Commercial Bankruptcy

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Recognising foreign insolvency proceedings arising in jurisdictions other than the place of incorporation - A case study of Re...

The central question in the case of Re Opti-Medix Ltd (in liquidation) and another matter [2016] SGHC 108 (Opti-Medix) was whether insolvency proceedings in a jurisdiction other than the place of incorporation could be...more

Supreme Court Watch 2016-2017 - Part I: Structured Dismissals and Insider Claims

The Supreme Court’s 2016–2017 term began last week with attention to two bankruptcy issues: Structured dismissals and insider claims. Structured Dismissals: - Structured dismissals occur when a company’s assets in...more

Lenders to SPEs: Be Aware, You May Not Have Standing to Appeal a Substantive Consolidation Order

A substantive non-consolidation opinion is a common feature of structured finance transactions in the U.S. Most, if not all, opine as to what a bankruptcy court would do, but express no opinion on the appellate process. We...more

SOPA takes a backseat: The role of cross-demands in setting aside statutory demands issued pursuant to judgments made in terms of...

The High Court has ruled that a statutory demand based on a judgment pursuant to an adjudication determination made under the Building and Construction Industry Security of Payment Act (SOPA) can be set aside on the ground...more

Executive Compensation Under Section 503(c) – The Sports Authority Story

A recent, and highly publicized, decision from the case formerly known as Sports Authority, In re TSA WD Holdings, Inc. et al., Case No. 16-10527 (MFW), Bankr. D. Del. (Docket #2863, Aug. 31, 2016), allowed the defunct...more

Louisiana State Mechanics’ Lien Law Trumps Parties’ Contract Terms

With U.S. oil and gas prices dipping low over the past year and a half, a large number of companies have declared bankruptcy. In the next year and a half, it is forecasted that more companies who are limping along, may seek...more

Jevic Could Be the Most Consequential Chapter 11 Decision in Many Years

The U.S. Supreme Court will hear the case of Czyzewski v. Jevic Holding Corp. during the new term that began last week. The questions it presents are relatively simple. First, can a bankruptcy court, in dismissing a case...more

Commercial Restructuring & Bankruptcy Alert - October 2016

Welcome to the October 2016 issue of the CR&B Alert, the newsletter produced by Reed Smith's Commercial Restructuring & Bankruptcy Group. Excerpt from newsletter: DELAWARE AND NEW YORK AT ODDS OVER RECLAMATION...more

U.S. Sixth Circuit Holds that Customary Language in Amendment and Restatement Agreements May Extinguish Existing Security...

On August 23, 2016, the U.S. Court of Appeals for the Sixth Circuit held in the Chapter 7 bankruptcy case In re Fair Finance Company that an amendment and restatement of a loan and security agreement may have been a novation...more

Delaware Organizational Meeting – IMX Acquisition Corp.

Upcoming Committee Formation Meeting: Wednesday, October 19, 2016, 10:00 a.m. Case Name: IMX Acquisition Corp. Case Number: 16-12238 (BLS)...more

Bankruptcy Avoidance Litigation Part II – Do I Really Have To Give That Payment Back?

In the first installment of this article, we discussed the prevalence of preference litigation and some of the commonly-available defenses to business vendors to limit or even eliminate liability to the bankruptcy estate....more

Make Your Hanjin Bankruptcy Claims Now!

There is a lot of press coverage about the Hanjin bankruptcy, but very little of it provides tangible facts for traders to rely on. One thing we know for sure is Hanjin filed a Chapter 15 bankruptcy in the U.S. What that...more

Unsecured Creditor Carve-outs: Chapter 11 Misery Makes Strange Bedfellows

There are a number of "creditor remedies" that can be utilized to maximize recovery from an insolvent customer. This article addresses one such "remedy": a carve-out from the pre-petition secured lender. Please see...more

Recent Delaware Chapter 11 Case Supports Vendors' Reclamation Claims

Recently, the Delaware Bankruptcy Court ruled that a vendor's reclamation trumped a lender's lien on inventory. Please see full Article below for more information....more

New Delaware Chapter 11 Filing – IMX Acquisition Corp.

IMX Acquisition Corp., and three of its affiliates, have filed for chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware (Case No. 16-12238). The cases have been assigned to the...more

D&Os – Be Aware of Creditor Exclusion in Your Insurance Coverage

The U.S. Court of Appeals for the Fifth Circuit recently held that a Creditor Exclusion provision in D&O insurance coverage may result in significant limitations on the coverage provided to the D&Os, when the underlying...more

Delaware Organizational Meeting – Filip Technologies, Inc.

Upcoming Committee Formation Meeting: Friday, October 14, 2016, 11:00 a.m. Case Name: Filip Technologies, Inc. Case Number: 16-12192 (KG)...more

Delaware Organizational Meeting – Garden Fresh Restaurant Intermediate Holdings, LLC

Upcoming Committee Formation Meeting: Thursday, October 13, 2016, 11:00 a.m. Case Name: Garden Fresh Restaurant Intermediate Holdings, LLC - Case Number: 16-12174 (CSS)...more

Recent Developments in Acquisition Finance

A recent Delaware bankruptcy court decision may potentially place at risk an equity sponsor’s ability to retain proceeds from the sale of a portfolio company whose performance later deteriorates, where the selling sponsor...more

Delaware Bankruptcy Court Upholds Reclamation Creditors’ Rights

Vendors — take note! The Delaware bankruptcy court in In re Reichhold Holdings US Inc. recently issued an important ruling for vendors asserting reclamation rights. Under section 546(c) of the Bankruptcy Code, a vendor...more

New Delaware Chapter 11 Filings – Filip Technologies, Inc.

Filip Technologies, Inc., along with three of its subsidiaries, filed petitions for relief under chapter 11 of the Bankruptcy Court for the District of Delaware (Case No. 16-12192). Filip Technologies produces a phone...more

What Are Fiduciary Duties Between Members In An Arizona LLC?

A few years I wrote an article named Are There Fiduciary Duties between Members in an Arizona LLC? At the time, there were no published decisions in Arizona on this issue. However, a bankruptcy judge had dismissed my...more

New Delaware Chapter 11 Filing – Garden Fresh Restaurant Intermediate Holding, LLC

Garden Fresh Restaurant Intermediate Holding, LLC, (d/b/a Souplantation) a San Diego-based restaurant chain that operates 123 Souplantation and Sweet Tomatoes restaurants in 15 states, and 4 of its subsidiaries (collectively,...more

Tax Complications of a $1 Billion Dollar Net Operating Loss

Recently, The New York Times shared information that presidential candidate, Donald Trump, declared a loss of $916 million on his 1995 income tax returns. In response, there has been much speculation that Donald Trump may...more

Lehman Estate Settles Claims By RMBS Insurer and Trustee

On September 20, 2016, Judge Shelley Chapman of the U.S. Bankruptcy Court for the Southern District of New York approved the $37 million settlement of $1.3 billion in claims asserted against the estates of two defunct Lehman...more

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