Commercial Bankruptcy

News & Analysis as of

Orrick's Financial Industry Week In Review

Financial Industry Developments - Special Purpose National Bank Charters for FinTech Companies - On December 2, 2016, Comptroller of the Currency, Thomas J. Curry, announced that the Office of the Comptroller of the...more

Choice of Venue and Maritime Lien Claims

Preferred maritime liens can raise challenging issues during maritime disputes—especially during bankruptcy. Creditors may encounter problems when filing for seizure due to their unique nature, with venue is becoming a...more

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

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

IP Licenses & Bankruptcy Laws (Part 1)

When a company goes through bankruptcy, it’s a process that can up-end all of the company’s contractual relationships. When that bankrupt company is a licensor of intellectual property, then the license agreement can be one...more

Government's latest plans to reform the Corporate Insolvency Framework: what's hot and what's not?

On 23 September the Insolvency Service published responses to its "Review of the Corporate Insolvency Framework consultation" which in May had suggested four key changes to the UK’s corporate insolvency regime...more

Five Things You Should Know for 2017 About Cross-Border IP Licensing and Insolvency Law

Brexit. Trump. The year 2016 can be characterized as one of unpredicted results and impending uncertainty. In June, the UK electorate voted to leave the European Union and in November, a tumultuous presidential campaign in...more

New Delaware Chapter 11 Filing- Limitless Mobile, LLC

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

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

Creditors Committees’ Members May Not Be Sued Absent Bankruptcy Court’s Permission

The Barton doctrine (named after the Supreme Court case Barton v. Barbour, 104 US 126 (1881)), generally prohibits suits against receivers and bankruptcy trustees in forums other than the appointing courts, absent appointing...more

Elkhorn Crossing, LLC: An Equity Cushion is Not Enough

“Don’t Bet The Farm On It” When is a million dollar equity cushion not enough? Despite a purported cushion of at least $1.2 million, the Bankruptcy Court for the District of Nebraska recently held that a proposed Chapter 12...more

Delaware Organizational Meeting – Hampshire Group Ltd.

Upcoming Committee Formation Meeting: Wednes., December 7, 2016, 10:00 a.m. Case Name: 16-12634 (LSS)...more

Blog: Amendments To The Federal Rules Of Bankruptcy Procedure Take Effect December 1, 2016

Just about every year changes are made to the rules that govern how bankruptcy cases are managed — the Federal Rules of Bankruptcy Procedure. The revisions address issues identified by an Advisory Committee made up of federal...more

10 Things You Need to Know About Health Care Bankruptcies in 2017

The coming year will likely continue to be a tumultuous year for health care providers, suppliers, and payers, as they adapt to meet new challenges and market forces, particularly in light of the open questions as to the...more

Clarity on Clawback Claims in Cayman

The Cayman Islands Court of Appeal recently smoothed the path for Cayman liquidators to pursue clawback claims. The decision clarifies the Cayman courts’ approach to voidable preference payments, making it easier for Cayman...more

Winners and Losers: They Call Alabama the Crimson Tide, Call Me Deacon Blues

In Bankruptcy Code Section 363 sales of assets, there are winners and losers. Chapter 11 is known as a forum for reorganizing or selling a ?nancially distressed business. If a Chapter 11 reorganization is not possible, a...more

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

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

Blog: A Beam Of Sun For Trademark Licensees: Another Appellate Court Holds Rejection Does Not Terminate A Trademark Licensee’s...

The In re Tempnology LLC bankruptcy case in New Hampshire has produced yet another important decision involving trademarks and Section 365(n) of the Bankruptcy Code. This time the decision is from the United States Bankruptcy...more

Not Entitled to Makewholes? Not So Fast...

Throwing yet another wrench into the long-running and hard fought bankruptcy proceedings of Energy Future Holdings Corp., et al., the Third Circuit recently reversed the decisions of the Delaware bankruptcy and district...more

Make-Whole Momentum Halted: Third Circuit Rejects Momentive Rationale and Requires Debtor to Pay Make-Whole Premium

In a recent decision (“Energy Future Holdings”) poised to have wide-reaching implications, the Third Circuit Court of Appeals reversed the decisions of the Bankruptcy and the District Courts to hold that a debtor cannot use a...more

Payments on Commercial Mortgage-Backed Securities Loans Cannot be Avoided in Bankruptcy

The Bankruptcy Code gives a trustee the power to avoid pre-petition fraudulent and preference transfers made by a debtor, except that a trustee may not avoid a transfer that is “made by or to (or for the benefit of)” a party...more

New Delaware Chapter 11 Filing – Xtera Comunicacoes Do Brasil LTDA

Xtera Comunicacoes Do Brasil LTDA has filed a voluntary petition for chapter 11 bankruptcy relief in the United States Bankruptcy Court for the District of Delaware (Case No: 16-12632 (KJC)). ...more

Third Circuit Court of Appeals: Energy Future Required to Pay Make-Whole Payments

In a decision released on November 17, 2016, the Third Circuit Court of Appeals reversed the holding of the Delaware Bankruptcy Court, affirmed by the District Court, that EFIH is not required to pay make-whole payments. In...more

Changes to Italian Banking Law Promotes Creditor-Friendly Bankruptcy and Restructuring

The so called “Banks Decree” Decree (Law Decree no. 59/2016, hereinafter the “Decree”), published on the Official Gazette and converted into Law no. 199/2016, has recently entered into force. The main purpose of the...more

Preliminary Injunctions in Bankruptcy Courts: Can a Litigant Get a Second Opinion?

District courts can hear an appeal from any interlocutory order, as long as they agree to accept the appeal. 28 U.S.C. § 158(a)(3). Final judgments, orders and decrees are always immediately appealable. 28 U.S.C. §...more

New Delaware Chapter 11 Filing – Hampshire Group Ltd.

Hampshire Group Ltd., a provider of fashion apparel across a range of product categories, channels of distributions and price points, and two of its U.S. subsidiaries have filed voluntary petitions for chapter 11 bankruptcy...more

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