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Bankruptcy Updates

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The intersection of Federal Civil Enforcement: claims and health care restructurings

by DLA Piper on

It is well known that the healthcare industry as a whole has undergone significant changes, challenges and uncertainties in recent years. Many hospitals, senior living facilities, pharmaceutical companies, laboratories and...more

UCC Update – Don’t Space Out on UCC-1s

by Hodgson Russ LLP on

It is impossible to understate the importance of using the correct name (and we mean the exact, correct name!) of the debtor on a UCC Financing Statement, and the dire consequences of getting that name wrong. A recent case...more

Assigning liquidator rights to sue: what has been created?

by DLA Piper on

Following a suite of recent reforms to Australian insolvency laws, liquidators are now able to assign rights to sue, conferred on them personally by the Corporations Act. The new power to assign is broad. It appears that the...more

Consumer credit restructurings - industry on high alert

by DLA Piper on

There have been a number of smoke signals in the last few months around the increase of consumer debt in the UK and a focus on those firms providing consumer credit across the credit spectrum but particularly in the...more

Restructuring and Insolvency Bulletin Issue 2 - 2017: An update on COMI shifting to take advantage of the best insolvency tools to...

by Dechert LLP on

The EU has taken aim at fraudulent or abusive forum shopping in the Recast Insolvency Regulation, acknowledging the potential for misuse by debtors seeking to take advantage of more flexible insolvency processes available in...more

The Devil's Dictionary of Bankruptcy Terms: Insolvent

by Polsinelli on

The "Devil's Dictionary" is a quick-reference guide for commercial lenders and other restructuring professionals. In this series, we highlight many of the buzz words found in the Dictionary and used in today's bankruptcy...more

Real Property, Financial Services, & Title Insurance Update: Weeks Ending October 6 & 13, 2017

by Carlton Fields on

REAL PROPERTY UPDATE FINANCIAL SERVICES UPDATE - Ad Valorem Taxes: land lease holders are considered equitable owners of land for tax purposes if land lease renews automatically and is perpetual; owners of condominium...more

No Notice: How Unnotified Creditors Can Violate a Discharge Injunction

by Bryan Cave on

Here is the scenario: You are a creditor. You hold clear evidence of a debt that is not disputed by the borrower, an individual. That evidence of debt could be in the form of a note, credit agreement or simply an invoice. ...more

Restructuring and Insolvency Bulletin Issue 2 - 2017: Offshore and off limits: SDNY Bankruptcy Court finds foreign transfer...

by Dechert LLP on

Can foreign transfers of a U.S. debtor be avoided under the Bankruptcy Code’s avoidance provisions? While the Bankruptcy Court for the Southern District of New York recently found that the answer is no, that court, as well as...more

American Apparel Preference Actions Filed in Delaware Bankruptcy Court

by Fox Rothschild LLP on

Earlier this month, APP Winddown, LLC (formerly known as American Apparel, LLC) and its chapter 11 affiliates (the “Debtors”) filed approximately 201 complaints seeking the avoidance and recovery of allegedly preferential...more

Three Point Shot - September 2017

by Proskauer Rose LLP on

On August 25th, 2017, in a convincing knockout, a federal judge in Los Angeles dismissed dozens of lawsuits against Manny Pacquiao and Floyd Mayweather alleging Pacquiao's concealed shoulder injury impacted the quality of...more

Can An Entity Qualify as a Chapter 15 Debtor Without Ever Filing for Bankruptcy?

by Dechert LLP on

Chapter 15 of the Bankruptcy Code provides a framework through which representatives of foreign insolvency proceedings can commence ancillary U.S. proceedings and obtain relief from U.S. courts in aid of foreign...more

Court permits strategic transfer of Center of Main Interests (COMI) in Chapter 15 Case

by Hogan Lovells on

The bankruptcy court in In re Ocean Rig UDW Inc., 17-10736 (Bankr. S.D.N.Y. Aug. 24, 2017) determined that a decision by an offshore drilling company from the Republic of the Marshall Islands (RMI) to shift its Center of...more

