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Chapter 11

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by Robins Kaplan LLP on

Chalk one up for big Carl (and Darwin).  Xerox announced this weekend that it’s bowing to Icahn’s pressures and ending its $6.1 billion combination with Fuji....more

Restructuring and Insolvency Bulletin: Issue 4 - May 2018: If You Don’t Succeed in Anguilla, Should You Try Again in the US?

by Dechert LLP on

Two United States Bankruptcy Judges for the Southern District of New York recently issued a joint opinion addressing common issues raised by motions to dismiss in two separate adversary proceedings – one pending before Judge...more

First Circuit: Trademark Licensee Doesn't Retain Rights After Rejection by Bankrupt Licensor - Court's Decision Causes Circuit...

by Holland & Knight LLP on

• Considered without reference to a corresponding definition, Section 365(n) of the Bankruptcy Code seems clear. If the trustee or debtor-in-possession, as licensor, rejects an executory intellectual property license, the...more

Fifth Circuit Issues Decision Concerning Overriding Royalty Interests and Louisiana Oil Well Lien Act Claims

by King & Spalding on

The ATP Oil & Gas Corporation bankruptcy case (Case No. 4:12-bk-36187, S.D. Texas) (“ATP”) involved the intersection of energy and bankruptcy law on a variety of issues. Most recently, the Fifth Circuit Court of Appeals...more

U.S. Circuit Court Protects Assets of Nonprofit Corporations From Creditors of an Affiliated Entity

by Sherman & Howard L.L.C. on

In a decision with major implications for nonprofit organizations, the U.S. Eighth Circuit Court of Appeals recently protected over 200 nonprofit corporations affiliated with the bankrupt Archdiocese of Saint Paul and...more

Supreme Court Bankruptcy Thoughts: Scope of Safe Harbor and Appellate Review

The Supreme Court recently addressed two bankruptcy issues. In its Merit Management opinion, the Court resolved a circuit split regarding the breadth of the safe harbor provision which protects certain transfers by financial...more

Equity v. Statute: In Bankruptcy, the Code Prevails (The Official Committee of Unsecured Creditors v. The Archdiocese of Saint...

Garrison Keillor once said, “Sometimes I look reality straight in the eye and deny it.”[1] Being that the case arose in Minnesota, perhaps Circuit Judge Michael Melloy channeled Keillor, one of that state’s great humorists,...more

Mainbrace: March 2018 (No. 1)

by Blank Rome LLP on

Ballast Water Management: The Conundrum Continues - It has been about 15 months since the U.S. Coast Guard (“USCG”) type-approved the first three ballast water management systems (“BWMSs”) in December 2016; three more...more

The EU's preventative restructuring framework: a cross-jurisdictional comparison

by DLA Piper on

The EU's proposed pre-insolvency restructuring procedure offers opportunities for creditors and investors. However, it is not without risk, as is demonstrated by a comparison of the proposed procedure with both British and...more

Courts Have the Flexibility to Select Valuation Date in Cram Down Scenario; Fifth Circuit Remands to Bankruptcy Court for...

The Fifth Circuit in Houston Sportsnet Finance, L.L.C. v. Houston Astros, L.L.C. (In re Houston Regional Sports Network, L.P.), 886 F.3d 523 (5th Cir. 2018), recently held that a bankruptcy court is not required to use either...more

Go west, young plan: Ninth Circuit becomes first US appeals court to hold that impaired consenting class requirement applies on...

by DLA Piper on

In Transwest Resort Properties, the Ninth Circuit recently became the first US circuit court of appeals to hold that, in seeking to confirm a chapter 11 plan of reorganization for multiple debtors, the plan proponent need...more

Bankruptcy Remoteness Going to a Court of Appeals (Progress Report No. 3)

Our February 22 post reported that the Franchise Services of North America, Inc. decision of Bankruptcy Judge Edward Ellington of the Southern District of Mississippi dismissing a Chapter 11 petition because a shareholder had...more

Bankruptcy Code’s Safe Harbor Defense Eliminated by Supreme Court; Variant Defense May Survive

