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Solvent-Debtor Exception Carries the Day in Fifth Circuit Ultra Petroleum Ruling on Make-Wholes and Post-Petition Interest

On October 14, 2022, the Fifth Circuit issued its decision in Ultra Petroleum, granting favorable outcomes to “unimpaired” creditors that challenged the company’s plan of reorganization and argued for payment (i) of a ~$200...more

Rough Justice: Third Circuit Holds in Tribune That a Cramdown Plan May Discriminate—But Not Unfairly—By Reallocating a Portion of...

On August 26, 2020, the Court of Appeals for the Third Circuit held that the Bankruptcy Code does not require subordination agreements to be strictly enforced in order for a court to confirm a cramdown plan, so long as the...more

The Final Stay: Supreme Court Holds that Any Bankruptcy Court Order Denying Relief from the Automatic Stay Constitutes a Final,...

On January 14, 2020, the Supreme Court of the United States issued a decision resolving the question of whether a motion for relief from the automatic stay constitutes a discrete dispute within the bankruptcy that creates a...more

Delaware Bankruptcy Court Intercreditor Decision Raises Claim Subordination Issues

Intercreditor agreements between secured creditors are intended to limit the potential for litigation and result in predictable commercial outcomes with respect to recoveries from collateral in enforcement actions and...more

(In)Eligible Filer: Bankruptcy Court Dismisses Involuntary Bankruptcy Filing Against Taberna for Failure of Non-Recourse Creditors...

On November 8, 2018, the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) issued a decision dismissing an involuntary chapter 11 case filed against Taberna Preferred Funding IV,...more

Keep Comity and Carry On: US Bankruptcy Court Grants Recognition and Enforcement of a Foreign Debtors’ Settlement Agreement...

Parties involved in cross-border bankruptcy /restructuring situations may be wary of the risk that repeated litigation in different courts with jurisdiction over the same debtor will result in conflicting judgments. The...more

Ya Gotta Have [Good] Faith: Court of Appeals for the Ninth Circuit Holds That in the Context of Plan Voting, a Bad Faith Showing...

When it comes to voting on a plan, Section 1126(e) of the Bankruptcy Code provides that a bankruptcy court may designate (or disallow) the votes of any entity whose vote to accept or reject was not made in “good faith” (a...more

United States District Court for the Southern District of New York Largely Dismisses Lehman’s $8.6 Billion “Slush Fund” Claims...

On September 30, 2015, the United States District Court for the Southern District of New York (the “District Court”) denied the motion of Lehman Brothers Holdings Inc. (“LBHI,” and collectively with all of LBHI’s...more

The Second Circuit Holds That Claims Against Lehman Brothers Related to Bilateral Repurchase Transactions Do Not Qualify for...

On June 29, 2015, the United States Court of Appeals for the Second Circuit affirmed the decision of the United States Bankruptcy Court for the Southern District of New York, which held that claims asserted by counterparties...more

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