Toys “R” Us Files for Chapter 11

by Hogan Lovells on

On September 18, 2017, the iconic US-based retailer Toys “R” Us filed for Chapter 11 in the US Bankruptcy Court for the Eastern District of Virginia in front of Judge Keith L. Phillips. The company filed twenty-five entities,...more

Expanding the Unconditional Right to Intervene: A Win for UCC’s

by Robins Kaplan LLP on

Expanding a split among circuit courts, the First Circuit recently set precedent promoting the unconditional right of creditors’ committees to participate in all aspects of bankruptcy cases. Reversing a lower court, in In...more

Restructuring and Insolvency Bulletin Issue 2 - 2017: Focus on schemes of arrangement: recent key judicial decisions

by Dechert LLP on

Schemes of arrangement remain a popular tool for companies to reach a compromise with their creditors and effect complex multi-jurisdictional restructurings. In this article, we highlight a number of recent judicial decisions...more

Restructuring and Insolvency Bulletin Issue 2 - 2017: U.S. Court recognizes a Russian bankruptcy case

by Dechert LLP on

The Bankruptcy Court of the Southern District of New York recently addressed objections to the recognition of a Russian bankruptcy case as a foreign main case under Chapter 15 of the U.S. Bankruptcy Code and to the...more

Bankruptcy Court Grants MF Global Holdings’ Motion To Reconsider Decision To Compel Arbitration In Bermuda, But Reaches Same...

by Carlton Fields on

On September 6, 2017, the Bankruptcy Court for the Southern District of New York issued the latest order in the ongoing coverage battle between MF Global Holdings (“MF Global”) and Allied World Assurance Company regarding the...more

Bankruptcy Court Rules "Make-Whole" Provision Creates Enforceable Liquidated Damages

by Jones Day on

The Situation: After a ruling in In re Ultra Petroleum Corp. by the U.S. Bankruptcy Court for the Southern District of Texas, certain private-placement noteholders are entitled to a "make-whole" premium in excess of $200...more

Whoomp! There It Is: A Copyright Judgment Creditor’s Final Recovery

by Dorsey & Whitney LLP on

24 years after Tag Team’s hit song “Whoomp! (There It Is)” topped the charts, a long and ugly dispute regarding ownership rights to the song and related copyright infringement damages has been settled in bankruptcy court. The...more

House Financial Services Committee Schedules Oct. 11 Mark-Up of "Madden fix" Bill

by Ballard Spahr LLP on

Among the more than 20 bills that the House Financial Services Committee was scheduled to mark up Wednesday, October 11, was a bill to provide a "Madden fix" as well as several others relevant to consumer financial services...more

Not so Stern: Delaware Bankruptcy Court Finds Authority To Approve Non-Consensual Third Party Releases; Stern Not Applicable

by Allen & Overy LLP on

On remand from an appeal to the United States District Court for the District of Delaware, Bankruptcy Judge Laurie Selber Silverstein penned a resounding and thoroughly reasoned sixty-nine page opinion holding that the...more

Failure To Comply With Plan Technicality Causes US Securities Law Violation

by Dechert LLP on

Section 5 of the Securities Act of 1933 prohibits the sale of a security unless a registration statement is in effect. This prohibition on the sale of unregistered securities does not apply to exempt transactions. One such...more

When Contracts And Bankruptcy Collide, A Short Term May Be Better In The Long Term

As we learned during the downturn in 2008, the economic climate can change rapidly. When things are going well, many businesses forget the lessons of the past. No matter what industry your business is in, there may be...more

Cross border restructurings - INSOL International Channel Islands Seminar

by DLA Piper on

The INSOL International Channel Islands Seminar took place on 13 September 2017 in Guernsey, where tensions rose high as jurisdictions battled it out for the crown of the "go-to" jurisdiction for cross border restructurings....more

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