A basic tenet of bankruptcy law, premised on the legal separateness of a debtor prior to filing for bankruptcy and the estate created upon a bankruptcy filing, is that prepetition debts are generally treated differently than...more
12/14/2020
/ Administrative Expenses ,
Appeals ,
Appellate Courts ,
Bankruptcy Code ,
Bankruptcy Court ,
Chapter 7 ,
Commercial Bankruptcy ,
Corporate Taxes ,
Department of Justice (DOJ) ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Tax Liability ,
Tax Returns
The U.S. Supreme Court recently handed down three rulings potentially impacting bankruptcy cases.
Nunc Pro Tunc Relief -
In Roman Catholic Archdiocese of San Juan v. Acevedo Feliciano, No. 18-921, 2020 WL 871715 (U.S....more
6/4/2020
/ Appeals ,
Asset Seizure ,
Catholic Church ,
Chapter 11 ,
Federal Jurisdiction ,
Interim Remedies ,
Nunc Pro Tunc ,
Remand ,
Removal ,
Roman Catholic Archdiocese of San Juan Puerto Rico v Feliciano ,
SCOTUS ,
State Law Claims ,
Supreme Court of Puerto Rico ,
Trial Court Orders ,
Vacated
The Multiemployer Pension Plan Amendments Act of 1980 ("MPPAA") amended the Employee Retirement Income Security Act of 1974 ("ERISA") and the Internal Revenue Code to make "trade[s] or business[es]" that are under "common...more
3/2/2020
/ Appeals ,
Business Formation ,
Commercial Bankruptcy ,
Controlled Groups ,
Employee Retirement Income Security Act (ERISA) ,
Investment Portfolios ,
Joint and Several Liability ,
Limited Liability Company (LLC) ,
Limited Partnerships ,
Multiemployer Pension Plan Amendments Act (MPPAA) ,
Multiemployer Plan ,
Partnership-in-Fact ,
PBGC ,
Pensions ,
Private Equity Funds ,
Sun Capital Partners ,
Withdrawal Liability
In the July/August 2019 issue of the Business Restructuring Review, we discussed a landmark decision by the U.S. Court of Appeals for the Fifth Circuit in In re Ultra Petroleum Corp., 913 F.3d 533(5th Cir. 2019) ("Ultra I")....more
The Situation. In Ritzen Group, Inc. v. Jackson Masonry, LLC, the U.S. Supreme Court considered whether bankruptcy court orders conclusively denying relief from the Bankruptcy Code's automatic stay are immediately...more
1/29/2020
/ Appeals ,
Automatic Stay ,
Commercial Bankruptcy ,
Creditors ,
Debtors ,
Dismissals ,
Federal Rules of Bankruptcy Procedure ,
Mootness ,
Motion for Relief from Automatic Stay ,
Non-Appealable Decisions ,
Right To Appeal ,
Ritzen Group Inc v Jackson Masonry LLC ,
SCOTUS ,
Time-Barred Claims
The Situation: In In re MPM Silicones, L.L.C., secured noteholders argued that replacement notes distributed to them under a cram-down chapter 11 plan should bear market-rate interest rather than the lower formula rate...more
10/26/2017
/ Appeals ,
Chapter 11 ,
Commercial Bankruptcy ,
Cramdown ,
Debtors ,
First-Lien ,
Form 10-K ,
Form 8-K ,
Interest Rates ,
Make-Whole Premium ,
Mezzanine Lenders ,
Noteholders ,
Secured Notes ,
Subordination
The U.S. Supreme Court ruled on March 22, 2017, in Czyzewski v. Jevic Holding Corp., that without the consent of affected creditors, bankruptcy courts may not approve "structured dismissals" providing for distributions that...more
3/27/2017
/ Absolute Priority Rule ,
Appeals ,
Bankruptcy Code ,
Bankruptcy Court ,
Chapter 11 ,
Commercial Bankruptcy ,
Consent ,
Czyzewski v Jevic Holding Corp ,
Priority Debt ,
Reversal ,
SCOTUS ,
Structured Dismissals ,
WARN Act