Commercial Bankruptcy

News & Analysis as of

The Small Business, Enterprise and Employment Act - When will the insolvency-related provisions come into force?

Following Parliamentary approval in March 2015, there has been a level of uncertainty around the implementation timeline for certain company law and insolvency provisions. In particular, many of the changes to the Insolvency...more

What You Can Learn from Dave Ramsey’s Bankruptcy

Today I attended the 2015 Bankruptcy Leadership Summit in Nashville, Tennessee at the Dave Ramsey headquarters. In his introductory remarks this morning Dave Ramsey discussed his own bankruptcy that he filed years ago to...more

Important Restrictions Placed on use of CBCA for Debt Restructurings

In a recent unreported decision denying approval of a plan of arrangement under the Canada Business Corporations Act (CBCA) proposed by Connacher Oil and Gas Limited, Justice C.M. Jones of the Alberta Court of Queen's Bench...more

Commercial Restructuring & Bankruptcy News - May 2015, Issue 2

In This Issue: - How Safe are the Bankruptcy Code Safe Harbors? - Stockton’s Chapter 9 Plan Approval - Delaware Chancery Court Clarifies Fiduciary Duties of Insolvent Corporation Directors in Derivative...more

Trespass And Other Claims: Ever Wonder If Litigation Is Worth It?

Flyboy Aviation Properties, LLC v. Franck (In re Flyboy Aviation Properties, LLC), 525 B.R. 510 (Bankr. N.D. Ga. 2015) – A chapter 11 debtor operated a small private airport. The debtor and an adjacent landowner had a...more

Bankruptcy Beat: Decision Approves Cramdown of Secured Creditors in Chapter 11 With Sub-Market Interest Rate And Disallows...

On May 4, 2015, the U.S. District Court for the Southern District of New York affirmed the controversial and widely discussed decision of the Bankruptcy Court in In re MPM Silicones, LLC, 2014 WL 4436335 (Bankr. S.D.N.Y....more

FTC, State Regulators, and Apple Weigh in on RadioShack Customer Data Sale

RadioShack filed for Chapter 11 bankruptcy in Delaware bankruptcy court in February, seeking a court-supervised sale of $1.2 billion in assets. Included in the sale is a database of customer information from about 1,700...more

Commercial Restructuring & Bankruptcy Alert - May 2015

In this issue: - How Safe are the Bankruptcy Code Safe Harbors? - Stockton’s Chapter 9 Plan Approval - Delaware Chancery Court Clarifies Fiduciary Duties of Insolvent Corporation Directors in Derivative...more

Overview and Analysis of Select Provisions of the ABI Chapter 11 Reform Commission Final Report and Recommendations - Part Three...

Earlier this year, Orrick’s Restructuring team began a three-part look at the American Bankruptcy Institute’s Chapter 11 Reform Report. In part one we looked at issues related to confirmation, valuation, financing and asset...more

Two Recent Decisions Potentially Expand Fraudulent Transfer Exposure in Ponzi Schemes

Two recent decisions from the Fifth Circuit and Eighth Circuit could expand the fraudulent transfer exposure of unknowing third parties that provide goods, services, or funding to companies operating Ponzi...more

Prepared Food Manufacturer, Golden County Foods, Inc., Cooks Up A Chapter 11 Case

On Friday, May 15, 2015, Golden County Foods, Inc. (“GCF”), a business that manufactures prepared foods, filed a voluntary chapter 11 petition in the United States Bankruptcy Court for the District of Delaware. It was joined...more

"District Court Decision on MPM Silicones Bankruptcy Case Highlights Risks for Secured Lenders"

In a May 4, 2015, decision, the U.S. District Court for the Southern District of New York rejected secured lenders’ appeals of a controversial bankruptcy court decision confirming the Chapter 11 plan of reorganization of MPM...more

Deprizio waivers in bankruptcy cases: Valid, or a sham?

The Ninth Circuit Court of Appeals in In Re Adamson Apparel, Inc. became the first appellate court to address the validity of “Deprizio waivers.” In Adamson, the court held that because the Deprizio waiver was not a “sham”...more

Will Congress Finally Act? The ABI Commission on Business Bankruptcy Reform: Secured Lenders

Congress rarely accomplishes anything these days, but the need to reform Chapter 11 of the Bankruptcy Code seems to have “crossed over the aisle.” When the Bankruptcy Code was enacted in 1978, America boasted the world’s...more

Safe Harbors and Securitizations: Loan Payments in Connection with a Commercial Mortgage-Backed Securitization Protected from...

Krol v. Key Bank National Association, et al. (In re MCK Millenium Centre Parking, LLC), Adv. No. 14-00392 (N.D. Ill. Apr. 24, 2015) - Case Snapshot In Krol v. Key Bank National Association, et al. (In re MCK Millenium...more

Calculating Title Insurance Claims: Reduction in Value vs. Insured Claim

After a mortgagor filed bankruptcy, a lender brought claims under a ship mortgage insurance title policy. [See, First Am. Bank v. First Am. Transp. Title Ins. Co., 759 F.3d 427 (5th Cir. 2014).] The lender appealed the...more

Delaware Bankruptcy Court: Debtors Can Offset Administrative Claims Before General Unsecured Claims

While section 503(b)(9) claims deserve priority payment over general unsecured claims, they do not provide a basis for stripping a debtor’s defenses in determining the allowed amount of a section 503(b)(9) claim....more

Considerations and Consequences of a Bankruptcy Filing in the Oil and Gas Industry

A Chapter 11 bankruptcy filing of an oil and gas company will likely have broad implications for a wide range of parties. Certain pervasive agreements in today’s oil and gas industry generate substantial, high-dollar...more

Privacy Concerns Jeopardize Sale of RadioShack Customer Data

When it comes to customer data, privacy and value can be in direct competition. RadioShack’s latest move is a good example. Earlier this week, RadioShack, which filed Chapter 11 bankruptcy in February, commenced an...more

Court of Chancery Clarifies Creditors' Rights

A just-issued Court of Chancery decision clarifies, and possibly expands, creditors' rights. In 2007, the Delaware Supreme Court ruled that a corporation's creditors may sue its board of directors for violating its fiduciary...more

Orrick's Financial Industry Week in Review

EBA Final Report on Guidelines on Triggers for Use of Early Intervention Measures Under BRRD - On May 8, the European Banking Authority (EBA) published its final report (EBA/GL/2015/03) on guidelines on triggers for the...more

UPDATE: Cross-border Leveraged Lending – Consider Changes Needed to US Intercreditor Agreements for Financings with European...

Hybrid US/European restructurings can lead to unexpected commercial outcomes because of different practices in intercreditor agreements. The US loan markets continue to attract European borrowers whenever US pricing...more

Facing An Involuntary Chapter 7 Case In Colorado, Airborne Media Group, Inc. Files a Voluntary 11 In Delaware

On May 8, 2015, Airborne Media Group, Inc. filed a voluntary chapter 11 petition in the United States Bankruptcy Court for the District of Delaware. The voluntary petition was filed after several creditors commenced an...more

Objections To Radioshack’s Sale of Customer Data Cause Static In Advance of Auction

Uncertainty will hang over the upcoming bankruptcy auction of RadioShack’s intellectual property, franchise infrastructure, and customer data pending resolution of an ongoing struggle between RadioShack and several states’...more

Update: Allen Systems Group, Inc. Exits Bankruptcy

We posted previously about the prepack filed by Allen Systems Group and various afffiliates. After spending less than 80 days in bankruptcy, their chapter 11 plan has gone effective....more

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