Commercial Bankruptcy

News & Analysis as of

7th Circuit Disrupts Commercial Certainty in Lease Terminations; Landlords, We Hate That You Have to Read this Blog Post

There are many tenants that are, shall we say, “problem children.” They pay late, open late, breach, junk up your strip or building, threaten, the works. Sometimes, the landlord finds it easier just to reach a lease...more

Banking & Financial Services E-Note - April 2016

In March 2016, the U.S. Court of Appeals for the Seventh Circuit ruled that a landlord may be liable to a debtor’s bankruptcy estate for the value of a lease the debtor terminated early, holding the termination may be an...more

Making the Safe Harbors Safe Again - United States Court of Appeals for the Second Circuit Holds That State Law Constructive...

The Bankruptcy Code contains “safe harbors” that, among other things, exempt transfers made in connection with certain financial contracts, including securities contracts, from avoidance by the bankruptcy trustee as...more

A Compilation of Non-Enforcement Actions

Non-Enforcement - Amendments to the Venture Capital Fund Adviser and Private Fund Adviser Exemptions - Last month the SEC’s Division of Investment Management issued a guidance update (Update) addressing recent...more

NVOCC Maritime Lien Enforcement: Do Your Documents Protect Your Interests?

In the recent opinion issued by the United States Court of Appeals for the Third Circuit, World Imps., Ltd., et al. v. OEC Grp. N.Y. (In re World Imps., Ltd.), 2016 U.S. App. LEXIS 7118, the Court determined that certain...more

Back From the Dead: Voluntarily Terminating a Distressed Tenant’s Lease May Give Rise to an Avoidance Action in Bankruptcy Against...

A recent decision by the U.S. Court of Appeals for the Seventh Circuit should prompt landlords to give careful consideration before entering into a lease termination agreement with a distressed tenant. In In re Great...more

New Delaware Chapter 11 Filing – BIND Therapeutics, Inc. et al.

BIND Therapeutics, Inc. (Nasdaq – BIND), a clinical-stage nanomedicine platform company development novel targeted therapeutic, primarily for the treatment of cancer, and its affiliate BIND Biosciences Security Corporation,...more

New Delaware Chapter 11 Filing – NephroGenex, Inc.

NephroGenex, Inc. (Nasdaq – NRX), an innovator in the development of drugs to treat kidney disease, has filed a chapter 11 petition before the United States Bankruptcy Court for the District of Delaware (Case No. 16-11074)....more

When is a Wrongful Foreclosure Case a “SLAPP”?

California’s anti-SLAPP statute (Code of Civil Procedure section 425.16) arms a defendant with an early method to challenge a lawsuit known as a “SLAPP” — a Strategic Lawsuit Against Public Participation. SLAPPs are...more

Asbestos Alert: Asbestos Bankruptcy Trusts and Legislation

When asbestos litigation became extremely costly to defend, to settle and to pay judgments, companies began filing for protection under the Bankruptcy laws. In the three decades since Johns Manville and UNR Industries filed...more

The Devil's Dictionary of Bankruptcy Terms

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

UCC Standing Blocked in Recent Sabine Decision

What showing must creditors make to be granted the right to prosecute claims on behalf of the bankruptcy estate? Under the widely recognized standard established by the Second Circuit in In re STN Enterprises, a bankruptcy...more

Delaware Committee Formation Meeting for AF-Southeast, LLC, et al.

Upcoming Committee Formation Meeting: Thursday, May 5, 2016, 1:00 p.m - Case Name: AF-Southeast, LLC, et al. Case Number: 16-11008 (KG)...more

The Continued Migration of US Covenant-Lite Structures into the European Leveraged Loan Market

At the start of 2016, global sponsors and their advisers are the US leveraged loan and global bond markets to the European leveraged loan market. Healthy investor appetite over the last several years means attractive terms...more

Termination of a Commercial Lease May be an “Avoidable Transfer” in Bankruptcy, holds Seventh Circuit

In March 2016, the U.S. Court of Appeals for the Seventh Circuit ruled that a landlord may be liable to a debtor’s bankruptcy estate for the value of a lease the debtor terminated early, holding the termination may be an...more

Energy Newsletter - April 2016

Managing In-Project Disputes in Major Construction Projects - What do you do when an unforeseen event threatens to increase the costs or time necessary to complete a major construction project? At first, it may seem...more

“The ABC’S of ACB’S” – Arbitration Clauses in Bankruptcy Court

You’ve decided that your business will fare better if you put a mandatory arbitration clause into all of your contracts. You want to be fair to your counterparty, so you choose to arbitrate under the Federal Arbitration Act....more

Ninth Circuit: Affordable Housing Restrictions Do Not Limit Value of Secured Claim in Bankruptcy Cram Down

In In re Sunnyslope Housing Ltd. Partnership, No. 12-17241, 2016 WL 1392318 (9th Cir. Apr. 8, 2016), a divided panel of the Ninth Circuit held that affordable housing restrictive covenants should not affect the valuation of a...more

Is Coal Down For The Count

Last week Peabody Energy announced that it filed bankruptcy. Peabody is the nation’s largest coal company. The filing by Peabody comes on the heels of the January 2016 bankruptcy filing by Arch Coal, the nation’s second...more

Sun Capital Decision Implicates Private Company Investing

On March 28, 2016, the U.S. District Court for the District of Massachusetts (the District Court) delivered a controversial opinion in Sun Capital Partners III, LP v. New England Teamsters & Trucking Industry Pension Fund...more

Your daily dose of financial news The Brief – 4.22.16

US financial regulators dropped some much-anticipated rules yesterday that aim to restrict how “big financial institutions can pay their top executives.” In particular, the rules would make banker wait “at least four years...more

Uncertainty Rises for Energy Sector Bankruptcies

In recent years, the energy sector has struggled with low commodity prices, oversupply, and logistical constraints — challenges which are poised to continue in the months ahead. These issues are putting a significant strain...more

New Delaware Chapter 11 Filing – AF-Southeast, LLC

AF-Southeast, LLC and two of its subsidiaries, Allied Fiber – Florida, LLC and Allied Fiber – Georgia, LLC, which own and operate a fiber-optic network, have commenced cases (Lead Case No. 16-11008 (KG)) under Chapter 11 of...more

Your daily dose of financial news The Brief – 4.21.16

Dealbook’s White Collar Watch gives us a legal take on the many challenges, regulatory and otherwise, facing Elizabeth Holmes’ Theranos – NYTimes... The international financial scandal du jour (the Panama Papers) is...more

Bankruptcy Court Rules that Gathering Agreements Can Be Rejected

Potential Significant Impacts on Midstream Companies - On March 8, 2016, the United States Bankruptcy Court for the Southern District of New York (the “Court”) ruled from the bench in In re Sabine Oil & Gas Corp. in a...more

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