News & Analysis as of

Commercial Bankruptcy Debtors

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

Ervin Cohen & Jessup LLP

What Is the Proper Venue for Filing Financing Statements and Judgment Liens When the Entity Involved Was Formed Out of State?

Q: I am a receiver for a Delaware LLC who’s business is operated in California and Nevada. A creditor of the LLC has contacted me demanding   that I turnover the proceeds of receivables I have collected, contending it has a...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

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

Husch Blackwell LLP

Twin Hospitality Group Chapter 11 Filing — What Landlords Should Know

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Twin Hospitality Group Inc., the parent behind Twin Peaks, Smokey Bones, Fatburger, Johnny Rockets, Fazoli’s, Round Table Pizza, and more than 150 affiliated entities, filed for Chapter 11 on January 26, 2026, in the Southern...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

Mayer Brown

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

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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

Mintz - Bankruptcy & Restructuring Viewpoints

2025 Bankruptcy Roundup: Rising Filings and Evolving Dynamics

Bankruptcy activity across the United States increased noticeably in 2025, marking one of the sharpest rises in more than a decade and reflecting mounting financial pressure on businesses and individuals alike. While the...more

Buchalter

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

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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

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

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

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

Bennett Jones LLP

Alberta Court of Appeal Clarifies PPSA Priorities in Insolvency Sales

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When a professional corporation operates with equipment owned personally by its director, how do secured creditors assert priority over proceeds from a receivership sale? A recent Alberta Court of Appeal decision in Royal...more

Offit Kurman

2025 WRAPPED

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2025 is nearly in the books, but before we turn the page, we’re taking a step back to reflect on some overlooked lessons from the bankruptcy courts. We’ve combed through the year’s rulings and selected three cases that merit...more

Seward & Kissel LLP

The What’s News Top Ten of 2025

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In 2025, we offered our takes on the most newsworthy stories in bankruptcy law. Here are the ten posts that got the most attention from our readers. ...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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