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Vinson & Elkins LLP

Avianca Holdings: Second Circuit’s “Billing Date” Approach to Fixed-Schedule Lease Payments in Bankruptcy Stands after U.S....

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On November 17, 2025, the U.S. Supreme Court declined to hear a challenge to the Second Circuit’s decision affirming that Avianca Holdings S.A. (“Avianca”) was required to pay in full certain fixed-schedule obligations...more

BCLP

No More Ghosts of Christmas Past: Protecting Consumers under the Digital Markets, Competition and Consumers Act 2024

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As we approach the festive season, families across the UK will have put their hard-earned money aside in savings schemes for items like Christmas hampers, food vouchers and gift cards for loved ones. For many, these savings...more

Seward & Kissel LLP

Insider Job and Dōmo Arigatō Mr. Roboto

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Judge delays sale of Genesis to insider, ‘concerned’ about creditors’ claims, bidder controversy | McKnights - The company had been seeking approval for a “stalking horse” bid submitted by an affiliate of Genesis’ private...more

Cooley LLP

Opting Out of the Opt Out: SDNY Rejects Opt-Out Releases in Chapter 11 Plan

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Before the US Supreme Court’s landmark decision in Purdue Pharma, it had become common practice for Chapter 11 debtors to include a consensual or nonconsensual non-debtor third-party release in their plans of reorganization. ...more

A&O Shearman

High Court interprets apparently broad close out rights narrowly

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The High Court has held that broadly framed “protection of interests” provisions did not permit a firm in special administration to close out its foreign exchange positions. Directions to close out sought - Argentex...more

DLA Piper

Hong Kong Court Grants Non-Party Costs Against Director Over Abusive Appeal

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In Target Insurance Company Limited v Nerico Brothers Limited & Lee Cheuk Fung Jerff (2025) HKCA 1024, the Hong Kong Court of Appeal has handed down its Reasons for Judgment clarifying when a director may be made personally...more

Walkers

Beyond the contract: The modern reach of equity in corporate relationships

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Like the English Insolvency Act 1986, and in common with multiple jurisdictions across the common law world, including Australia, New Zealand, Hong Kong, Singapore, Malaysia, India, Ireland, Bermuda and the Cayman Islands,...more

IR Global

Crypto Bankruptcy Claw-Backs: Strategic Imperatives for Creditors

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The collapse of major digital-asset platforms in recent years has propelled bankruptcy avoidance actions into the spotlight. Among these, claw-back claims under the Bankruptcy Code – especially § 547 (pre-petition...more

Ropes & Gray LLP

Distressed Debt Legal Insights - TPI Composites’ Uptier Litigation

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Welcome back to Distressed Debt Legal Insights, Ropes & Gray’s new source of timely insights for professionals navigating the complex world of liability management. In this issue, we spotlight the unfolding litigation between...more

Falcon Rappaport & Berkman LLP

A Preference “Playbook”: Judge Walrath’s CalPlant Decision Clarifies Key Defenses Under Bankruptcy Code 11 U.S.C. § 547

On October 27, 2025, Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware issued a detailed opinion in Miller v. Industrial Finishes & Systems, Inc. (In re CalPlant I, LLC), Adv. No. 23-50690. ...more

Foley & Lardner LLP

No Score on “Gol”: SDNY Rejects Non-Consensual Third-Party Releases and Finds That Opt-Outs Do Not Constitute Consent

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The recent December 1, 2025, opinion from Judge Denise Cote of the SDNY reversing confirmation of the Gol Linhas “Plan of Reorganization” and remanding it to the bankruptcy court with the offending third-party release...more

Walkers

Guernsey’s first court order under Section 380A: Distributions to unsecured creditors explained

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We recently achieved a significant milestone by obtaining permission from the Royal Court of Guernsey for Joint Administrators to make a distribution to unsecured creditors during an administration. This marks the first order...more

Jones Day

Business Restructuring Review Vol. 24 No. 6 | November–December 2025

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New York Bankruptcy Court Rejects Challenge to Barnet Rule Permitting Foreign Debtors to Obtain Chapter 15 Recognition With Only Minimal U.S. Assets - Court disagree over whether, to be eligible for relief under chapter 15...more