In a unanimous decision in Merit Mgmt. Grp., LP v. FTI Consulting, Inc., the U.S. Supreme Court addressed the scope of a Bankruptcy Code exception to the “avoiding powers” of a bankruptcy trustee or Chapter 11...more

Franchisor Bankruptcy Case Dismissed as a Bad Faith Filing

by Foley & Lardner LLP on

The United States Bankruptcy Court for the District of Delaware recently issued an opinion discussing the tension between using bankruptcy as a legitimate tool to maximize value versus using bankruptcy merely as a litigation...more

Supreme Court Displays More Pragmatic Approach to the Bankruptcy Code in Merit Management v. FTI Consulting

by Kelley Drye & Warren LLP on

The Supreme Court’s recent decision in Merit Management Group, LP v. FTI Consulting, Inc. has appropriately drawn significant attention. The Court, by narrowing the “safe harbor” provision of Section 546(e) of the Bankruptcy...more

Supreme Court Clarifies Standard of Appellate Review of Creditor’s Insider Status

In U.S. Bank N.A. v. Village at Lakeridge, LLC, the U.S. Supreme Court issued an important decision on standards of appellate review, holding that appellate courts should review a bankruptcy court’s determination of whether a...more

The Supreme Court Clarifies The Scope Of Section 546(E)’S Safe Harbor For Securities Related Transactions In Merit Management...

by Cole Schotz on

The Bankruptcy Code gives a bankruptcy trustee, or the debtor in possession, the power to “avoid” certain transfers made by the debtor at various times before filing for bankruptcy relief. Congress provided a number of...more

Debate Intensifies as to Whether the Bankruptcy Code’s Avoidance Provisions Apply Extraterritorially

by Jones Day on

The ability of a trustee or chapter 11 debtor-in-possession to avoid fraudulent or preferential transfers is a fundamental part of U.S. bankruptcy law. However, when a transfer by a U.S. entity takes place outside the U.S. to...more

U.S. Supreme Court Narrows Scope of Section 546(e)’s Safe Harbor for Securities Transaction Payments

by Jones Day on

On February 27, 2018, the U.S. Supreme Court issued a highly anticipated ruling resolving a long-standing circuit split over the scope of the Bankruptcy Code’s "safe harbor" provision exempting certain securities transaction...more

Bankruptcy Remoteness Going to a Court of Appeals (Progress Report No. 2)

Our February 22 post reported that the Franchise Services of North America, Inc. decision of Bankruptcy Judge Edward Ellington of the Southern District of Mississippi dismissing a Chapter 11 petition because a shareholder had...more

Recent Bankruptcy Court Decisions Address Bankruptcy Code Section 365

by Cole Schotz on

Section 365 of the Bankruptcy Code provides that a debtor “subject to the court’s approval, may assume or reject any executory contract or unexpired lease of the debtor.” 11 U.S.C. § 365. This provision is a powerful tool...more

Financial Services 2017 Year-End Report

by BakerHostetler on

Welcome to the 2017 Year-End Report from our financial services industry team. We are pleased to share our analysis of some of the key developments in the financial services industry in 2017 and our expectations for...more

Supreme Court’s Merit Management Ruling Highlights Potential Alternative Path to Safe Harbor

by Latham & Watkins LLP on

Possible application of Section 101(22)(A) to safe harbor’s covered entity requirement raises important questions for future transferee defendants. Key Points: ..Merit Management raises the possibility that customers of...more

Has Partial Substantive Consolidation Taken Off with Republic Airways Holdings?

Substantive consolidation is the ultimate disregard of the corporate separateness of a group of related debtors--it is “the effective merger of two or more legally distinct (albeit affiliated) entities into a single debtor...more

Enforcing Releases in Bankruptcy

by King & Spalding on

Bankruptcy Court Determines Standard for Enforcing Non-Consensual Third-Party Releases in a Chapter 15 Case Differs From Applicable Standard in Chapter 11 Cases - On April 9, 2018, in In re Avanti Communcs. Group Plc,...more

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