Debtors

News & Analysis as of

Federal Appellate Court Rules That Post-Acceleration Payment in Bankruptcy Constitutes Optional Redemption

The linked Mintz Levin client advisory discusses a recent Third Circuit Court of Appeals ruling that held a “make-whole” optional redemption premium to be due upon a refinancing of corporate debt following its automatic...more

New Delaware Chapter 11 Filing – La Paloma Generating Company, LLC

La Paloma Generating Company, LLC and two of its affiliates have filed petitions for chapter 11 bankruptcy relief in the United States Bankruptcy Court for the District of Delaware (Case No. 16-12700). The Debtor is the owner...more

Five Things You Should Know for 2017 About Cross-Border IP Licensing and Insolvency Law

Brexit. Trump. The year 2016 can be characterized as one of unpredicted results and impending uncertainty. In June, the UK electorate voted to leave the European Union and in November, a tumultuous presidential campaign in...more

New Delaware Chapter 11 Filing- Limitless Mobile, LLC

Limitless Mobile, LLC, successor to Keystone Wireless, LLC, has filed a petition for relief under chapter 11 in the United States Bankruptcy Court for the District of Delaware (Case No. 16-12685). According to the First Day...more

Third Circuit Enforces Make-Whole Premium for Notes Accelerated by Bankruptcy Filing

Some term loans allow borrowers to redeem debt. But to protect a lender’s expected yield, such loans often impose a “make-whole premium” on redemption. That is, they require compensation to the lender for the borrower’s...more

Long Anticipated Bankruptcy Law Goes Into Effect

On 20 September 2016, the new Bankruptcy Law (the Law) for the UAE was enacted. The Law was gazetted on 29 September 2016 and comes into effect on 31 December 2016. The Law will be supplemented by procedural regulations to be...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

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

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

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

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

Black Friday and Bankruptcy

It is hard to believe that the holidays are upon us once again. And love it or hate it Black Friday and become a holiday tradition for many people where they stake out their claim for the great deals of the holiday...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

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

An Offer You Can’t Refuse: Are Deathtraps a Tool for Fostering Settlements, or a Method of Coercion?

Accept an unpalatable offer, or reject it and risk getting much less (or even nothing)? This is the choice stakeholders in chapter 11 bankruptcies increasingly face as a result of the proliferation of “deathtrap” provisions...more

From “Judgment Granted” to Getting Paid: SCC Ruling Makes it Easier for Plaintiffs to Enforce Judgments

The Supreme Court of Canada (SCC) has rendered judgment in a closely-watched case involving the intersection of judgment enforcement and privacy rights. As discussed in an our July 2015 Blakes Bulletin: You Won Your Case —...more

Triumph for Energy Future Noteholders in Third Circuit Make-Whole Decision

On November 17, 2016, in Delaware Trust Co. v. Energy Future Intermediate Holding Company LLC (In re Energy Future Holdings Corp.), Case No. 16-1351 (3d Cir. Nov. 17, 2016), the United States Court of Appeals for the Third...more

Eleventh Circuit Holds that a Debtor who Elects to “Surrender” Real Property Cannot Oppose the Lender’s Foreclosure Case

In In re Failla, 838 F.3d 1170 (11th Cir. Oct. 4, 2016), the Eleventh Circuit resolved a split among Florida bankruptcy judges by ruling that a debtor who elects to "surrender" real property during its bankruptcy case cannot...more

The Ultimate Arizona Bankruptcy Guide – pt. 7 – The Path to a Chapter 7 Discharge

In most chapter 7 bankruptcy cases the activity in the case is front loaded. What I mean by that is prior to filing the bankruptcy case there is a lot of activity around pulling all of the necessary information and...more

November Surprise? Ninth Circuit Resurrects Post-Default Interest

The additional “default interest” owed when a borrower defaults under a loan agreement is a technical but highly critical part of any lending arrangement. This important “default interest” was the subject of a recent Ninth...more

New Delaware Chapter 11 Filing – American Apparel LLC

American Apparel LLC and five of its subsidiaries have filed petitions for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 16-12551). As many may remember, American Apparel only emerged...more

Blog: Ninth Circuit Rules That A Purchaser of An Insider’s Claim Should Not Be Deemed an Insider for the Purposes of Voting on a...

Before a bankruptcy court may confirm a chapter 11 plan, it must determine if any of the persons voting to accept the plan are “insiders,”i.e., individuals or entities with a close relationship to the debtor. Because the...more

Two non-conventional uses for Missouri’s new receivership statute

Missouri’s new receivership statute became effective on August 28, 2016. The new statute, called the Missouri Commercial Receivership Act (or “MCRA”) and codified at Chapter 515 of the Missouri Revised Statutes, provides a...more

How do I Know If I Qualify for Chapter 7 Bankruptcy?

Periodically the United States Trustee’s Office updates the income limits used to determine whether or not you qualify for a chapter 7 bankruptcy filing. Overwhelmingly people that file for bankruptcy file under chapter...more

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