Cadwalader, Wickersham & Taft LLP

Silence is Not Always Golden: SDNY Rules That Opt-Out Mechanism is Insufficient to Render a Third-Party Release Valid

On December 1, 2025, Judge Denise Cote of the U.S. District Court for the Southern District of New York issued a decision striking an “opt-out” third-party release and corresponding injunction from a chapter 11 plan.  In re...more

Hogan Lovells

SDNY Reverses Confirmation Order and Strikes Opt-Out Third-Party Releases in Gol Linhas Aéreas Bankruptcy Case

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On December 1, 2025, Judge Denise Cote of the U.S. District Court for the Southern District of New York reversed confirmation of Brazilian airline Gol Linhas Aéreas Inteligentes S.A.’s chapter 11 plan, striking the plan’s...more

Jones Day

Third Circuit: Plan and Confirmation Order in Closed Chapter 11 Case Barred Environmental Claims Against Former Affiliate of...

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Section 350(b) of the Bankruptcy Code permits a bankruptcy court under certain circumstances to reopen a bankruptcy case even after the estate has been fully administered and the case is closed. In In re Congoleum Corp., 149...more

Jones Day

New York Bankruptcy Court Rejects Challenge to Barnet Rule Permitting Foreign Debtors to Obtain Chapter 15 Recognition With Only...

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As chapter 15 of the Bankruptcy Code reaches its 20th anniversary, the volume of chapter 15 cases has increased significantly, and chapter 15 jurisprudence has rapidly matured. Even so, certain important issues are still...more

Jones Day

Iowa District Court: Avoidance Claims Cannot Be Encumbered by Pre-Bankruptcy Liens

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Causes of action for avoidance and recovery of preferential, fraudulent, or unauthorized transfers often are a means of generating value for the benefit of the estate and creditors in a bankruptcy case. For this reason, many...more

Jones Day

Liability Management After ConvergeOne: Equal Treatment, Exclusive Opportunities, and the Next Phase of "Lender-on-Lender" Warfare

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For more than a decade, borrowers and their sponsors have used liability management exercises ("LMEs") to create runway, preserve liquidity, and rationalize capital structures outside of formal insolvency proceedings. In...more

Hogan Lovells

SIAC Introduces the New Restructuring and Insolvency Arbitration Protocol

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In August 2025, the Singapore International Arbitration Centre (SIAC) launched a Restructuring and Insolvency Arbitration Protocol, designed to provide a framework for arbitration of matters arising in the context of...more

Jones Day

Delaware Bankruptcy Court: No Legal Authority for Chapter 11 Plan Gatekeeping Provision

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Provisions in chapter 11 plans releasing non-debtors from liability for pre-bankruptcy conduct in exchange for funding for plan distributions, and provisions exculpating estate fiduciaries and other key parties for actions...more

Jones Day

First Impressions: Eleventh Circuit Rules that Annulment of Automatic Stay Does Not Violate U.S. Supreme Court's Prohibition of...

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After the U.S. Supreme Court in Roman Catholic Archdiocese of San Juan v. Acevedo Feliciano, 589 U.S. 57 (2020) ("RCA"), circumscribed the use of nunc pro tunc ("now for then") orders that make relief ordered by a court apply...more

Patterson Belknap Webb & Tyler LLP

Judge Blasts Defendant For Ignoring Discovery Obligations and More

You take note when an opinion by an experienced bankruptcy judge says a party’s “failure to perform basic discovery responses and participation in litigation . . . has been breathtaking. I have seen a lot, but I have not seen...more

Ropes & Gray LLP

Distressed Debt Legal Insights - December 2025

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Welcome back to Distressed Debt Legal Insights, Ropes & Gray’s new source of timely insights for professionals navigating the complex world of liability management. In this edition, we’re looking at how Anthology resolved an...more

A&O Shearman

BGH Decides On The Exclusion For Knowing Breaches of Duty in D&O Coverage Litigation

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A knowing breach of the payment prohibition under insolvency law cannot be inferred from a breach of the obligation to file for insolvency. On November 19, 2025, the German Federal Court of Justice (Bundesgerichtshof;...more

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