News & Analysis as of

Bankruptcy Plans

(Make) Wholly Moly: U.S. Court of Appeals for the Second Circuit Upholds Ruling Denying Noteholders’ Entitlement to a Make-Whole...

by Shearman & Sterling LLP on

On October 20, 2017, the United States Court of Appeals for the Second Circuit issued a decision which, among other things, affirmed the lower courts’ holding that certain noteholders were not entitled to payment of a...more

2nd Circuit: Secured Lenders Entitled to Market-Rate Interest in Cram-Down Plan

by McGuireWoods LLP on

In October 2017, the 2nd U.S. Circuit Court of Appeals, in In re MPM Silicones (Momentive) LLC, held that a non-consenting class of creditors is entitled to receive post-confirmation interest at a market rate if an efficient...more

Second Circuit Momentive Decision Adopts Two-Step Test for Cramdown Rate; Creates Make-Whole Circuit Split

On October 20, 2017, the U.S. Court of Appeals for the Second Circuit issued a long-awaited decision in In re MPM Silicones, LLC (“Momentive”) holding that, with one important exception, that the plan of reorganization...more

We, the Releasees: Delaware Bankruptcy Court Holds That It Had Constitutional Authority to Approve Nonconsensual Third-Party...

by Shearman & Sterling LLP on

On October 3, 2017, Bankruptcy Judge Laurie Selber Silverstein of the United States Bankruptcy Court for the District of Delaware issued a decision holding that the Bankruptcy Court had constitutional authority to approve...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

Houston Bankruptcy Court Splits With Third Circuit on “Statutory Impairment”

by Latham & Watkins LLP on

Ultra court clarifies the requirements for classifying a creditor as “unimpaired” under a plan of reorganization. Key Points: - Texas bankruptcy court splits from Third Circuit in finding that a creditor must receive...more

A Pending Supreme Court Ruling Can’t Create a Claim that Doesn’t Currently Exist

After hearing oral argument at confirmation on August 30, 2017, the bankruptcy court for the Western District of Pennsylvania issued a written opinion in In re rue21, inc., et. al., Case No. 17-22045-GLT (Bankr. W.D. Pa....more

“First Day” hearings for Gymboree Chapter 11 filing

by Sands Anderson PC on

Sands Anderson’s bankruptcy lawyers attended today’s “First Day” hearings in the chapter 11 bankruptcy case of The Gymboree Corporation and its affiliates. Gymboree operates approximately 1,300 children’s apparel and retail...more

Ninth Circuit Holds That Valuation of Secured Creditor’s Collateral in Chapter 11 Need Not Be Based on Property’s Highest and Best...

On May 26, 2017, an en banc panel of the Ninth Circuit Court of Appeals issued an opinion with important ramifications for secured lenders. The Ninth Circuit held that for purposes of determining the amount of a secured...more

Puerto Rico Files for Bankruptcy: New York Judge to Hear Case

On May 3, 2017, the Financial Oversight and Management Board for Puerto Rico filed a voluntary petition for relief on behalf of Puerto Rico in federal court there. The filing required the Chief Justice of the United States...more

Anticipated Amendments to Bankruptcy Rules Require Changes to Claims Filing Procedures

by PretiFlaherty on

The US Supreme Court recently authorized a number of significant changes to the procedural rules applicable to bankruptcy proceedings. Absent Congressional intervention, which appears unlikely, the new rules will take effect...more

The Jevic Fallout: Settlement DENIED

In one of the first of many cases to determine the scope of the Supreme Court’s recent decision in Jevic, the Bankruptcy Court for the Eastern District of Tennessee denied a proposed settlement by the Debtor that the court...more

Don’t Fear the Reaper: Hiring Bankruptcy Counsel Won’t Be Held Against You

by Robins Kaplan LLP on

Both bankruptcy practitioners and potential clients thereof can take comfort in a recent decision issued by the United States Court of Appeals for the Fifth Circuit. Last week, the Fifth Circuit concluded that hiring...more

