Unsecured Debt

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Commercial Restructuring & Bankruptcy Alert - October 2016

Welcome to the October 2016 issue of the CR&B Alert, the newsletter produced by Reed Smith's Commercial Restructuring & Bankruptcy Group. Excerpt from newsletter: DELAWARE AND NEW YORK AT ODDS OVER RECLAMATION...more

Asia Pacific Restructuring & Insolvency Guide: Hong Kong

This is the Hong Kong chapter of the second edition of the White & Case Asia Pacific Restructuring and Insolvency Guide... ..Introduction - On 1 July 1997, Hong Kong became a Special Administrative Region of the...more

Defending A Preference Action – Can You Setoff Post-Petition Amounts Owed by the Debtor Against Your Preference Liability?

All bankruptcy lawyers (and most long-suffering trade creditors) know that creditors who receive payments from a debtor within the “preference period” – 90 days before a voluntary bankruptcy case was filed, or 1 year if the...more

Delaware Bankruptcy Court Rules Gift Cards Not Eligible for Priority Treatment

Decision clarifies standards for priority treatment under section 507(a)(7); important implications in retail bankruptcy cases for debtors, creditors - and consumers Overview - In October 2015, City Sports, Inc....more

Objecting to the Dischargeability of Debt: How a Creditor May Protect its Debt in Bankruptcy

Imagine that you are an unsecured lender who has learned that a borrower has filed for bankruptcy and has little to no assets available to pay creditors. Is there any way to prevent your debt from being extinguished? This...more

Orrick's Financial Industry Week in Review

Senators Introduce SAFE Lending Act - On April 7, 2016, several Democratic Senators introduced the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act, SAFE 2016, which is designed to change the manner in which...more

The Ultimate Arizona Bankruptcy Guide – Pt. 5 – The Automatic Stay

People don’t want to file for bankruptcy. Often the decision to file for bankruptcy only occurs after a point is reached where something financially painful is about to happen. Wage garnishment. Foreclosure. Debt collection...more

Court of Appeal case - of interest to Security Trustees

Including an unsecured creditor in an agreed payments waterfall does not by itself confer on that unsecured creditor the benefit of a mortgagee’s usual duties on enforcement of security, or a direct claim against the sale...more

Committee Formation Meeting for Aspect Software Parent, Inc., et al.

Upcoming Committee Formation Meeting: Friday, March 18, 2016, 10:00 a.m. Case Name: Aspect Software Parent, Inc., et al. Case Number: 16-10597 (MFW)...more

Committee Formation Meeting for Sports Authority Holdings, Inc.

Upcoming Committee Formation Meeting: Thursday, March 10, 2016, 10:00 a.m. Case Name: Sports Authority Holdings, Inc. Case Number: 16-10527 (MFW)...more

In re Sentinel Management: The Seventh Circuit Considers Equitable Subordination

Equitable subordination in bankruptcy can be a powerful tool, providing a court with considerable latitude to set things right insofar as the estates of the penniless and the rights of their creditors are concerned. But...more

Treatment of senior unsecured debt in European leveraged finance transactions: Court of Appeal confirms no duty to unsecured third...

In its recent judgment in PK Airfinance Sarl v Alpstream AG, the Court of Appeal has reaffirmed the existing rule that a security holder upon a distressed sale of security assets does not owe a duty under English law to...more

The Absolute Priority Rule: Zachary v. California Bank & Trust

The Ninth Circuit Court of Appeals has now joined the Courts of Appeals from the Fourth, Fifth, Sixth and Tenth Circuits, and the Eighth Circuit Bankruptcy Appellate Panel (BAP) in holding that the absolute priority rule...more

Blog: Going Up: Bankruptcy Code Dollar Amounts Will Increase On April 2016

An official notice from the Judicial Conference of the United States was just published announcing that certain dollar amounts in the Bankruptcy Code will be increased ever so slightly — only about 3% this time — for new...more

Committee Formation Meeting for Paragon Offshore plc, et al.

Upcoming Committee Formation Meeting: February 26, 2016, 10:00 a.m. Case Name: Paragon Offshore plc, et al. Case Number: 16-10386 (CSS)...more

Looks Like Another Test Case For EU Bank Resolution Law

Readers interested in the Banking Recovery and Resolution Directive (BRRD) no doubt have been following the ongoing travails of the Portuguese "good bank" Novo Banco SA and "bad bank" Banco Espírito Santo SA (BES). The...more

Insider Loans Equitably Subordinated

In SGK Ventures, LLC, the Bankruptcy Court for the Northern District of Illinois ordered that the secured claims of two entities controlled by insiders of the debtor be equitably subordinated to the claims of unsecured...more

United States Court of Appeals for the Second Circuit Holds That Claims Arising from Securities of a Debtor’s Affiliate Must Be...

On December 14, 2015, the United States Court of Appeals for the Second Circuit held that claims arising from securities of a debtor’s affiliate must be subordinated to all claims or interests senior or equal to claims of the...more

The Ultimate Arizona Bankruptcy Guide (pt. 2)

There are different types of bankruptcy designed to help different types of debt problems. Most consumers file either a chapter 7 or chapter 13 bankruptcy. In this article I will walk you through the differences between a...more

Blog: A Holiday Present from the Third Circuit? The Court of Appeals Uphols a Secured Lender’s “Gift” to General Unsecured...

What better time than the holiday season to discuss “gifting” in the context of chapter 11 cases. “Gifting” commonly refers to the situation where a senior creditor pays (or allocates a portion of its collateral for the...more

TLAC, and Then Some… A Preliminary Assessment of the Federal Reserve Board’s NPR

On Friday, October 30, 2015, the Federal Reserve Board (“Board”) reaffirmed its commitment to both the bank holding company model and single point of entry resolution. In a departure from historical views of the purpose and...more

Bankruptcy Basics – “Will I Lose My House in a Chapter 7 Bankruptcy?”

Almost daily I meet with families that have avoided filing for bankruptcy because they fear they will lose their home as part of the process. In this article I will discuss how you can know if your house will be put at risk...more

Spotlight on Brazil: Recuperação Judicial vs. Chapter 11

The bankruptcy proceedings of Brazilian oil companies OGX and OSX have all the makings of a financial soap opera: one high-profile billionaire filing for bankruptcy on behalf of two related enterprises with a combined...more

Naked Liens – Stripping Prohibited

In June, the US Supreme Court decided the case of debtors in bankruptcy desirous of stripping off a lender’s real estate lien that was fully in excess of the fair market value of the real estate. The Supreme Court unanimously...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

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