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Baker Donelson

Chapter 11 is Not a Spectator Sport

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A recent decision from the U.S. Bankruptcy Court for the District of South Carolina, found here, delivers a clear and practical warning for lenders, special assets teams, and other creditors: if you want a Chapter 11 plan...more

McGinnis Lochridge

Your Operator Just Filed Chapter 11: A Non-Operator's Practical Guide

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A call from your land manager: the operator on a producing JOA filed Chapter 11 overnight. Wells are still flowing. A revenue check was supposed to land next week. The JOA gives you the right to remove a defaulting operator....more

Farrell Fritz, P.C.

From the Sagamore: Key Takeaways from the NYSBA 2026 Commercial and Federal Litigation Section Spring Meeting

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Earlier this month, commercial litigators and judges from across New York headed to the Sagamore Resort on Lake George for the NYSBA Commercial and Federal Litigation Section’s 2026 Spring Meeting. The Spring Meeting featured...more

Herbert Smith Freehills Kramer

US Supreme Court asked to review Bestwall’s Texas Two-Step

The so-called Texas Two‑Step is a restructuring strategy that uses Texas state divisional‑merger law to separate a company’s operating business from certain legacy liabilities, often those involving mass tort claims. The core...more

King & Spalding

Idaho Bankruptcy Court Holds that New York’s Usury Statute May Not Be Used Offensively

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On January 21, 2026, the U.S. Bankruptcy Court for the District of Idaho partially granted and partially denied a motion to dismiss in an adversary proceeding involving a “Revenue Purchase Agreement” between debtor HMH...more

Blank Rome LLP

Blazing New Ground: Cannabis Holding Company Obtains Chapter 15 Recognition

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The cannabis industry has been undergoing a significant wave of defaults and receivership proceedings in recent years. Faced with price compression and increased competition including from the illicit market, limited access...more

King & Spalding

Michigan Bankruptcy Court Rejects Usury Theory for Future Receipts Sale

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A federal bankruptcy court rejected a novel usury theory in an adversary proceeding arising out of the bankruptcy of a collegiate apparel company....more

Foley & Lardner LLP

The Clock Is Already Running on Your Right to Get Paid

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What Oilfield Services Companies Need to Know About Texas Mineral Liens Before a Customer Gets Into Trouble - Nine Energy Service filed for Chapter 11 bankruptcy protection on February 1, 2026. The Houston-based completion...more

Walkers

Leave it to the Liquidators: The Court’s supervisory role in BVI liquidations after Jin Yao v Forever Winner

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Everyone familiar with the English Court’s practice in winding up companies under the Insolvency Act 1986 will recognise the ‘usual compulsory order’: the order by which a company is placed into compulsory liquidation by the...more

Nelson Mullins Riley & Scarborough LLP

Purdue Stops at the Border? Chapter 15 and Foreign Plan Releases

When the Supreme Court decided Harrington v. Purdue Pharma L.P., many assumed the era of nonconsensual third-party releases was over. That assumption is largely right in domestic Chapter 11 cases. It is wrong in Chapter 15....more

Mayer Brown

The Qualified Subordination Declaration – Opportunities and Risks

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I. WHY THIS TOPIC IS IMPORTANT: Shareholder loans are a proven tool for corporate financing, particularly in small and medium-sized “Mittelstand” enterprises. If a company encounters financial difficulties, these...more

Blake, Cassels & Graydon LLP

Insolvabilité au Canada : Principaux développements et tendances émergentes

Plusieurs décisions judiciaires notables rendues en 2025 demeurent importantes pour les entreprises, les prêteurs commerciaux et les professionnels de l’insolvabilité. Dans ce bulletin, nous résumons certains des...more

King & Spalding

New York Bankruptcy Court Permits Claims to Proceed That Merchant Cash Advance Agreements Were Disguised Loans

