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Commercial Leases Creditors

Holland & Knight LLP

What to Consider When Buying Real Estate Promissory Notes

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Recent headlines have revealed distress in the real estate market, which may lead to opportunities for investors willing to take a bit of risk. There are many examples all over the country of groups with debt looking for...more

Stark & Stark

JOANN’s Chapter 11 Bankruptcy Filing: Stitching Together a Reorganization

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​​​​​​​JOANN, Inc., aka Jo-Ann Stores Holdings Inc. aka JOANN aka Jo-Ann Fabrics and Crafts, the 80-year-old, Ohio-based, arts-and-crafts operator filed for Chapter 11 bankruptcy protection in the District of Delaware...more

Stark & Stark

Rite Aid Chapter 11 Bankruptcy Filing: Just What the Doctor Ordered

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​​​​​​​Rite Aid Corporation, one of the largest pharmacy chains in America, filed for Chapter 11 bankruptcy protection in the District of New Jersey bankruptcy Court, docket #23-18993 (MBK) on October 15, 2023. According to...more

Stark & Stark

Impending Rite Aid Chapter 11 Bankruptcy - 4 Things Trade Creditors and Landlords Should Know

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As reported by both NBC News and The Wall Street Journal, Rite Aid is preparing for a Chapter 11 bankruptcy filing. Rite Aid is the third-largest U.S. drugstore chain. If they pull the trigger, it is expected that 400 to 500...more

Latham & Watkins LLP

Release Me From My Bands Or Else My Project Fails Third Party Releases in Schemes

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Third-Party Releases are common in English law schemes of arrangement and restructuring plans, and US courts have so far indulged that approach in granting recognition. If Prospero’s plea to the audience at the...more

Kramer Levin Naftalis & Frankel LLP

Bad ‘Timing’: Southern District of New York Bankruptcy Court Adopts Time Approach to Limiting Landlord Lease Damages, but Other...

When enacting the Bankruptcy Code, Congress sought to strike a balance amid the confluence of different — and often competing — interests held by debtors, secured creditors and various unsecured creditor constituencies...more

Hogan Lovells

Significant developments in the UK's insolvency regime: a creditor's perspective

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In this article we look at current trends and developments at the intersection between insolvency and dispute resolution, including a rundown of some of the latest legislative changes, and issues to consider when litigating...more

Hogan Lovells

Winding up restrictions not quite wound up

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The UK Government yesterday announced that it will proceed with the phasing out of temporary measures introduced to protect businesses from creditor action during the COVID-19 pandemic, whilst also announcing new measures to...more

Holland & Knight LLP

Congress Enacts Temporary Bankruptcy Relief Related to COVID-19

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Congress passed new, temporary bankruptcy relief measures late last year that impact certain commercial landlords and tenants. Among other things, the new legislation, which was signed into law on Dec. 27, 2020: 1) extends...more

Ervin Cohen & Jessup LLP

Can Receivers Reject Leases For The Benefit of Creditors?

Q: I am a receiver in two different cases, both of which have problems. I was appointed in a partnership dispute case, where the only asset is a marijuana dispensary....more

Bowditch & Dewey

Rent Abatement, PPP Loans (Maybe), and Other Bankruptcy Relief in the Appropriations Act

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On December 27, 2020, the Consolidated Appropriations Act, 2021 became law. In addition to funding the government and providing coronavirus relief, the Act contains several intriguing amendments to the Bankruptcy Code. The...more

Blake, Cassels & Graydon LLP

Un débiteur en vertu de la LACC doit payer le loyer post-dépôt pour l’« utilisation » des lieux loués

Depuis le début de la pandémie de COVID-19, les sociétés insolvables ont sollicité l’intervention des tribunaux relativement au paiement du loyer pendant les périodes de confinement. Dans la plus récente décision portant sur...more

Blake, Cassels & Graydon LLP

CCAA Debtor Must Pay Post-Filing Rent for the “Use” of Leased Premises

Since the beginning of the COVID-19 pandemic, insolvent companies have sought court intervention relating to the payment of rent during lockdown periods. In the most recent decision on this issue, the Quebec Superior Court...more

Farella Braun + Martel LLP

Bankruptcy Provisions in COVID Relief Legislation Impacting PPP Loans, Commercial Leases and Preference Claims

With the COVID-19 pandemic stretching on into another year, businesses continue to experience adverse effects. Bankruptcy filings, especially among retailers, were higher than average in 2020, and it is likely that more...more

Pullman & Comley, LLC

Can a Lease Terminated Under State Law be Revived in the Tenant's Bankruptcy?

