News & Analysis as of

Secured Debt

Wisconsin Passes New Mortgage Payoff Requirements

by Weiner Brodsky Kider PC on

The Wisconsin State Assembly recently passed a bill amending the current law regarding mortgage payoff statements. Under the new law, a secured creditor now has options to qualify a payoff amount, provided that the interest...more

On what basis can a secured lender refuse consent to a disposal when its consent is "not to be unreasonably withheld"?

by Dentons on

A contractual provision to the effect that a party's consent should not be unreasonably withheld is a familiar one. When will it be unreasonable to refuse consent and how will reasonableness be tested? In Crowther v....more

Commingled assets of a liquidated company with competing secured claims – how do we fairly distribute the secured mix? -...

by Dentons on

What is a fair and just method of distribution of an insolvent company’s assets amongst creditors if its assets have been commingled into a single mixed bulk, and the proceeds are insufficient to satisfy every secured claim? ...more

Credit support, collateral and creditors’ committees - leveraged finance deals in France

by White & Case LLP on

European Leveraged Finance Alert Series: Issue 2, 2018 - Following the release of White & Case’s 4th annual EMEA Leveraged Finance Report in January, this Alert discusses certain key legal issues when structuring leveraged...more

Supplier Strategies for the Financially Distressed Buyer

by Shipman & Goodwin LLP on

While the stock market continually reached new highs last year, the pace of retail bankruptcies did not abate. In just the last year, Toys R Us, Gymboree, Radioshack, Payless ShoeSource, BCBG Max Azria, Eastern Outfitters,...more

Restructuring & Insolvency Newsletter - January 2018

by Reed Smith on

Welcome to the January 2018 issue of the R&I Alert, the newsletter produced by Reed Smith's Restructuring & Insolvency Group. ...more

Taking Security in the Kingdom of Saudi Arabia

by Shearman & Sterling LLP on

The Kingdom of Saudi Arabia is a nation with a vast and growing population of over 30 million people and significant requirements for soft and hard infrastructure. Historically, the responsibility for procuring this...more

Three key changes for bankruptcy procedures in 2018

by Thompson Coburn LLP on

The New Year brings with it new changes to the bankruptcy code. These recent rule changes apply to any case filed after December 1, 2017, and may apply retroactively to pending proceedings in those instances where it would be...more

Focus on Restructuring Processes: CVAs and Liquidation in the context of Carillion

by Dechert LLP on

In recent months certain restructuring processes have gained quite some notoriety in press headlines in connection with a number of UK businesses. This article provides secured lenders with a brief recap on the key points to...more

UK Real Estate Tax Changes: How are Commercial Property Lenders Affected?

by Ropes & Gray LLP on

A significant amount has been written about the proposals made in the November 2017 Budget by the Chancellor of the Exchequer in relation to the taxation of the UK commercial property sector. The bulk of this commentary has...more

Client Alert: Managing Credit Risk in the Supply Chain

Companies expend substantial resources managing the credit risk of customers, to protect the value of their sales. Many companies, however, do not always apply credit risk analysis to its supply chain, focusing instead on...more

A Special Purpose CDO, an Involuntary Filing and a Single Lien Structure — Can an Investor “Create” an Unsecured Claim?

by Dechert LLP on

The U.S. Bankruptcy Court for the Southern District of New York recently addressed whether secured noteholders against a CDO can waive their entitlement to a portion of the collateral securing all notes issued under an...more

Beware secured creditors: The newly amended US Federal Rules of Bankruptcy Procedure now require filing a proof of claim

by DLA Piper on

Certain amendments to the Federal Rules of Bankruptcy Procedure, which became effective on December 1, 2017, impose affirmative obligations on secured creditors to protect the right to distribution in a bankruptcy case....more

Second Circuit Clarifies Interest Rate Applicable in Chapter 11 "Cramdowns"

by Katten Muchin Rosenman LLP on

On October 20, 2017, in In re MPM Silicones, LLC ("Momentive"), Nos. 15-1682, 15-1771, 15-1824, the Second Circuit Court of Appeals, considering the Supreme Court's opinion in Till v. SCS Credit Corp., 541 U.S. 465 (2004),...more

Court Holds That Lender Did Not Have Standing To Sue An Estate For A Deficiency After Electing That Its Claim Is A Preferred Debt...

by Winstead PC on

In In re Estate of Chapman, Peoples Bank (the Bank) conducted a non-judicial foreclosure sale of secured real estate owned by an estate and then sued the administrator of the estate in district court due to a deficiency...more

Litigation Funders’ Collateral Did Not Include Malpractice Claims

When the fallout from failed intellectual-property litigation collides with bankruptcy, the complexities may be dizzying enough, but when the emerging practices and imperatives of litigation financing are imposed on those...more

Creditors Beware: Inbound Bankruptcy Rule Changes Require Heightened Awareness

On December 1, 2017, several important changes to the Federal Rules of Bankruptcy Procedure will be implemented. Those changes will impact creditors who have secured claims, judgment liens, and unsecured claims against...more

Parallel debt structures in South Africa

by Dentons on

Syndicated loan transactions are a common feature in the South African loan market. As the agreements underlying the transaction are often English law governed, a need arises to reconcile the diverging systems of law (and...more

Secured Lenders Take Note! In re Sunnyslope is something you want to know about

by Tucker Arensberg, P.C. on

In re Sunnyslope Hous. Ltd. P’ship, 859 F.3d 637 (9th Cir. 2017), as amended (June 23, 2017)(“Sunnyslope”), is a noteworthy case for secured lenders. The case involves confirmation of the cram down plan proposed by Sunnyslope...more

Second Circuit: Market Rate Preferred Over Formula Rate For Purposes of Secured Creditor Cramdown in Chapter 11 Issues

by Bryan Cave Leighton Paisner on

Courts and professionals have wrestled for years with the appropriate approach to use in setting the interest rate when a debtor imposes a chapter 11 plan on a secured creditor and pays the creditor the value of its...more

Second Circuit Rejects Categorical Dismissal Of Market Rates When Determining Cram-Down Interest Rates In Chapter 11

On October 20, 2017, the Second Circuit issued its long awaited ruling on several appeals from a U.S. District Court (Bricetti, J.) determination affirming the United States Bankruptcy Court (Drain, J.) in the MPM Silicones,...more

Cramdown Interest Rate Best Set Based on Market Rates

by Robinson & Cole LLP on

The Bankruptcy Code permits cramdown of a secured creditor but requires that the secured creditor receive deferred cash payments at least equal to the value of its collateral. This means that installment payments to the...more

Check it Twice! A Helpful Reminder to Drafters of UCC-1s

by Miles & Stockbridge P.C. on

For a creditor, the difference between a perfected and unperfected security interest can mean the difference between full repayment and receiving mere pennies on the dollar (or nothing) in a bankruptcy. On August 30, 2017, a...more

J. Crew Group, Inc.: Use of Credit Facility Baskets Eviscerates Value of Term Loan Collateral

by Locke Lord LLP on

On September 7, 2017, an ad hoc, minority group of J. Crew’s senior term lenders (the “Dissenting Lenders”) filed an amended complaint against J. Crew and its affiliates (collectively, “J. Crew”) in the Supreme Court of the...more

Ninth Circuit Reverses Course on Measure of Collateral Value in Cramdown Confirmation of Chapter 11 Plan

by Jones Day on

In First Southern Nat’l Bank v. Sunnyslope Hous. LP (In re Sunnyslope Hous. LP), 2017 BL 216965 (9th Cir. June 23, 2017), the U.S. Court of Appeals for the Ninth Circuit held en banc that, in determining whether a chapter 11...more

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