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Debtors

Seward & Kissel LLP

Insider Job and Dōmo Arigatō Mr. Roboto

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Judge delays sale of Genesis to insider, ‘concerned’ about creditors’ claims, bidder controversy | McKnights - The company had been seeking approval for a “stalking horse” bid submitted by an affiliate of Genesis’ private...more

Sands Anderson PC

Aircraft Lien Primer for Virginia’s Aviation Businesses

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Unpaid bills for work or services provided to aircraft owners and operators can create strong headwinds and turbulence for aviation businesses, threatening to throw even the most experienced operators off course....more

Cooley LLP

Opting Out of the Opt Out: SDNY Rejects Opt-Out Releases in Chapter 11 Plan

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Before the US Supreme Court’s landmark decision in Purdue Pharma, it had become common practice for Chapter 11 debtors to include a consensual or nonconsensual non-debtor third-party release in their plans of reorganization. ...more

Ropes & Gray LLP

Distressed Debt Legal Insights - TPI Composites’ Uptier Litigation

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Welcome back to Distressed Debt Legal Insights, Ropes & Gray’s new source of timely insights for professionals navigating the complex world of liability management. In this issue, we spotlight the unfolding litigation between...more

Falcon Rappaport & Berkman LLP

A Preference “Playbook”: Judge Walrath’s CalPlant Decision Clarifies Key Defenses Under Bankruptcy Code 11 U.S.C. § 547

On October 27, 2025, Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware issued a detailed opinion in Miller v. Industrial Finishes & Systems, Inc. (In re CalPlant I, LLC), Adv. No. 23-50690. ...more

Foley & Lardner LLP

No Score on “Gol”: SDNY Rejects Non-Consensual Third-Party Releases and Finds That Opt-Outs Do Not Constitute Consent

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The recent December 1, 2025, opinion from Judge Denise Cote of the SDNY reversing confirmation of the Gol Linhas “Plan of Reorganization” and remanding it to the bankruptcy court with the offending third-party release...more

Jones Day

Business Restructuring Review Vol. 24 No. 6 | November–December 2025

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New York Bankruptcy Court Rejects Challenge to Barnet Rule Permitting Foreign Debtors to Obtain Chapter 15 Recognition With Only Minimal U.S. Assets - Court disagree over whether, to be eligible for relief under chapter 15...more

Hogan Lovells

SDNY Reverses Confirmation Order and Strikes Opt-Out Third-Party Releases in Gol Linhas Aéreas Bankruptcy Case

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On December 1, 2025, Judge Denise Cote of the U.S. District Court for the Southern District of New York reversed confirmation of Brazilian airline Gol Linhas Aéreas Inteligentes S.A.’s chapter 11 plan, striking the plan’s...more

Jones Day

Third Circuit: Plan and Confirmation Order in Closed Chapter 11 Case Barred Environmental Claims Against Former Affiliate of...

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Section 350(b) of the Bankruptcy Code permits a bankruptcy court under certain circumstances to reopen a bankruptcy case even after the estate has been fully administered and the case is closed. In In re Congoleum Corp., 149...more

Jones Day

New York Bankruptcy Court Rejects Challenge to Barnet Rule Permitting Foreign Debtors to Obtain Chapter 15 Recognition With Only...

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As chapter 15 of the Bankruptcy Code reaches its 20th anniversary, the volume of chapter 15 cases has increased significantly, and chapter 15 jurisprudence has rapidly matured. Even so, certain important issues are still...more

Jones Day

Iowa District Court: Avoidance Claims Cannot Be Encumbered by Pre-Bankruptcy Liens

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Causes of action for avoidance and recovery of preferential, fraudulent, or unauthorized transfers often are a means of generating value for the benefit of the estate and creditors in a bankruptcy case. For this reason, many...more

Jones Day

Liability Management After ConvergeOne: Equal Treatment, Exclusive Opportunities, and the Next Phase of "Lender-on-Lender" Warfare

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For more than a decade, borrowers and their sponsors have used liability management exercises ("LMEs") to create runway, preserve liquidity, and rationalize capital structures outside of formal insolvency proceedings. In...more

Jones Day

First Impressions: Eleventh Circuit Rules that Annulment of Automatic Stay Does Not Violate U.S. Supreme Court's Prohibition of...