Massachusetts Bankruptcy Court Confirms that Chapter 13 Debtors May “Strip Off” Second Mortgages

by PretiFlaherty on

Recently in In re Guerra, the Bankruptcy Court for the District of Massachusetts joined the majority of courts in finding that United States Supreme Court’s decision in Bankof Am. v. Caulkett does not affect a chapter 13...more

Recent SDNY decision protects and clarifies investment banker compensation in bankrupcy

by DLA Piper on

Recently in the Relativity Media Chapter 11 case in the Southern District of New York, Bankruptcy Judge Michael E. Wiles definitively shot down challenges brought by the fee examiner Robert Keach and Relativity Secured Lender...more

Roust’s Rapid Road to Confirmation: Confirmation of a Prepackaged Plan in the Southern District of New York in Less Than a...

by Shearman & Sterling LLP on

In less than a week after its bankruptcy filing, a debtor was able to obtain confirmation of its prepackaged plan of reorganization in the Bankruptcy Court for the Southern District of New York. In allowing the case to be...more

Secured Lenders Beware: Delaware Bankruptcy Court Holds Fee Cap

by Miller Canfield on

The influential Delaware bankruptcy court issued a recent decision that all secured lenders need to be aware of. In this decision, the bankruptcy court held that the fees of the official creditors’ committee were not limited...more

You Get a Car! You Get a Car! Bankruptcy Court Gives Debtor a Car. Unsecured Creditors Get Nothing.

by Bryan Cave on

So, a ruling came out in June that we in The Bankruptcy Cave have been dying to blog about (and not just so we can use the blog title above). Forgive the delay – heavy workloads and summer vacations often preclude timely...more

Chapter 13 Plans are Just About Written in Stone

by Ward and Smith, P.A. on

Recently, a bankruptcy judge in the United States Bankruptcy Court for the Eastern District of North Carolina issued a ruling that should help lenders dealing with borrowers in Chapter 13. In a case entitled In re Royal, the...more

Mortgage Lenders Entitled to the Benefit of Their Bargain: Fourth Circuit Applies Default Interest Rate to Mortgage Payments Made...

Good news for residential mortgage lenders: the Fourth Circuit recently held that post-petition mortgage payments under a Chapter 13 “maintenance and cure” bankruptcy plan should be calculated using the default interest rate...more

Penn Virginia files bankruptcy in Eastern District Virginia, Richmond Division

by Sands Anderson PC on

Citing a profound transformation of the oil and gas industry, Penn Virginia Corporation and its affiliates filed for chapter 11 bankruptcy relief early this morning in the United States Bankruptcy Court for the Eastern...more

Fourth Circuit Case on Modification of Residential Mortgage

by Nexsen Pruet, PLLC on

The Fourth Circuit has held that in a case where the rate of interest on a residential mortgage loan had been increased upon default, a Chapter 13 Plan proposing to “cure” default under 11 U.S.C. §1322(b) is an impermissible...more

Chapter 13 Debtor Unable to Modify Confirmed Plan to Surrender Collateral

by Nexsen Pruet, PLLC on

The U.S. Bankruptcy Court for the Eastern District of North Carolina in In Re Reuben Samuel Royal, Case No, 14-07134-DMW (May 2, 2016) recently concluded that the Chapter 13 debtors cannot surrender a vehicle back to the...more

U.S. Bankruptcy Court in Delaware Makes Substantive Changes to Local Rules

by Polsinelli on

As is customary, on Feb. 1, 2016, the United States Bankruptcy Court for the District of Delaware amended the Local Rules of Bankruptcy Practice and Procedure. This year's amendments, however, are more substantive than in...more

The Role of the Creditors' Committee

Welcome to the world of bankruptcy. This is a place that no creditor wants to be, yet here you are, having agreed to serve on the Creditors’ Committee (Committee). Of course, creditors want to be paid as much of their claim...more

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