Chapter 11

News & Analysis as of

Appellate Court Notes

Appellate Court Advance Release Opinions - AC36506 - Sidorova v. East Lyme Board of Education - Due to budget cuts, the Board of Education laid off the plaintiff who was a tenured French teacher. She sued for...more

What General Counsel Should Know When a Company's Tenant Files for Bankruptcy

Your tenant files for bankruptcy-what’s your move? Debtors who are lessees under real property leases have certain rights regarding their lease under § 365 of the Bankruptcy Code. Essentially, the debtor has two options: 1)...more

Bankruptcy Law News: Recoupment or Setoff? - A Distinction with a Difference

Setoff is commonly encountered in bankruptcy and non-bankruptcy situations. If there are mutual debts between two entities, either may generally offset the debts. These debts frequently arise where one entity is a vendor to...more

The ERISA Litigation Newsletter - July 2015

Editor's Overview - This month's article by Lindsey Chopin discusses Affordable Care Act ("ACA") litigation. Just five years old, the Supreme Court has considered issues related to the ACA numerous times. Two of those...more

Corporate Resource Services, Inc. and Seven Affiliates File Chapter 11 Petitions As Part of Ongoing Wind Down

On July 23, 2015, Corporate Resource Services, Inc. and 7 affiliates filed voluntary chapter 11 petitions in the United States Bankruptcy Court for the District of Delaware. The cases are docketed as case no. 15-11546, and...more

Medicare Jurisdictional Bar Limits Bankruptcy Court Authority in Health Care Bankruptcy

In an opinion dated June 26, 2015, the U.S. District Court for the Middle District of Florida ruled that the bankruptcy court administering the Bayou Shores SNF, LLC (“Debtor” or “Bayou Shores”), chapter 11 proceeding lacked...more

50 Cent Files for Bankruptcy, Trades In Da Club for In Da Courthouse

The rapper Curtis James “50 Cent” Jackson III filed a voluntary chapter 11 bankruptcy petition in Connecticut bankruptcy court on Monday, July 13, 2015. Jackson rose to prominence with songs like In Da Club and P.I.M.P. from...more

Debtor’s Founder Ordered to Turn Over Social Media Accounts to Reorganized Company

A recent bankruptcy court decision highlights the importance of Facebook pages, Twitter accounts, and similar social media assets in today’s business marketplace. It’s not always clear how these might be best protected, but...more

“Never Say Never”: Lessons From RadioShack’s Sale of Customer Information

When a bankrupt company’s most valuable assets include consumer information, a tension arises between bankruptcy policy aimed at maximizing asset value, on the one hand, and privacy laws designed to protect consumers’...more

Energy Future Holdings – More Bad News for Bondholders on Make-Whole Premiums

Make-whole premiums are often used in connection with the issuance of debt in order to protect noteholders with long term investment horizons from being repaid early. At the time of the bankruptcy filing of EFH in April 2014,...more

Signal International, Inc. and Affiliates File Chapter 11; CFO Says Filing And Quick Sale Will Resolve 7 Years of Litigation And...

On July 12, 2015, Gulf Coast marine service operator Signal International, Inc. and four affiliates, including Signal Ship Repair, LLC, Signal International, LLC, Signal International Texas GP, LLC and Signal International...more

The Supreme Court Holds That a Bankruptcy Court’s Order Denying Confirmation of a Debtor’s Proposed Chapter 13 Plan Is Not a...

In a May 4, 2015 opinion1, the United States Supreme Court held that a bankruptcy court order denying confirmation of a chapter 13 repayment plan is not a final order subject to immediate appeal. The Supreme Court found that,...more

The “American Rule” Prevails: The Supreme Court denies certain fees in bankruptcy cases

In 2005, ASARCO LLC, a copper mining, smelting and refining company, was in financial trouble and filed for Chapter 11 bankruptcy. Relying on §327(a) and §1107(a) of the Bankruptcy Code, ASARCO retained two law firms to...more

Pay to Play: §327(a) Professionals Pay their Own Defense Costs in Litigation Challenging Fee Applications

On June 15, 2015, the Supreme Court of the United States made clear that attorneys and other professionals hired under §327(a) of the Bankruptcy Code are not entitled to fees for their time spent litigating a §330(a)(1) fee...more

Client Alert: Hurts So Good - US Supreme Court Rejects Attorneys Fees in Chapter 11

On June 15, 2015, the US Supreme Court ruled that a law firm could not recover fees it incurred in defending its own fee application. THE ASARCO CASE - The case involved the copper company ASARCO LLC that filed...more

Bahamas Resort Baha Mar Files For Bankruptcy in Delaware

On June 29, 2015, Baha Mar Ltd, the development company behind a $3.5 billion Bahamian resort and its affiliated debtors, filed for chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in the U.S. District Court of...more

Rare-Earth Producer Molycorp. and North American Subsidiaries File Chapter 11

Before the petition date, creditors holding more than 70 percent of the debtors' senior debt agreed to provide $225 million in financing, subject to Court approval. A proposed restructuring support agreement plans to...more

The ABI Commission on Business Bankruptcy Reform: Providing Information and Fairness to Creditors

Will Congress Finally Act? This is the fourth in a series of Alerts regarding the proposals made by the American Bankruptcy Institute Commission to Reform Chapter 11 Business Bankruptcies. We discuss here the Commission’s...more

Third Circuit Approves Use Of Structured Dismissals Of Chapter 11 Bankruptcies, but Rarely

On May 21, 2015, the United States Court of Appeals for the Third Circuit approved the settlement and dismissal of chapter 11 bankruptcy cases through a structured dismissal in rare instances. See Official Committee of...more

Manufacturing Contracts in Distress

The automotive industry has recently enjoyed a strong period of sales growth and productivity. But even during this period, some manufacturers and raw materials suppliers continue to face pressures presented by financially...more

Becoming a Creditor in a Bankruptcy Case Triggers a Duty to Preserve Documents

A litigator in bankruptcy court is challenged with mastery of a trial lawyer’s skills as well as the developing substantive law, jurisdictional and otherwise, governed by the Bankruptcy Code. Who hasn’t heard of Stern v....more

Baker Botts v. Asarco: The Supreme Court Shows Again That It Really Doesn’t Understand Corporate Bankruptcy Cases

The Supreme Court has not handled its recent major bankruptcy decisions well. The jurisdictional confusion engendered by its 2011 decision in Stern v. Marshall was only partially clarified by this term’s opinion in Wellness...more

Supreme Court Update: Kerry V. Din (13-1402), Mata V. Lynch (14-185) And Baker Botts V. Asarco (14-103)

The Court took care of some additional throat-clearing on Monday, handing down three decisions: Kerry v. Din (13-1402), holding that no additional process was due a U.S. citizen whose husband's visa application was denied;...more

The ABI Commission on Business Bankruptcy Reform: Director and Officer Fiduciary Duties and Lender Liability

Will Congress Finally Act? This is the third in a series of Alerts regarding the proposals made by the American Bankruptcy Institute’s Commission to Reform Chapter 11 Business Bankruptcies. It covers the Commission’s...more

Storied Gun Maker Colt Enters Chapter 11 In Delaware; Seeking A Quick Sale

On Sunday, June 14, 2015, Colt Holding Company LLC and 9 affiliates, including Colt Defense, LLC filed voluntary chapter 11 petitions in the United States Bankruptcy Court for the District of Delaware. The case is docketed...more

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