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
To assist a bankruptcy trustee or chapter 11 debtor-in-possession ("DIP") in maximizing the value of the bankruptcy estate for the benefit of all stakeholders, the Bankruptcy Code authorizes a trustee or DIP to avoid certain...more
3/26/2025
/ Appeals ,
Article III ,
Bankruptcy Code ,
Bankruptcy Court ,
Chapter 11 ,
Constitutional Challenges ,
Creditors ,
Debtors ,
Debtors-in-Possession ,
Fraudulent Transfers ,
Real Estate Transactions ,
Standing
Hertz: Third Circuit Weighs In On Make-Whole Premiums And The “Solvent-debtor Exception” In Chapter 11 Cases -
A handful of recent high-profile court rulings have considered whether a chapter 11 debtor is obligated to pay...more
12/18/2024
/ Bankruptcy Code ,
Bankruptcy Court ,
Chapter 11 ,
Commercial Bankruptcy ,
Cramdown ,
Creditors ,
Debt Instruments ,
Debtors ,
Financial Solvency ,
Hertz ,
Make-Whole Premium ,
Proof of Claims ,
Securities Contracts ,
Setoff Rights
Section 546(e) of the Bankruptcy Code's "safe harbor" provision (which shields transactions from avoidance claims in bankruptcy of certain securities, commodity, or forward-contract payments) has long been a magnet for...more
The ability of a creditor to offset any liability it may have to a debtor against the amount of the debtor's obligation to the creditor is an important right. The Bankruptcy Code expressly preserves that right, provided it...more
12/13/2024
/ Bankruptcy Code ,
Bankruptcy Court ,
Chapter 11 ,
Commercial Bankruptcy ,
Creditors ,
Debtors ,
Insolvency ,
Proof of Claims ,
Restructuring ,
Section 553 ,
Set Off
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
To prevent landlords under long-term real property leases from reaping a windfall for future rent claims at the expense of other creditors, the Bankruptcy Code caps the amount of a landlord's claim against a debtor-tenant for...more
The U.S. Supreme Court handed down three bankruptcy rulings to finish the current Term. The decisions address the validity of nonconsensual third-party releases in chapter 11 plans, the standing of insurance companies to...more
8/6/2024
/ Bankruptcy Code ,
Bankruptcy Court ,
Bankruptcy Trustees ,
Chapter 11 ,
Chapter 7 ,
Commercial Bankruptcy ,
Creditors ,
Debt Restructuring ,
Debtors ,
Trustees ,
U.S. Treasury
Section 546(e) of the Bankruptcy Code's "safe harbor" preventing avoidance in bankruptcy of certain securities, commodity, or forward-contract payments has long been a magnet for controversy. Several noteworthy court rulings...more
8/5/2024
/ Bankruptcy Code ,
Bankruptcy Court ,
Bankruptcy Trustees ,
Chapter 11 ,
Chapter 7 ,
Commercial Bankruptcy ,
Creditors ,
Debtors ,
Financial Institutions ,
Financial Services Industry ,
Safe Harbors ,
Securities Contracts
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
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
In a 2021 ruling, the U.S. Court of Appeals for the Second Circuit revived nearly 100 lawsuits seeking to recover fraudulent transfers made as part of the Madoff Ponzi scheme. In one of the latest chapters in that resurrected...more
2/5/2024
/ Affirmative Defenses ,
Bankruptcy Code ,
Bankruptcy Court ,
Bernie Madoff ,
Chapter 11 ,
Commercial Bankruptcy ,
Creditors ,
Debtors ,
Fraudulent Transfers ,
Motion to Amend ,
New York ,
Securities Fraud ,
Setoff Rights ,
SIPA ,
Trustees ,
Unjust Enrichment
Section 546(e) of the Bankruptcy Code’s “safe harbor” preventing avoidance in bankruptcy of certain securities, commodity, or forward-contract payments has long been a magnet for controversy. Several noteworthy court rulings...more
10/3/2023
/ Article III ,
Bankruptcy Code ,
Chapter 11 ,
Chapter 7 ,
Commercial Bankruptcy ,
Corporate Restructuring ,
Fraudulent Transfers ,
Safe Harbors ,
Securities Contracts ,
Sovereign Immunity ,
Standing
Section 546(e) of the Bankruptcy Code's "safe harbor" preventing avoidance in bankruptcy of certain securities, commodity, or forward-contract payments has long been a magnet for controversy. Several noteworthy court rulings...more
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
A bankruptcy trustee's ability to avoid and recover pre-bankruptcy preferential transfers is essential to preserving or augmenting the estate for the benefit of all stakeholders. In 2019, however, the Bankruptcy Code was...more
7/28/2023
/ Affirmative Defenses ,
Avoidance ,
Bankruptcy Code ,
Bankruptcy Court ,
Bankruptcy Trustees ,
Chapter 11 ,
Chapter 7 ,
Commercial Bankruptcy ,
Debtors-in-Possession ,
Delaware ,
Due Diligence ,
Preferential Transfers
Section 363(m) of the Bankruptcy Code provides that the reversal or modification of an order approving a sale or lease of assets in bankruptcy does not affect the validity of the sale or lease to a good-faith purchaser or...more
To prevent landlords under long-term real property leases from reaping a windfall for future rent claims at the expense of other creditors, the Bankruptcy Code caps the amount of a landlord's claim against a debtor-tenant for...more
Lawyer Spotlights: Genna Ghaul and Nicholas J. Morin -
The Year in Bankruptcy: 2022 -
A brief chronicle of the year's notable developments in corporate bankruptcy and restructuring, including business bankruptcy...more
Perhaps given the relative rarity of solvent-debtor cases during the nearly 45 years since the Bankruptcy Code was enacted, a handful of recent high-profile court rulings have addressed whether a solvent chapter 11 debtor is...more
On October 14, 2022, the U.S. Court of Appeals for the Fifth Circuit issued a long-awaited ruling on whether Ultra Petroleum Corp. (“UPC”) must pay a $201 million make-whole premium to noteholders under its confirmed chapter...more
Whether claims have been discharged in bankruptcy is a frequently litigated issue. This is particularly so in chapter 11 cases involving mass tort claims that may have technically "arisen" when the debtor manufactured or sold...more
Bankruptcy and appellate courts disagree over the standard that should apply to a request for payment of a break-up fee or expense reimbursement to the losing bidder in a sale of the debtor’s assets outside the ordinary...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
Large employers intending to lay off a significant number of their employees are required by the Worker Adjustment and Retraining Notification Act of 1988 (the "WARN Act") to give the targeted employees 60 days' advance...more