Commercial Bankruptcy

News & Analysis as of

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

Third Circuit Upholds The Enforceability Of Make-Whole Premiums In Post-Bankruptcy Context

In a recent November 17, 2016 opinion, Delaware Trust Co. v. Energy Future Intermediate Holding Company LLC, Case No. 16-1351, the Third Circuit Court of Appeals reversed two lower court opinions by holding that make-whole...more

The New UAE Bankruptcy Law

The current law regarding insolvency in the UAE is not a comprehensive regime, and the present framework is found across three different laws (mainly in the Commercial Companies Law, as well as the Commercial Transactions Law...more

Third Circuit Rules Make-Whole Provisions Enforceable in the Energy Future Bankruptcy

On November 17, the U.S. Court of Appeals for the Third Circuit (the “Court”) made clear its stance on the question of enforceability of make-whole provisions in bankruptcy. Bucking the recent trend seen in cases such as In...more

Third Circuit Rules in Favor of Noteholders on Make-Whole Provision in Debt Indenture

Debt indentures often contain what is known as a “make-whole” provision, which requires the borrower, upon an early repayment of the debt, to make an additional payment to the lender to compensate the lender for its...more

EFIH Noteholders Find Redemption for the Payment of Make-Whole Premiums

On November 17, 2016, the United States Court of Appeals for the Third Circuit issued a decision in which it held that holders of first lien notes and second lien notes of Energy Future Intermediate Holding Company LLC and...more

Third Circuit Recognizes Validity of Prepayment Premiums with Automatic Acceleration in Its Reversal in Energy Future Holdings

In re Energy Future Holdings Corp. (EFH), issued on November 17, 2016, the Third Circuit Court of Appeals held that contractual provisions providing for yield-maintenance or make-whole premiums to noteholders are enforceable...more

Consumer Data Privacy in Bankruptcy

Bankruptcy law and privacy law may appear to be wholly separate areas of the law, but they overlap more than one might anticipate. Balancing individual rights and interests to achieve a social good is at the heart of both...more

The End of the Road for TransVantage Solutions, Inc.?

The TransVantage bankruptcy case and the resulting efforts by the Trustee to avoid carrier payments made by the defunct freight payment processor has been watched like an upcoming speed trap by the transportation industry...more

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