Fifth circuit rules that serta simmons uptier violated credit agreement, rejects equitable mootness as bar to review of chapter 11 plan confirmation order and excises plan indemnification provision...more
3/31/2025
/ Assignments ,
Bankruptcy Court ,
Chapter 11 ,
Chapter 15 ,
Comity ,
Commercial Bankruptcy ,
Corporate Restructuring ,
Credit Agreements ,
Debt Restructuring ,
Debtors-in-Possession ,
Equitable Mootness ,
Financial Distress ,
Foreign Bankruptcies ,
Indemnification Clauses ,
Restructuring
The Year in Bankruptcy: 2024 -
A brief chronicle of the year's notable developments in corporate bankruptcy and restructuring, including business bankruptcy filings, significant court rulings, and legislative...more
2/4/2025
/ Bankruptcy Code ,
Bankruptcy Court ,
Chapter 11 ,
Chapter 15 ,
Commercial Bankruptcy ,
Corporate Restructuring ,
Creditors ,
Debt Restructuring ,
Debtors ,
Insolvency ,
Restructuring
Four UK companies within the Cineworld Group ("Cineworld") have obtained court sanction to an English-law Part 26A restructuring plan ("RP"). Cineworld became financially distressed following a prolonged period of poor...more
The Singapore International Commercial Court (the "SICC"), a division of the General Division of the High Court and part of the Supreme Court of Singapore, was established in 2015 as a trusted neutral forum to meet increasing...more
9/27/2024
/ Chapter 11 ,
Chapter 15 ,
Commercial Bankruptcy ,
Cross-Border ,
Foreign Corporations ,
Insolvency ,
Restructuring ,
Restructuring and Dissolution Act 2018 (IRDA) ,
Singapore ,
Singapore International Commercial Court ,
UNCITRAL
Following the seminal Adler judgment, the English Court has now ruled on a further two contested restructuring plans ("RPs"). These two judgments provide important commentary relevant to all parties considering or affected by...more
Established in 2015 as a trusted neutral forum to meet increasing demand for effective transnational dispute resolution, the Singapore International Commercial Court (the “SICC”) is a division of the General Division of the...more
3/29/2024
/ Arbitration ,
Arbitration Agreements ,
Bankruptcy Code ,
Bankruptcy Court ,
Chapter 11 ,
Commercial Bankruptcy ,
Creditors ,
Debtors ,
Disclosure Requirements ,
Federal Rules of Bankruptcy Procedure ,
Restructuring
The Singapore International Commercial Court ("SICC") has handed down its first insolvency-related ruling. The court granted recognition and full force and effect to Indonesia's flagship airline's restructuring plan. That...more
3/28/2024
/ Airlines ,
Aviation Industry ,
Bankruptcy Code ,
Bankruptcy Court ,
Commercial Bankruptcy ,
Cross-Border ,
Indonesia ,
Insolvency ,
Restructuring ,
Singapore ,
Singapore International Commercial Court ,
Transportation Industry ,
UNCITRAL
On January 23, 2024, the Court of Appeal in England and Wales (the "Appeal Court") upheld a challenge launched by dissenting creditors to overturn the UK Restructuring Plan (the "RP") of the Adler Group previously approved by...more
Established in 2015 as a trusted neutral forum to meet increasing demand for effective transnational dispute resolution, the Singapore International Commercial Court (the "SICC") is a division of the General Division of the...more
3/26/2024
/ Bankruptcy Code ,
Bankruptcy Court ,
Commercial Bankruptcy ,
Commercial Court ,
Creditors ,
Cross-Border ,
Debtors ,
Injunctive Relief ,
Popular ,
Restructuring ,
Singapore ,
The Model Law
The Situation: The Adler Group sought to restructure more than €6 billion of debt by means of a UK restructuring plan ("RP"), to give itself a runway for a planned wind-down and asset sales, leading to an enhanced return for...more
2/9/2024
/ Commercial Bankruptcy ,
Cramdown ,
Creditors ,
Debt ,
Debt Restructuring ,
Insolvency ,
Jurisdiction ,
Lenders ,
Pari Passu ,
Restructuring ,
Shareholders ,
UK ,
Winding Down
One year ago, we wrote that 2022 would be remembered in the corporate bankruptcy world for the “crypto winter” that descended in November 2022 with the spectacular collapse of FTX Trading Ltd., Alameda Research, and...more
2/8/2024
/ Bankruptcy Code ,
Bankruptcy Court ,
Chapter 11 ,
Chapter 7 ,
Commercial Bankruptcy ,
Creditors ,
Debtors ,
Fraudulent Transfers ,
Restructuring ,
Securities Contracts ,
Trustees ,
UFTA
There is longstanding controversy concerning the validity of third-party release provisions in non-asbestos trust chapter 11 plans that limit the potential exposure of various nondebtor parties involved in the process of...more
7/28/2023
/ Bankruptcy Code ,
Bankruptcy Court ,
Bankruptcy Preferences ,
Chapter 11 ,
Chapter 13 ,
Chapter 15 ,
Chapter 7 ,
Commercial Bankruptcy ,
Consumer Bankruptcy ,
Creditors ,
Debtors ,
Restructuring ,
SCOTUS
Even before chapter 15 of the Bankruptcy Code was enacted in 2005 to govern cross-border bankruptcy proceedings, the enforceability of a foreign court order approving a restructuring plan that modified or discharged U.S....more
On June 6, 2022, the U.S. Supreme Court issued a much-awaited decision, Siegel v. Fitzgerald, No. 21-441, __. U.S. __, 2022 WL 1914098 (U.S. June 6, 2022), holding unconstitutional certain aspects of Congress’s 2017 amendment...more
After commercial Chapter 11 filings soared to their highest levels in more than a decade in 2020, the numbers gradually came back to Earth in the latter part of 2020 and, in 2021, fell well below annual averages. The primary...more
Chapter 15 Update: U.S. Bankruptcy Court Refuses To Enforce Order Approving Indonesian Debt Restructuring Plan Due To Third-party Releases -
Cross-border bankruptcy cases filed in the U.S. under chapter 15 of the...more
7/23/2021
/ Article III ,
Bankruptcy Court ,
Chapter 11 ,
Chapter 15 ,
Comity ,
Commercial Bankruptcy ,
Foreign Bankruptcies ,
Restructuring ,
Safe Harbors ,
Setoff Rights ,
Sharia Law ,
Standing ,
Subordination Agreement ,
Third-Party ,
Tolling
In bankruptcy cases under chapter 11, debtors sometimes opt for a "structured dismissal" when a consensual plan of reorganization or liquidation cannot be reached or conversion to chapter 7 would be too costly. In Czyzewski...more
5/31/2017
/ Bankruptcy Code ,
Chapter 11 ,
Chapter 7 ,
Czyzewski v Jevic Holding Corp ,
Distribution Rules ,
Gifts ,
Liquidation ,
Priority Debt ,
Restructuring ,
SCOTUS ,
Structured Dismissals