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Creditors Subordination

Blank Rome LLP

Subordination and Recharacterization

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This practice note discusses how a bankruptcy court may recharacterize documents that purport to create a loan transaction and determine that the transaction, despite labels, is something else—a transaction providing for a...more

Jones Day

Cram-Down Chapter 11 Plan Need Not Strictly Enforce Subordination Agreement

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In the latest chapter of more than a decade of contentious litigation surrounding the 2007 leveraged buyout ("LBO") and ensuing bankruptcy of media conglomerate Tribune Co. ("Tribune"), the U.S. Court of Appeals for the Third...more

Patterson Belknap Webb & Tyler LLP

Close Enough: Fifth Circuit Holds That Section 510(B) of the Bankruptcy Code Requires Subordination of Payments That “Look a Lot...

In 1930, Clarence Bennett’s wealthy uncle died. He left behind shares in Berry Holding Company ("BHC") that were subdivided into three groups. Bennett was the beneficiary of dividends paid out of one of these groups and, for...more

Mintz - Bankruptcy & Restructuring Viewpoints

The Fifth Circuit Adopts An Expansive Reading Of Section 510(B); Subordinates Claim With 'Equity Characteristics'

In French v. Linn Energy, L.L.C. (In re Linn Energy, L.L.C.), the United States Court of Appeals for the Fifth Circuit addressed the scope of Bankruptcy Code Section 510(b), settling on an expansive reading of the Section,...more

A&O Shearman

Delaware Bankruptcy Court Intercreditor Decision Raises Claim Subordination Issues

A&O Shearman on

Intercreditor agreements between secured creditors are intended to limit the potential for litigation and result in predictable commercial outcomes with respect to recoveries from collateral in enforcement actions and...more

Kramer Levin Naftalis & Frankel LLP

Delaware Bankruptcy Court Dismisses Committee’s Complaint Challenging Portion of Credit Bid

Recently, in Official Comm. of Unsecured Creditors v. Victory Park Capital Advisors, LLC (In re Katy Indus., Inc.), Case No. 17-50937 (Bankr. D. Del. July 6, 2018), the Bankruptcy Court for the District of Delaware dismissed...more

Blank Rome LLP

Anticipating and Managing Bankruptcy Risk

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Blank Rome Partner Ira Herman authored “Anticipating and Managing Bankruptcy Risk,” a series of articles prepared for the Financial Restructuring & Bankruptcy module of Lexis Practice Advisor, a comprehensive practical...more

Morris James LLP

USDC For Delaware Affirms Bankruptcy Court’s Denial Of Derivative Standing

Morris James LLP on

On March 13, 2015, the United States District Court for the District of Delaware, in the case of Walnut Creek Mining Company v. Cascade Investment, LLC, Civ. No. 14-738-LPS (In re Optim Energy, LLC, Bankr. Case No....more

Goodwin

Bankruptcy Court Shields Equity Sponsors Serving as Secured Lenders from Individual Creditor Seeking to Litigate Subordination and...

Goodwin on

In a recent case — In re Optim Energy, LLC — the Delaware Bankruptcy Court denied an individual creditor’s request to pursue the subordination or recharacterization of the claims of secured lenders who were also the debtors’...more

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