News & Analysis as of

Chapter 11 Debtors

New Bankruptcy Case Limits Assertion of Post-Bankruptcy Construction Liens

by Saul Ewing LLP on

On March 30, 2017, the United States Court of Appeals for the Third Circuit issued a decision that curtails the rights of suppliers to lien non-debtor third-party property following the bankruptcy filing of a construction...more

Anticipating and Managing Bankruptcy Risk

by Blank Rome LLP on

Blank Rome Partner Ira Herman authored “Anticipating and Managing Bankruptcy Risk,” a series of articles prepared for the Financial Restructuring & Bankruptcy module of Lexis Practice Advisor, a comprehensive practical...more

Section 1129(a)(9)(A) Trumps DIP Orders

by Cole Schotz on

On January 5, 2017, Judge Sontchi of the Bankruptcy Court for the District of Delaware issued an opinion (the “Opinion”) in the pending Molycorp Chapter 11 case (Case No. 15-11357). In re Molycorp, Inc., 562 B.R. 67 (Bankr....more

New Supreme Court Decision Reminds Parties to Bankruptcies to Keep their Priorities Straight

In a recent decision, the U.S. Supreme Court turned aside the efforts of a debtor and a group of creditors to make an end-run around the Bankruptcy Code’s priority rules by distributing assets to junior creditors ahead of...more

Ninth Circuit Holds That Cure Amount May Include Post-Default Rate of Interest

In Pacifica L 51 LLC v. New Investments, Inc. (In re New Investments, Inc.), 840 F.3d 1137 (9th Cir. 2016), the Ninth Circuit Court of Appeals held that Section 1123(d) of the Bankruptcy Code provides that a cure amount may...more

Courts Continue Trend of Recognizing Tribal Immunity in Bankruptcy Proceedings

by Holland & Knight LLP on

Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware (Court) issued a decision on Feb. 28, 2017, that has important – and positive – significance for Native American tribal governments, their...more

A Hypothetical Question Deserves a Hypothetical Answer: The Ninth Circuit’s Approach to Preference Transfers in In re Tenderloin...

As a creditor, the news of a debtor who owes you a substantial sum of money filing bankruptcy is often the most alarming news you can learn—that is, until you seek advice of counsel and learn that payments the debtor made to...more

The Increased Use of Combined Hearings and Combined Plan and Disclosure Statements in Delaware

by Cole Schotz on

Since February 2016, the Local Rules for the United States Bankruptcy Court for the District of Delaware provide for combined hearings on approval of disclosure statements and confirmation of plans and for the use of combined...more

The Devil's Dictionary of Bankruptcy Terms: Venue

by Polsinelli on

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

Court Rejects Lender’s Objection to Payment of Debtor’s Counsel’s Fees and Expenses from Pre-Petition Retainer

by Burr & Forman on

In a decision rendered on December 30, 2016, the bankruptcy court for the Southern District of Florida (the “Court”) addressed the debtor’s counsel’s interim application for an award of fees and expenses for services rendered...more

Ninth Circuit Holds That Rule Allowing Curing Debtors to Avoid Contractual Post-Default Interest Is No Longer Valid

by BakerHostetler on

The Ninth Circuit recently ruled that a Chapter 11 debtor could not avoid the payment of default interest under a promissory note as a condition to curing and reinstating such promissory note under a Chapter 11 plan. In...more

In re Roust: Seven Steps to Confirming a Plan in Seven Days

by Cole Schotz on

On January 6, 2017, Judge Robert D. Drain of the Bankruptcy Court for the Southern District of New York orally approved a prepackaged plan of reorganization (a “Prepack”) in In re Roust Corporation, et al. (Case No....more

