News & Analysis as of

Section 363

WilmerHale

Third Circuit Weighs In on Scope of Section 524(g)(4) Injunction

by WilmerHale on

Summary: A recent Third Circuit decision has clarified the scope of the third-party injunction, including injunctions in favor of insurers that resolve insurance coverage in asbestos bankruptcy cases, that may be issued under...more

K&L Gates LLP

K&L Gates Triage: Sales of Healthcare Businesses in Chapter 11– The Basics

by K&L Gates LLP on

A sale of a business under Section 363 of the U.S. Bankruptcy Code or through Chapter 11 can provide the best possible title to the purchaser and may be an appropriate avenue for selected assets or complex and valuable going...more

Foley & Lardner LLP

Can an Out-of-the-Money Junior Creditor Share in a Free-and-Clear Bankruptcy Sale?

by Foley & Lardner LLP on

On July 9, 2018, the U.S. Court of Appeals for the Seventh Circuit issued an important opinion raising the possibility that out-of-the-money junior creditors might be entitled to share in the proceeds of a free-and-clear...more

Garvey Schubert Barer

Maritime Liens and the Automatic Stay: Impact of the Ninth Circuit’s Barnes Decision

by Garvey Schubert Barer on

Can a Bankruptcy Court order the sale of a vessel “free and clear” of a seaman’s maritime lien for maintenance and cure under Bankruptcy Code § 363? According to the Ninth Circuit’s recent ruling in Barnes v. Sea Hawaii...more

Thompson Coburn LLP

Data in the cloud: What if the cloud provider goes bankrupt?

by Thompson Coburn LLP on

With data being the new “coin of the realm,” those who control and exploit data have a winning advantage over competitors. This piece focuses on control of data in the unique situation of a cloud hosting provider’s...more

Nelson Mullins Riley & Scarborough LLP

First Circuit Holds that Asset Sale Appeals Are Moot Notwithstanding Jevic Violation

by Nelson Mullins Riley & Scarborough LLP on

In Mission Product Holdings Inc. v. Old Cold LLC (In re Old Cold LLC), 879 F.3d 376 (1st Cir. 2018), the First Circuit held that a sale in possible violation of the Supreme Court’s Jevic decision does not allow an appellate...more

Jones Day

In Brief: Bankruptcy Court Rules That It Has Constitutional Authority to Grant Nonconsensual Releases in Chapter 11 Plan

by Jones Day on

In In re Millennium Lab Holdings II, LLC, 2017 BL 354864 (Bankr. D. Del. Oct. 3, 2017), the U.S. Bankruptcy Court for the District of Delaware ruled that it had the constitutional authority to grant nonconsensual third-party...more

Kelley Drye & Warren LLP

Judge Silverstein’s Opinion in Millennium Lab Holdings Threatens to Bring Clarity and Common Sense to Debate Regarding...

by Kelley Drye & Warren LLP on

In December 2015, U.S. Bankruptcy Court Judge Laurie Silverstein of the District of Delaware confirmed a plan of reorganization in the Millennium Lab Holdings chapter 11 case that included the non-consensual release of...more

Sheppard Mullin Richter & Hampton LLP

Double Whammy: In a Sweeping New Opinion, the Ninth Circuit Creates a New Mechanism for Completely Wiping Out Unexpired Leases in...

by Sheppard Mullin Richter & Hampton LLP on

In In re Spanish Peaks Holdings II, LLC, Case No. 15-35572 (9th Cir. Sept. 12, 2017), the Ninth Circuit Court of Appeals held that a bankruptcy trustee may use Section 363(f) of the Bankruptcy Code to sell real property free...more

Barley Snyder

When Leaseholds And Sales Collide In Bankruptcy

by Barley Snyder on

Two sections of the Bankruptcy Code addressing leases sometimes work in tandem with each other, but some courts are creating a conflict. Section 363 gives bankruptcy courts the power to approve the sale of the assets of a...more

Ervin Cohen & Jessup LLP

Tenants Beware – The Ninth Circuit Has Ruled That The Bankruptcy Code Can Be Used By A Landlord To Strip A Tenant’s Right To...

by Ervin Cohen & Jessup LLP on

Just last month, the Ninth Circuit issued a ruling in the case of Matter of Spanish Peak Holding II, LLC, that is potentially devastating to a tenant that leases property from a landlord that files for bankruptcy relief....more

Jones Day

Two Recent Decisions Demonstrate Continued Disagreement Over Whether Economic Value or Face Amount of Liens Is Appropriate Metric...

by Jones Day on

The ability of a trustee or chapter 11 debtor in possession ("DIP") to sell bankruptcy estate assets "free and clear" of liens on the property under section 363(f) of the Bankruptcy Code has long been recognized as one of the...more

