News & Analysis as of

Commercial Bankruptcy Bankruptcy Code

A&O Shearman

U.S. restructuring 2025 review and 2026 outlook

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U.S. bankruptcies and restructurings are expected to remain broadly steady in 2026, providing ample opportunity for restructuring and special situations investment. In the meantime, the U.S. market is assessing the...more

Adams & Reese

What’s In a Name? A $500,000.00 Secured Claim, According to the United States Bankruptcy Court for the Eastern District of Texas

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A recent decision by the United States Bankruptcy Court for the Eastern District of Texas (the “Court”), In re East Texas Machining & Manufacturing, LLC, Adversary No. 24-06043, Case No. 23-60629, (Bankr. E.D. Tex. Jan. 29,...more

K&L Gates LLP

Has the Texas Two-Step Become the Thames Two-Step?

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In the first of its kind, a US company with no prior connection to the United Kingdom, has financially restructured via a Part 26A Companies Act (UK) Restructuring Plan (the RP), in respect of which it also achieved Chapter...more

Robinson & Cole LLP

2025 Chambers Insolvency Global Practice Guide Chapters: Law and Practice – USA

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An overview of the U.S. insolvency framework, addressing core principles, creditor rights, restructurings, and cross-border issues....more

Robinson & Cole LLP

2025 Chambers Insolvency Global Practice Guide Chapters: USA – Delaware Trends and Developments

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An analysis of recent Delaware bankruptcy developments, including third-party releases and emerging trends following the Supreme Court’s Purdue decision....more

Davidoff Hutcher & Citron LLP

How Chapter 11 Can Resolve Your Personal Guarantees and EIDL Loans

If you’re a restaurant owner in New York carrying COVID-era EIDL debt and personal guarantees that feel impossible to pay, I have good news: there are real, practical pathways to resolve these obligations—often for far less...more

Davidoff Hutcher & Citron LLP

Workout, Wind-Down, or Chapter 11: Choosing the Right Restructuring Path for New York Restaurants

When your restaurant is struggling, it’s natural to ask: “Do I really need to file bankruptcy?” The honest answer is – not always, but it’s often times either the best (and only) option....more

Arnall Golden Gregory LLP

Restructuring Roundup - January 2026

AGG’s Restructuring Roundup newsletter is a monthly update of legal issues and news affecting or related to commercial litigation and bankruptcy. The newsletter is a curation of published articles and news, and contains...more

Morgan Lewis

Anthology and ‘In-Court’ Liability Management Transactions: What to Know

Morgan Lewis on

Tactics used in liability management type transactions (LMTs) have made their way to bankruptcy cases, including non pro rata debtor-in-possession (DIP) rollups, leading to objections from non-participating lenders. Most...more

Offit Kurman

“Void” Doesn’t Mean “Whenever You Get Around to It”

Offit Kurman on

The Supreme Court has opened the new year with a decision that should convince every company that ignoring a payment demand is a mistake. In Coney Island Auto Parts Unlimited, Inc. v. Burton, the Court resolved a...more

Blank Rome LLP

Practical Guidance for Luxury Brands Navigating Retailer Insolvency

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The ongoing financial distress of luxury brand retailers has raised urgent questions for sellers of luxury brands. For independent brands and institutional luxury houses alike, each distressed situation creates unique...more

DLA Piper

Beyond chapter 11: How US companies are using UK restructuring plans

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As a result of a well-developed recognition regime in the United States and the adoption of accessible restructuring laws in jurisdictions around the globe, new options for restructuring global businesses have emerged. In...more

Fox Rothschild LLP

New Jersey Bankruptcy Judge Michael Kaplan on Bankruptcy Practice – Pragmatism, Feasibility, and the Realities of Chapter 11

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In Episode 22 of The Octus Download (available on Apple Podcasts, Spotify, Amazon Music), hosts Jason Sanjana and Kevin Eckhardt interviewed the Honorable Michael B. Kaplan, U.S. Bankruptcy Judge for the District of New...more