The Devil's Dictionary of Bankruptcy Terms: Liquidating Chapter 11

by Polsinelli on

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

So What Does a Bankruptcy Carve-Out Clause Really Mean? Delaware Bankruptcy Court Concludes It is Not a Cap on Fees After All

by Murtha Cullina on

In chapter 11 bankruptcy cases, it is not uncommon for secured parties/lenders to provide a “carve-out” for various professional fees. Frequently there may be a “carve-out” for “all chapter 11 professionals” or the...more

Delaware Bankruptcy Judge: A Carve-Out for Fees Is Not a Cap

by Kelley Drye & Warren LLP on

Judge Christopher Sontchi recently issued an important opinion in the Molycorp chapter 11 case. He held that a standard carve-out in a financing order for the fees of counsel and other professionals for an official...more

A Secured Lender Must Receive Default Interest Under a Chapter 11 Plan Purporting to Cure a Defaulted Loan in the Ninth Circuit

by Allen Matkins on

A recent Ninth Circuit decision overturned earlier case law allowing debtors to avoid paying default interest when a defaulted loan was "cured" through a confirmed plan of reorganization. In Pacifica L 51 LLC v. New...more

U.S. Bankruptcy Court for the Southern District of New York Confirms Chapter 11 Plan Less Than Two Weeks After Commencing...

by King & Spalding on

On January 10, 2017, in the case of In re: Roust Corporation, et. al., (1623786 ) (RDD), pending in the U.S. Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”), Judge Robert D. Drain entered an...more

Ninth Circuit Rules Lease Damages Cap Does Not Apply to Damages Independent of Termination

by King & Spalding on

On December 29, 2016, the U.S. Court of Appeals for the Ninth Circuit (the “Court”) issued an opinion, holding that the statutory cap on a landlord’s damages claim in a bankruptcy case applies only to claims resulting...more

Bankruptcy Cases To Watch In 2017

John Melissinos was quoted in a Law360 article that ran January 2, 2017, discussing the top bankruptcy cases to watch in 2017 and the issues expected to dominate discussions over the next year including Chapter 11 exit...more

R&I Update: Hot Topics in Oil and Gas Restructurings, Volume 5: Delaware Bankruptcy Court Sends Covenant Question to North Dakota

by McGuireWoods LLP on

Like the wild prairie rose that punctuates the North Dakota plains, the issue of whether a debtor can reject its midstream agreements is back after a brief period of dormancy. In Hot Topics in Oil and Gas Restructurings,...more

Yellowstone and the Barton Doctrine in the Third Circuit

by Cole Schotz on

The Barton doctrine, which has been imposed in “an unbroken line of cases … as a matter of federal common law,” In re Linton, 136 F.3d 544, 545 (7th Cir. 1998) (Posner, J.), requires that plaintiffs “obtain authorization from...more

New Delaware Chapter 11 Filing – La Paloma Generating Company, LLC

by Cole Schotz on

La Paloma Generating Company, LLC and two of its affiliates have filed petitions for chapter 11 bankruptcy relief in the United States Bankruptcy Court for the District of Delaware (Case No. 16-12700). The Debtor is the owner...more

New Delaware Chapter 11 Filing- Limitless Mobile, LLC

by Cole Schotz on

Limitless Mobile, LLC, successor to Keystone Wireless, LLC, has filed a petition for relief under chapter 11 in the United States Bankruptcy Court for the District of Delaware (Case No. 16-12685). According to the First Day...more

Third Circuit Enforces Make-Whole Premium for Notes Accelerated by Bankruptcy Filing

by McGuireWoods LLP on

Some term loans allow borrowers to redeem debt. But to protect a lender’s expected yield, such loans often impose a “make-whole premium” on redemption. That is, they require compensation to the lender for the borrower’s...more

Third Circuit Rules That Make-Whole Claims of Energy Future’s Bondholders Are Enforceable in Chapter 11 Proceeding

by K&L Gates LLP on

In a November 17, 2016 ruling likely to impact ongoing debt restructurings, pending bankruptcy proceedings and negotiations of new debt issuances, the Third Circuit recently overturned refusals by both the Delaware bankruptcy...more

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