On April 25, the US Court of Appeals for the Third Circuit issued its precedential opinion in Mallinckrodt v. Sanofi-Aventis, Case No. 23-1111, reminding everyone that “creditors take on risks” when it ruled that the debtor...more
Recent decisions by the Fifth Circuit Court of Appeals and the Bankruptcy Court for the District of Delaware signal further disagreement over the treatment of “make-whole” premium payments under the Bankruptcy Code.
In...more
Recent decisions and court commentary suggest that a creditors’ committee appointed in a Chapter 11 case should take immediate action to ensure that its rights to pursue derivative standing are preserved, particularly when...more
Eight years after the Delaware bankruptcy court confirmed the chapter 11 plan of Tribune Company and its affiliates, the United States Court of Appeals for the Third Circuit (the Court) affirmed the bankruptcy court’s...more
10/2/2020
/ Appeals ,
Bankruptcy Code ,
Bankruptcy Court ,
Chapter 11 ,
Debtors ,
Delaware ,
Interest Rate Swaps ,
Materiality ,
Subordination Agreement ,
Trustees ,
Unsecured Debt
New York County Supreme Court Justice Schecter dismissed a fraudulent conveyance action brought by UMB Bank, N.A., the indenture trustee for certain of Neiman Marcus’ senior notes, on the basis that the applicable indenture...more
The Paycheck Protection Program (PPP) is one of several lifelines extended by Congress to small businesses struggling to survive the COVID-19 public health crisis.
The PPP was established by the Coronavirus Aid, Relief and...more
The Plain Meaning Language of an Intercreditor Agreement Determines Whether it Governs Plan Distributions or Adequate Protection Payments -
In a recent non-precedential opinion, the United States Court of Appeals for the...more