Dickinson Wright

Colorado Bankruptcy Court Pushes Back on Chapter 11 Filings by Solvent Debtors

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While Chapter 11 does not require debtor insolvency, it does require good faith (applicable to the petition and the plan), which for solvent debtors seeking to reject and modify lease-counterparty rights, includes...more

Haynes Boone

Even ‘Void’ Transfers May Sail into the Bankruptcy Code Safe Harbors

Haynes Boone on

On the heels of our last client alert on bankruptcy safe-harbor case law developments, yet another court has reemphasized the breadth of the Bankruptcy Code’s safe harbors for transactions conducted under qualified financial...more

Mayer Brown

The State of Play on Uptiers: District Court Reversal in Wesco Blesses Multi-Step Transactions

Mayer Brown on

On December 8, 2025, in an opinion that will have lasting impacts on the leveraged finance and restructuring markets, the United States District Court for the Southern District of Texas (Crane, J.) (the “District Court”)...more

Lowenstein Sandler LLP

Azul Provides Some Color on Opt-Out Releases and Indenture Trustee Fees in the Southern District of New York

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Since the 2024 ruling in Harrington v. Purdue Pharma (Purdue), where the Supreme Court held that the Bankruptcy Code does not authorize nonconsensual third-party releases, courts around the country have grappled with whether...more

Buchalter

Saks Global Seeks Chapter 11 Protection a Year After Neiman Marcus Deal

Buchalter on

On Tuesday, January 13, 2026, Saks Global Enterprises LLC and Luxury Outlets USA, LLC, along with approximately 113 corporate affiliates, filed chapter 11 bankruptcy petitions in the United States Bankruptcy Court for the...more

Stark & Stark

Bankruptcy Watch List - Ten (10) Retailers to Watch for a Possible Bankruptcy in 2026Retailers to Watch for a Possible Bankruptcy...

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With a quarter of this century behind us, we enter 2026 with hope and optimism for the new year. However, there are a variety of issues many retailers are grappling with, including a high debt load, how to use AI, shrink,...more

ArentFox Schiff

Determining ‘Termination’: Calculating Lease Rejection Damages in Bankruptcy

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Bankruptcy law provides special treatment for landlord claims arising from termination of a lease, using a calculation set forth in Section 502(b)(6) of the Bankruptcy Code. The starting point for the calculation is to...more

Benesch

The Cloud Over Third-Party Releases in the Southern District of New York

Benesch on

Third-party releases are a common and important component of plans of reorganizations. Key bankruptcy case constituencies have historically relied upon third-party releases as a way to mitigate the risk of post-bankruptcy...more

Patterson Belknap Webb & Tyler LLP

Judge Blasts Defendant For Ignoring Discovery Obligations and More (UPDATED)

A recent decision by Bankruptcy Judge Brendan Shannon was peppered with some harsh words for a defendant in an adversary proceeding. Judge Shannon said the party’s “failure to perform basic discovery responses and...more

Morrison & Foerster LLP

2025 Year in Review: Key Trends in Cross-border Restructuring and What’s Next in 2026

When Texas-based McDermott International obtained chapter 15 recognition (in the Southern District of Texas, no less) of UK and Dutch plans to restructure both its funded debt as well as trade and litigation claims—in what...more

Smith Debnam Narron Drake Saintsing & Myers,...

Navigating the High-Stakes Terrain of Commercial Bankruptcy Litigation: Common Pitfalls and How to Avoid Them

There are two (2) main procedural avenues for the resolution of disputes in a bankruptcy case: contested matters and adversary proceedings. Contested matters are typically resolved through motions practice in the main...more

Troutman Pepper Locke

Selling a Distressed Asset — PE Pathways Podcast

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This is the second episode in our series on private equity and distressed assets with attorneys from our Bankruptcy + Restructuring and Private Equity practice groups. In this episode, Private Equity Partner Thao Le is...more

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