News & Analysis as of

Commercial Bankruptcy Debt Restructuring

Seward & Kissel LLP

Avenger Endgame and Bauer Outage

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Florida-Based Aviation Group Files for Chapter 11 Bankruptcy | WhatNow - Less than a year after selling a majority stake in its Warsaw-based pilot training center, Avenger Flight Group filed for bankruptcy along with 20...more

King & Spalding

BackBack and Better Than Ever: How Bankruptcy Can Offer Restaurants a Strategic Reset

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Restaurant operators have grappled with significant change in the past few years. The lingering impact of the COVID-19 pandemic, combined with a daunting collection of economic issues, including rapidly increasing labor...more

Ropes & Gray LLP

Distressed Debt Legal Insights: Special Edition: 2025 Takeaways and 2026 Outlook

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Welcome to a special edition of Distressed Debt Legal Insights, Ropes & Gray’s source of timely insights for professionals navigating the complex world of liability management and special situations finance....more

Holland & Knight LLP

2025 Aviation Bankruptcy Update

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In keeping with the past five years, 2025 has continued to be an active time for airline restructurings and liquidations. The two largest U.S. aviation Chapter 11 proceedings that commenced during 2024, Spirit Airlines and...more

A&O Shearman

Court rulings on “fair” treatment of creditors reshape UK restructuring landscape

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The UK courts are redefining the standards for creditor treatment under the country’s restructuring plans. Amid developing case law around “fairness” in court-sanctioned processes, market participants are exploring...more

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

A&O Shearman

New law on rehabilitation and bankruptcy: bringing Vietnam’s bankruptcy regime closer to international practice

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Vietnam has overhauled its decade-old bankruptcy legislation and enacted Law on Rehabilitation and Bankruptcy No. 142/2025/QH15 (RBL 2025), which will take effect on March 1, 2026 and replace the existing Law on Bankruptcy...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

Latham & Watkins LLP

Insolvency Disputes: Spain as a Bellwether for European Restructuring Litigation

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Over the past three years, Spain has operated as a real-time test market for the EU’s shift towards court-backed, pre-insolvency restructuring. Economic uncertainty, higher interest rates, and sectoral distress have...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

Seward & Kissel LLP

Trimming the Fat, Lap of Luxury and Brand Awareness

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Fat Brands, burdened with heavy debt, declares bankruptcy | Restaurant Business - The owner of Fatburger, Twin Peaks, Johnny Rockets, and Nestle Toll House Café—among other brands—has declared bankruptcy after accruing...more

Morgan Lewis

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

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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

DLA Piper

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

DLA Piper on

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

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

Ropes & Gray LLP

2025 London Capital Solutions and Business Restructuring Year in Review

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Private credit has become a defining force in European capital structures, accelerating out-of-court outcomes, introducing more bespoke documentation and shifting negotiation leverage in restructurings....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

Ropes & Gray LLP

Distressed Debt Legal Insights - STG Logistics' LMT Litigation

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Welcome to Distressed Debt Legal Insights, Ropes & Gray’s source of timely insights for professionals navigating the complex world of liability management and special situations finance. In this issue we discuss the first...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

Cadwalader, Wickersham & Taft LLP

Cooperation Agreements Under Fire: Two New Lawsuits Allege Creditor Coordination Violates Antitrust Laws & Breach Contractual...

Case Law on Joint Negotiation by Creditors and General Antitrust Principles Provide Guidance for the Development of Cooperation Agreements...more

Cadwalader, Wickersham & Taft LLP

Not All Things Are Sacred: District Court Finds Wecso Aircraft Uptier Transaction is Lawful

On December 8, 2025, Judge Randy Crane of the U.S. District Court for the Southern District of Texas reversed the bankruptcy court’s decision in Wesco Aircraft, and held that a pre-bankruptcy uptier transaction did not...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

ArentFox Schiff

Saks Bankruptcy Watch: Holiday Retail Surge, Luxury Vendor Risks, and a 2026 Survival Guide

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The 2025 holiday retail shopping season is nearly a wrap. Consumers will be on the hunt for year-end discounts, and gift card purchases likely will surge over the coming days....more

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