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On February 20, 2026, the U.S. Bankruptcy Court for the Southern District of New York largely denied motions to dismiss filed in an adversary proceeding challenging the debtors’ obligations under purported merchant cash...more

IR Global

Is Chapter 11 Facing New Competition? The Rise of Offshore Restructuring and Chapter 15 Recognition

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As cross-border insolvencies continue to evolve, a notable shift is emerging in how complex restructurings are being executed. While Chapter 11 has long been the dominant forum for large corporate reorganizations, an...more

DLA Piper

Receivership Order precludes whiskey maker’s effort to obtain bankruptcy relief

DLA Piper on

On March 19, 2026, the United States Bankruptcy Court for the Eastern District of Tennessee (Bankruptcy Court) dismissed the Chapter 11 cases filed by whiskey company Uncle Nearest, Inc. (Uncle Nearest) and certain...more

Seward & Kissel LLP

That’s the Spirit, Effective Immediately, and Claim Baggage

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Following the airline’s bankruptcy filing, a judge has approved Spirit Airlines’ package of wind-down motions after the company’s unsuccessful attempts to secure federal financing. The motion comes after Spirit Airlines shut...more

Paul Hastings LLP

Beyond the Ringfence: Restructuring Plans, Tax Losses and the Limits of HMRC’s Challenge

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In a key test case on the relevance of tax losses (and more broadly, HMRC) under Part 26A of the Companies Act 2006, Mr Justice Michael Green in the High Court has sanctioned the second restructuring plan (RP2) of Waldorf...more

Roetzel & Andress

Spirit Airlines and the Limits of Chapter 11 Reorganization

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The recent shutdown of Spirit Airlines during its Chapter 11 reorganization process is a demonstration of both the benefits and pitfalls of Chapter 11 restructuring. Chapter 11 gives a respite from prior debt and the ability...more

Whiteford

Client Alert: Fundraising Platform Failures and Increasing Government Scrutiny Highlight Need for Diversification and Ongoing...

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Charitable fundraising is under increased regulatory oversight and heightened donor expectations as evidenced by four recent developments. Together with the possible end of one fundraising channel and start of an innovative...more

King & Spalding

Bankruptcy Court Denies Minority Lenders’ Request to Certify Immediate Appeal of Del Monte Foods Settlement Approval Order

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On April 2, 2026, the U.S. Bankruptcy Court for the District of New Jersey denied a minority lender group’s request to certify a direct appeal to the Third Circuit of its order approving a Del Monte Foods settlement. The...more

Carlton Fields

Fifth Circuit Remands Order Dismissing Claims Brought Under Reinsurance Intermediary Authorization Agreement

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The Fifth Circuit Court of Appeals has affirmed in part and reversed in part an order dismissing plaintiff Porch.com’s breach of contract claims brought under a reinsurance intermediary authorization agreement (RIAA)...more

Carey Olsen

Duties of company directors under Bermuda law

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The directors of a Bermuda company owe certain duties to their company when fulfilling their responsibility to oversee the management of the company. That includes both fiduciary duties which are rooted in honesty and loyalty...more

McDermott Will & Schulte

A life cycle approach to private equity financing: What sponsors and lenders need to know

Private equity sponsors and lenders are navigating an environment in which disciplined deal structuring and downside preparedness are increasingly interconnected....more

Ward and Smith, P.A.

We’re Engaged! Engaged in a Fraudulent Transfer.

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The plan made sense. Under North Carolina law, property held by a married couple as tenants by the entirety is protected from the individual debts of either spouse. As joint tenants before the marriage, Albrecht’s...more

King & Spalding

Bankruptcy Court Permits Fraudulent Transfer Claims to Proceed Where Debtor Mostly Received More Than It Paid Back Under...

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On February 4, 2026, the U.S. Bankruptcy Court for the Southern District of Texas permitted a bankruptcy trustee’s fraudulent transfer claims, arising from allegedly usurious loans, to proceed in an adversary proceeding...more

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