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In these troubled times when lease and other contract defaults, as well as bankruptcies, abound, it may be useful to reexamine what happens to a lease of commercial real estate when it has been terminated in accordance with...more

Jones Day

Eighth Circuit Rules that Bankruptcy Code's Cap on Lease Damage Claims Applies to Fraudulent Transfer Judgment

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To prevent landlords under long-term real property leases from reaping a windfall for future rent claims at the expense of other creditors, section 502(b)(6) of the Bankruptcy Code caps the amount of a landlord's claims...more

Lowenstein Sandler LLP

30 Questions To Ask Now Before Extending Credit

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Now is the time to be extra vigilant and to carefully watch over the creditworthiness of your customers. Assume that all of your customers are in, or soon will be in, financial distress. If they have not called you yet to...more

Snell & Wilmer

Is a Bankruptcy Plan that Violates Federal Criminal Law Proposed in Bad Faith?

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Although legal in many states, marijuana remains illegal under federal criminal law. See 21 U.S.C. § 856(a)(1). One would think that engaging in illegal activity under federal criminal law would preclude relief under federal...more

Rosenberg Martin Greenberg LLP

In re: Titus – Fraudulent Conveyance Law Defeats Exemption Rights

Many states, including Maryland and Pennsylvania, recognize the common law form of ownership of property as “tenants by the entireties” for both real and personal property, including bank accounts. Under that form of...more

BCLP

From Across the Pond: The BHS Saga Continues – Can a Company Voluntary Arrangement (CVA) Ever Permanently Vary the Terms of a...

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In Wright (and another) (as joint liquidators of SHB Realisations Ltd (formerly BHS Ltd) (in liquidation)) v Prudential Assurance Company Ltd, the court held that, when the BHS CVA terminated, the landlord was entitled to...more

Ward and Smith, P.A.

In Bankruptcy, a Lease Isn't Always a Lease

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In In re Price, the United States Bankruptcy Court for the Eastern District of North Carolina recently explored the difference between a “true” lease of personal property and “disguised” financing. Creditors should take heed...more

Katten Muchin Rosenman LLP

Sears Canada Files for CCAA Protection: A Distressed Investor's Overview of US Bankruptcy and Canadian Insolvency Law

On June 22, Sears Canada Inc. ("Sears Canada") and certain affiliates1 (collectively, the "Sears Canada Group") sought and obtained insolvency protection under the Companies' Creditors Arrangement Act (CCAA) from the Ontario...more

BakerHostetler

Commercial Tenant Debtors in Chapter 11: Fundamentals of Landlord Creditor Protection in Bankruptcy

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Commercial landlords have unique protections in bankruptcy, but can lose these rights if they do not assert them. When a commercial tenant files bankruptcy under Chapter 11, the landlord must carefully monitor filings and...more

Cozen O'Connor

Seventh Circuit Holds Pre-Bankruptcy Termination of Lease May Be Avoidable Transfer

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Landlords dealing with troubled tenants often enter into termination agreements that dictate terms for the consensual terminations of unexpired leases. Among other benefits, such termination agreements provide certainty and...more

Seyfarth Shaw LLP

How Sports Authority’s Bankruptcy Filing Impacts Landlords and Trade Creditors, and Creates Opportunities for Retailers

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On March 2, 2016, Sports Authority, Inc. (“Sports Authority”) and six of its affiliates filed for Chapter 11 bankruptcy in Delaware. The filing will significantly impact Sports Authority’s landlords and trade creditors. In...more

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