Last year, the U.S. Supreme Court barred the use of nonconsensual third-party releases in Chapter 11 cases, holding that the Bankruptcy Code did not provide a basis to nonconsensually release claims against third parties...more
Chapter 15 of the Bankruptcy Code (which is based upon the UNCITRAL Model Law on Cross-Border Insolvency) is designed to facilitate cross-border cooperation and coordination among courts during a pending bankruptcy or...more
What Happened?
One fundamental question in any restructuring relates to the treatment of funded debt obligations, like mortgages. When the cost of prepetition debt is higher than the prevailing market rates, a debtor may...more
Last week, the federal government met its fourth loss in a challenge brought by health care and air ambulance providers against No Surprises Act (NSA) regulations. We wrote about the previous victories by out-of-network...more
Congress enacted the No Surprises Act (NSA) in 2020 to reduce surprise medical bills and to provide a simple and fast procedure for out-of-network health care providers to obtain payment from insurers. The U.S. Department of...more
One feature commonly seen in commercial lending transactions is a waiver of the borrower’s authority to file for bankruptcy without the consent of the lender. While such “blocking” provisions are generally upheld where the...more
3/31/2023
/ Bankruptcy Court ,
Chapter 11 ,
Chapter 7 ,
Chapter 7 Conversions ,
Commercial Bankruptcy ,
Commercial Loans ,
Consent ,
Debt-Equity ,
Lenders ,
Limited Liability Company (LLC) ,
LLC Agreements ,
Managing Members ,
Members ,
Secured Debt ,
Waivers
When enacting the Bankruptcy Code, Congress sought to strike a balance amid the confluence of different — and often competing — interests held by debtors, secured creditors and various unsecured creditor constituencies...more
Security deposits are a fundamental landlord protection under leases with the expectation of tenants that the deposits will be returned upon the expiration of the lease. While landlords frequently consider how to protect...more
2021 was a busy year for corporate governance matters, with new legislation passed early in the year and new enforcement priorities emerging under the Biden administration. Kramer Levin lawyers published numerous articles...more
1/6/2022
/ Anti-Money Laundering ,
Broker-Dealer ,
Caremark claim ,
Corporate Governance ,
Cybersecurity ,
Diversity and Inclusion Standards (D&I) ,
Environmental Social & Governance (ESG) ,
Federal Trade Commission (FTC) ,
FinCEN ,
Foreign Corrupt Practices Act (FCPA) ,
Office of Foreign Assets Control (OFAC) ,
Public Comment ,
Securities and Exchange Commission (SEC)
Real estate lenders and borrowers everywhere are trying to figure out what to do with properties that are either sitting vacant or underperforming pre-pandemic expectations. In New York, a number of mezzanine foreclosures...more
On March 22, federal banking regulators, including the board of governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration, the Office of the...more
On March 22, federal banking regulators, including the board of governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration, the Office of the...more
The question is not if but how deeply the global coronavirus (COVID-19) pandemic will disrupt businesses and impact future operations. That answer differs based upon each company’s industry, access to cash and other capital,...more
On March 19, 2020, Governor Andrew Cuomo issued an executive order permitting documents to be notarized utilizing audio-video technology through April 18, 2020. Pursuant to the executive order, any notarial act required...more
The recent decision of the Bankruptcy Court for the Southern District of New York in In re AAGS Holdings LLC, Case No. 19-13029 (SMB) (Bankr. D. Del. Nov. 12, 2019), underscores the ability of debtors — and specifically, for...more
The recent decision of the Bankruptcy Court for the Southern District of New York in In re AAGS Holdings LLC, Case No. 19-13029 (SMB) (Bankr. D. Del. Nov. 12, 2019), underscores the ability of debtors — and specifically, for...more
2/5/2020
/ Automatic Stay ,
Bad Faith ,
Bankruptcy Code ,
Chapter 11 ,
Closing Date ,
Commercial Real Estate Contracts ,
Contract Termination ,
Contract Terms ,
Debtors ,
Motion to Dismiss ,
Purchase Agreement ,
Real Estate Transactions ,
Residential Real Estate Contracts ,
Termination Rights ,
Time Extensions ,
Tolling
In another decision affecting Chapter 11 cases, U.S. Bank National Association v. Village at Lakeridge, --- S. Ct. ---, 2018 WL 1143822 (2018), on March 5, 2018, the United States Supreme Court issued a unanimous decision,...more
3/7/2018
/ Appellate Review ,
Arms Length Transactions ,
Bankruptcy Code ,
Bankruptcy Court ,
Chapter 11 ,
Clear Error Standard ,
Commercial Bankruptcy ,
Cramdown ,
De Novo Standard of Review ,
Debtor-Creditor ,
Non-Statutory Insider Status ,
Reaffirmation ,
Reorganizations ,
SCOTUS ,
US Bank National Association v Village at Lakeridge
On July 12, Kramer Levin and Debtwire co-hosted the “Retail Restructuring Outlook” panel discussion at Kramer Levin’s New York office, moderated by Debtwire’s Richard M. Goldman. The discussion covered topics including market...more
On June 5, 2017, the United States Supreme Court rendered an important decision that will impact restructurings — particularly health care provider restructurings — going forward. The Supreme Court reversed the Third, Seventh...more
Financial distress – sometimes it is isolated to specific borrowers and other times, it is endemic within an industry. In recent years, energy (e.g., oil, gas, and coal), retail and other industries have suffered widespread...more
Kramer Levin’s Debt Dialogue addresses recent developments and recurring issues that debt-focused investors commonly encounter in connection with enforcement of rights, interpretation of documentation and other relevant...more
3/31/2017
/ Banking Sector ,
Bankruptcy Code ,
Chapter 11 ,
Commercial Bankruptcy ,
Credit Default Swaps ,
Czyzewski v Jevic Holding Corp ,
Federal Jurisdiction ,
ISDA ,
Liquidity ,
SCOTUS ,
Structured Dismissals
In a much anticipated decision issued on March 22, 2017, the United States Supreme Court determined in Czyzewski v. Jevic Holding Corp. (“Jevic”) that a “structured dismissal” of a bankruptcy case cannot include a...more