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Quarles & Brady LLP

Intercreditor Agreements in Bankruptcy: How Intercreditor Agreements shape the proceedings and outcomes for secured creditors

Quarles & Brady LLP on

Junior and Senior Lenders work hard to negotiate Intercreditor Agreements. What difference does it make? Isn’t it enough to simply agree that the Junior Lender is in a junior position? This article follows a borrower,...more

Jones Day

Cram-Up Chapter 11 Plans: Reinstatement and Indubitable Equivalence

Jones Day on

"Cramdown" chapter 11 plans, under which a bankruptcy court confirms a plan over the objection of a class of creditors, are relatively common. Less common are the subset of cramdown plans known as "cram-up" chapter 11 plans....more

Patton Sullivan Brodehl LLP

Cotenant Owner vs. Junior Creditor — Battle for Sale Proceeds from Senior Creditor Foreclosure

After a foreclosure sale by a senior creditor, California’s Civil Code section 2924k governs how the sale proceeds are applied in the following order of priority...more

Bradley Arant Boult Cummings LLP

Having Trouble with CARES Act Forbearances in Ch. 13 Bankruptcy? You’re Not Alone!

Consumers that have pending Chapter 13 bankruptcy cases undoubtedly suffered from financial hardship prior to the COVID-19 pandemic. For many of those consumers, the pandemic may have exacerbated that hardship...more

Nelson Mullins Riley & Scarborough LLP

Third Circuit’s EFH Decision Is Another Blow to Senior Secured Creditors Attempting to Enforce Subordination Agreements

Earlier this year, the United States Bankruptcy Court for the Southern District of New York issued an opinion in BOKF NA v. Wilmington Sav. Fund Soc’y FSB (In re MPM Silicones LLC), Case No. 15-2280, 2019 WL 121003 (S.D.N.Y....more

Dechert LLP

Newsflash: Subordination Agreement prevents Rule 2004 examination

Dechert LLP on

Bankruptcy Rule 2004 allows the examination of any entity with respect to various topics, including conduct and financial condition of the debtor and any matter that may affect the administration of the estate. Does a...more

Kramer Levin Naftalis & Frankel LLP

Delaware District Court Holds That a $30 Million Haircut Is Not Unfair Discrimination in a Cramdown Plan

After the Third Circuit found that the appeal of confirmation of the Tribune Plan by two senior notes trustees was not equitably moot, Judge Sleet of the Delaware District Court held that the Tribune Plan’s failure to...more

Morris James LLP

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

Morris James LLP on

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

Buchalter

The Full Credit Bid at a Foreclosure Sale: Don’t Make One Without the Advice of Knowledgeable Counsel

Buchalter on

While the Great Recession appears to be slowly receding, rising oil costs and other price increases threaten to choke off what had appeared to be an economic recovery. Accordingly, foreclosures may become more frequent in the...more

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