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After the U.S. Supreme Court in Roman Catholic Archdiocese of San Juan v. Acevedo Feliciano, 589 U.S. 57 (2020) ("RCA"), circumscribed the use of nunc pro tunc ("now for then") orders that make relief ordered by a court apply...more

Patterson Belknap Webb & Tyler LLP

Judge Blasts Defendant For Ignoring Discovery Obligations and More

You take note when an opinion by an experienced bankruptcy judge says a party’s “failure to perform basic discovery responses and participation in litigation . . . has been breathtaking. I have seen a lot, but I have not seen...more

Ropes & Gray LLP

Distressed Debt Legal Insights - December 2025

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Welcome back to Distressed Debt Legal Insights, Ropes & Gray’s new source of timely insights for professionals navigating the complex world of liability management. In this edition, we’re looking at how Anthology resolved an...more

Wiley Rein LLP

Bankruptcy Court Limits Estate’s Reach: Trustee Cannot Claim D&O Insurance Proceeds for the Estate

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The United States Bankruptcy Court for the Southern District of Texas, applying federal bankruptcy law, has held that proceeds of a management and entity liability policy were not property of the entity debtor’s bankruptcy...more

A&O Shearman

Deemed Fulfilment of a Condition Precedent? An Unbelievable Fiction!

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Where a would-be debtor has breached a condition precedent to a debt, that condition precedent cannot be “deemed fulfilled” under English law, according to the UK Supreme Court. The appropriate remedy is a damages claim....more

Davidoff Hutcher & Citron LLP

Subchapter V for Restaurants: A Streamlined Chapter 11 Option for New York Owners

Traditional Chapter 11 can feel out of reach for many independent and small‑group New York restaurants: it’s complex, time‑consuming, and expensive. Subchapter V, a relatively new part of Chapter 11, was designed to give...more

Davidoff Hutcher & Citron LLP

90 Days Before Filing: A Pre-Bankruptcy Planning Checklist for New York Restaurant Owners

Most restaurant bankruptcies are won or lost before the case is ever filed. The 90 days leading up to a filing are critical for New York restaurant owners: the moves you make (or don’t make) can affect everything from your...more

Ward and Smith, P.A.

Portrait of a Bad Faith Bankruptcy

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Bankruptcy courts tend to bend over backwards to avoid smothering a case in the crib. A recent decision from the U.S. Bankruptcy Court for the District of Delaware illustrates one such example.  In In re Bedmar, LLC, the...more

Stark & Stark

Rearranging the Furniture: Value City Furniture Files for Chapter 11 Bankruptcy in Delaware

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Ohio-based American Signature, Inc., parent to American Signature Furniture and Value City Furniture, filed for bankruptcy protection on November 22, 2025, in the United States Bankruptcy Court for the District of Delaware –...more

ArentFox Schiff

Suppliers Beware: Delaware Bankruptcy Court Rejects Ordinary Course Defense for Preference Payment Within Standard Credit Terms

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US bankruptcy law is designed to promote and reconcile two core policy objectives: providing relief to financially distressed debtors and ensuring the equitable treatment of creditors vis-à-vis the debtor and other creditors....more

Offit Kurman

From the Bench: A Roadmap for Navigating Preference Defenses

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Port Elizabeth Terminal & Warehouse Corp., a major marine terminal and warehousing operator serving the Port of New York and New Jersey, filed for Chapter 11 on November 14, 2025, in the Bankruptcy Court for the District of...more

Orrick, Herrington & Sutcliffe LLP

Bankruptcy Court Approves Trustee’s Request to Dismiss Fintech Debtor Case

On November 12, the U.S. Bankruptcy Court for the Central District of California issued an order dismissing a Chapter 11 case involving a debtor fintech company represented by a Chapter 11 trustee. The court granted the...more

Haynes Boone

Two Recent Decisions Reinforce – and Refine – the Protective Scope of the Bankruptcy Code’s Safe Harbors

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Two courts – the U.S. Court of Appeals for the Second Circuit in In re Fairfield Sentry Ltd. (Aug. 5, 2025)1 and the U.S. Bankruptcy Court for the District of Delaware in Opioid Master Disbursement Trust II v. Covidien...more

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