Debtors Chapter 11

News & Analysis as of

A Secured Lender Must Receive Default Interest Under a Chapter 11 Plan Purporting to Cure a Defaulted Loan in the Ninth Circuit

A recent Ninth Circuit decision overturned earlier case law allowing debtors to avoid paying default interest when a defaulted loan was "cured" through a confirmed plan of reorganization. In Pacifica L 51 LLC v. New...more

U.S. Bankruptcy Court for the Southern District of New York Confirms Chapter 11 Plan Less Than Two Weeks After Commencing...

On January 10, 2017, in the case of In re: Roust Corporation, et. al., (1623786 ) (RDD), pending in the U.S. Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”), Judge Robert D. Drain entered an...more

Ninth Circuit Rules Lease Damages Cap Does Not Apply to Damages Independent of Termination

On December 29, 2016, the U.S. Court of Appeals for the Ninth Circuit (the “Court”) issued an opinion, holding that the statutory cap on a landlord’s damages claim in a bankruptcy case applies only to claims resulting...more

Bankruptcy Cases To Watch In 2017

John Melissinos was quoted in a Law360 article that ran January 2, 2017, discussing the top bankruptcy cases to watch in 2017 and the issues expected to dominate discussions over the next year including Chapter 11 exit...more

R&I Update: Hot Topics in Oil and Gas Restructurings, Volume 5: Delaware Bankruptcy Court Sends Covenant Question to North Dakota

Like the wild prairie rose that punctuates the North Dakota plains, the issue of whether a debtor can reject its midstream agreements is back after a brief period of dormancy. In Hot Topics in Oil and Gas Restructurings,...more

Yellowstone and the Barton Doctrine in the Third Circuit

The Barton doctrine, which has been imposed in “an unbroken line of cases … as a matter of federal common law,” In re Linton, 136 F.3d 544, 545 (7th Cir. 1998) (Posner, J.), requires that plaintiffs “obtain authorization from...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

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

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

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

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

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

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

New Delaware Chapter 11 Filings – DirectBuy Holdings, Inc. et al.

DirectBuy Holdings, Inc., and seven of its U.S. affiliates have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (lead case no. 16-12435). The cases have been assigned to the...more

New Delaware Chapter 11 Filings – Basic Energy Services, Inc., et al.

Basic Energy Services, Inc., and twenty-seven (27) of its subsidiaries and affiliates filed petitions for relief under chapter 11 in the Bankruptcy Court for the District of Delaware earlier this morning (Case No. 16-12320). ...more

New Delaware Chapter 11 Filings – American Gilsonite Holding Company

American Gilsonite Holding Company—a hydrocarbon resin supplier based in Houston, Texas—and four of its affiliates have filed petitions for relief under chapter 11 in the United States Bankruptcy Court for the District of...more

New Delaware Chapter 11 Filings – Key Energy Services, Inc., et al.

Key Energy Services, Inc., and three of its subsidiaries filed petitions for relief under chapter 11 in the Bankruptcy Court for the District of Delaware earlier this morning (Case No. 16-12306). According to the First Day...more

SDNY Bankruptcy Rules Are About to Change: What You Need to Know About the @USBCSDNY Proposed Amendments

Last month, the United States Bankruptcy Court for the Southern District of New York proposed amendments to its local rules. Although the amendments are not sweeping, they include some very important updates and tweaks to...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

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

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