower recently filed for bankruptcy protection. You receive a phone call from a friend advising you that someone has a moving...more

Delaware Organizational Meeting – SynCardia Systems, Inc.

Upcoming Committee Formation Meeting: Thursday July 14, 2016, 1:30 PM - Case Name: SynCardia Systems, Inc. Case Number: 16-11599 (MFW)...more

Delaware Organizational Meeting – Triangle USA Petroleum Corporation., et al.

Upcoming Committee Formation Meeting: Wednesday July 12, 2016, 2:00 PM - Case Name: Triangle USA Petroleum Corporation., et al. Case Number: 16-11556 (MFW)...more

Delaware Organizational Meeting – iON Worldwide, Inc.

Upcoming Committee Formation Meeting: Wednesday July 6, 2016, 10:30 AM - Case Name: iON Worldwide, Inc. Case Number: 16-11543 (LSS)...more

Intervention Energy: The Case Where the Golden Share Lost its Shine

In connection with out-of-court restructurings, workouts and forbearance agreements, creditors often seek to include provisions that purport to limit the ability of a debtor to file for bankruptcy relief. However, bankruptcy...more

Delaware Organizational Meeting – UCI International LLC, et al.

Upcoming Committee Formation Meeting: Friday June 10, 2016, 10:00 AM - Case Name: UCI International LLC, et al. Case Number: 16-11354 (MFW)...more

Organizational Meeting – Vertellus Specialities Inc., et al.

Upcoming Committee Formation Meeting: June 9, 2016, 10:00 AM - Case Name: Vertellus Specialties Inc., et al. Case Number: 16-11290 (CSS)...more

Energy Future Holdings Chapter 11 Case – The Largest Game Ever of Texas Hold’em?

The chapter 11 case of Energy Future Holdings (“EFH” or “Debtors”) roared back to life this month. Certain key conditions for the plan of reorganization approved last December (the “First Plan”) to become effective were not...more

New Delaware Chapter 11 Filings – Vertellus Specialties, Inc. et al.

Vertellus Specialties, Inc., a global manufacturer of fine and specialty chemicals, and ten affiliates have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (Lead Case No....more

Organizational Meeting – Phoenix Brands LLC, et al.

Upcoming Committee Formation Meeting: June 1, 2016, 10:00 AM - Case Name: Phoenix Brands LLC, et al. Case Number: 16-11242 (BLS)...more

Delaware Organizational Meeting – Constellation Enterprises LLC

Upcoming Committee Formation Meeting: Wednesday, May 25, 2016, 10:00 AM - Case Name: Constellation Enterprises LLC - Case Number: 16-11213 (CSS)...more

Delaware Organizational Meeting – Chaparral Energy, Inc., et al.

Upcoming Committee Formation Meeting: Wednesday, May 18, 2016, 10:00 AM - Case Name: Chaparral Energy, Inc., et al. Case Number: 16-11144 (LSS)...more

Delaware Organizational Meeting – BIND Therapeutics, Inc., et al.

Upcoming Committee Formation Meeting: Thursday, May 12, 2016, 10:00 a.m - Case Name: NephroGenex, Inc. Case Number: 16-11074 (KG)...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

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

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

Five Things to Consider When Approached by a Bankruptcy Claims Trader

When a business files for bankruptcy, it can be a confusing and frustrating time for the debtor’s creditors. If an investment firm reaches out with an offer to purchase a creditor’s claim against the debtor, it may appear to...more

The Absolute Priority Rule: Zachary v. California Bank & Trust

The Ninth Circuit Court of Appeals has now joined the Courts of Appeals from the Fourth, Fifth, Sixth and Tenth Circuits, and the Eighth Circuit Bankruptcy Appellate Panel (BAP) in holding that the absolute priority rule...more

When One Spouse Files for Bankruptcy, But Not the Other

When a Chapter 7, 11, or 13 case is filed, a new entity is created called the bankruptcy estate. A bankruptcy estate is comprised of all of the debtor’s non-exempt legal or equitable interests in property as of the time of...more

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