Kramer Levin Naftalis & Frankel LLP

Ninth Circuit Joins “Minority” of Courts That Allow Property to be Sold in Bankruptcy Free and Clear of Leaseholds

by Kramer Levin Naftalis & Frankel LLP on

The Ninth Circuit recently held, in Pinnacle Rest. at Big Sky, LLC v. CH SP Acquisitions, LLC (In re Spanish Peaks Holdings II, LLC), No. 15-35572, 2017 U.S. App. LEXIS 12526, 2017 WL 2979660 (9th Cir. July 13, 2017), that a...more

Ballard Spahr LLP

Ninth Circuit Allows Leases To be Stripped in Section 363 Sale

by Ballard Spahr LLP on

Courts consistently have held that the sale of real property under the Bankruptcy Code cannot "strip off" the leasehold interests in that property. Until now, only one case held to the contrary and was generally considered an...more

Fox Rothschild LLP

Dear Bankruptcy Asset Purchaser, Got Good Faith?

by Fox Rothschild LLP on

Section 363 of Title 11 of the United States Code (“Bankruptcy Code”) authorizes trustees (and Chapter 11 debtors-in-possession) to use, sell, or lease property of a debtor’s bankruptcy estate outside of the ordinary course...more

Jones Day

Sixth Circuit Rejects Per Se Rule Automatically Mooting Sale Appeals in the Absence of a Stay

by Jones Day on

Debtors beware: The Sixth Circuit Court of Appeals has recently expanded the ability of parties to appeal a bankruptcy court's approval of a sale of assets notwithstanding the statutory mootness rule set forth in section...more

Robins Kaplan LLP

Sixth Circuit Adopts Minority Interpretation of Mootness

by Robins Kaplan LLP on

The United States Court of Appeals for the Sixth Circuit recently held that parties arguing mootness under section 363(m) of the Bankruptcy Code must establish that the appellate court is unable to grant effective relief...more

Kelley Drye & Warren LLP

Secured Creditors Can Chill a Bit Following Aeropostale Ruling

by Kelley Drye & Warren LLP on

The ability of a secured creditor to credit bid its debt in connection with a sale of a debtor’s assets received a strong boost in a decision last month in the Chapter 11 case of Aeropostale from U.S. Bankruptcy Judge Sean...more

Perkins Coie

Environmental Liabilities in Oil & Gas Sales Under Bankruptcy Code Section 363

by Perkins Coie on

Since the beginning of 2015, at least 77 companies in the oil and gas industry have sought bankruptcy relief in the United States. The flow of oil and gas company bankruptcies shows no sign of slowing down and, based on the...more

Buchanan Ingersoll & Rooney PC

Recent Bankruptcy Cases May Have a Significant Impact on the Midstream Oil and Natural Gas Pipeline Industry

by Buchanan Ingersoll & Rooney PC on

Two recent bankruptcy cases could affect billions of dollars of oil and gas pipeline infrastructure investments. On March 8, 2016, Judge Chapman of the United States Bankruptcy Court for the Southern District of New York...more

Akin Gump Strauss Hauer & Feld LLP

Distressed Asset Acquisitions Outside Bankruptcy in the Oil and Gas Space

by Akin Gump Strauss Hauer & Feld LLP on

Amidst the current downturn in oil prices, many expect and hope for, an increase in merger and acquisition (M&A) activity in the coming months. Whereas past downturns created an opportunity for major acquisitions, such as...more

Cole Schotz

Is a “Sound Business Purpose” Always Enough?”

by Cole Schotz on

Chapter 11 of the Bankruptcy Code trusts a debtor in possession to operate its business. In general, a debtor in possession “is free to use, sell[,] or lease property of the . . . estate in the operation of the debtor’s...more

Cole Schotz

New Delaware Chapter 11 Filing – Affiliates of Variant Holding Company, LLC

by Cole Schotz on

Thirty-four affiliates of Variant Holding Company, LLC (“Variant”) have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware. The debtors will seek to have their cases jointly...more

Buchanan Ingersoll & Rooney PC

Third Circuit Holds Funds Escrowed By Secured Lender After Section 363 Sale Were Not Property of the Estate

by Buchanan Ingersoll & Rooney PC on

In In re ICL Holding Co., Inc., et al., the Third Circuit Court of Appeals held that funds escrowed by the secured lender for the payment of professional fees and other administrative expenses in connection with a Section 363...more

Shumaker, Loop & Kendrick, LLP

Bankruptcy Law News: Recoupment or Setoff? - A Distinction with a Difference

by Shumaker, Loop & Kendrick, LLP on

Setoff is commonly encountered in bankruptcy and non-bankruptcy situations. If there are mutual debts between two entities, either may generally offset the debts. These debts frequently arise where one entity is a vendor to...more

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