News & Analysis as of

Unsecured Debt

Fees for Fees: Testing the Limits of ASARCO

Unsecured creditors and other stakeholders sometimes challenge the reasonableness of fees incurred by estate professionals in a bankruptcy case. Whether this is to augment unsecured creditor recoveries or serve as a check on...more

Houston Bankruptcy Court Splits With Third Circuit on “Statutory Impairment”

by Latham & Watkins LLP on

Ultra court clarifies the requirements for classifying a creditor as “unimpaired” under a plan of reorganization. Key Points: - Texas bankruptcy court splits from Third Circuit in finding that a creditor must receive...more

Seventh Circuit Denies Trustee a Second Bite at the Avoidance Apple

The Seventh Circuit recently held, in Grede v. FCStone, LLC, Nos. 16-1896 & 16-1916, 2017 WL 3470145 (7th Cir. Aug. 14, 2017), that (i) a transfer previously authorized by a bankruptcy court order cannot be avoided due to the...more

“Spanish Peaks” and Leases in a Landlord’s Bankruptcy – Tenants Beware!

The recent Spanish Peaks decision from the Ninth Circuit (covering Alaska, Arizona, California, Hawaii, Idaho, Montana, Nevada, Oregon and Washington) deepens the split in case law on the ability to strip off leases in a...more

Delaware Bankruptcy Court Approves Separate Classification and Disparate Gifted Consideration Between General Unsecured Creditors

The Delaware Bankruptcy Court, in In re Nuverra Environmental Solutions, Case No. 17-10949 (Bankr. Del. July 24, 2017), confirmed a chapter 11 plan of reorganization despite separate classification and disparate gifted...more

Ninth Circuit Rules That Hypothetical Preference Actions May Be Considered in Applying the Greater Amount Test

by Jones Day on

In Schoenmann v. Bank of the West (In re Tenderloin Health), 849 F.3d 1231 (9th Cir. 2017), a divided panel of the U.S. Court of Appeals for the Ninth Circuit recently addressed as a matter of apparent first impression...more

Reaping Wild Oats – Creative Strategies Employing the Concepts of Chapter 12 of the Bankruptcy Code for Handling Distressed...

by Ervin Cohen & Jessup LLP on

Handling distressed agricultural loans can be very tricky. Loan balances for agricultural loans are typically smaller than nonagricultural commercial real property secured loans, requiring that they be handled extremely cost...more

Did You Know? Connecticut Revises Several Secured and Unsecured Lending Provisions

by Ballard Spahr LLP on

Connecticut has revised several provisions involving secured and unsecured lending laws, including, but not limited to, the following...more

Takata Declares Bankruptcy: What are the Key Next Steps for Suppliers?

by Foley & Lardner LLP on

On June 25, 2017, Takata’s US arm, TK Holdings Inc. and certain affiliates excluding certain foreign debtors such as Takata Corporation (Japan) (the “Takata US Debtors”), filed chapter 11 cases seeking bankruptcy protection...more

Latin America Enforcement and Security Guide

by K&L Gates LLP on

In the current economic climate, it is important that lenders understand how they can enforce security and debt claims to help in assessing options in the event of default by their customers, and when structuring new lending....more

Discharge of Federal and State Income Taxes in Bankruptcy

by McNair Law Firm, P.A. on

If an individual or business owes unpaid income taxes to the IRS, or to a state, federal bankruptcy laws may provide relief for some, if not all, of these taxes. Generally applicable to “older” federal and state income taxes,...more

Fourth Circuit Hands Victory to Lenders in Chapter 13 Mortgage Case

by Ward and Smith, P.A. on

The United States Court of Appeals for the Fourth Circuit—which covers federal courts in North Carolina—recently handed a victory to residential real estate lenders dealing with borrowers who file for Chapter 13 bankruptcy...more

Key Issues for Derivative Transactions under the BRRD

by White & Case LLP on

In this article, we outline the main resolution tools available to a resolution authority and consider the broad powers of resolution authorities that may impact existing derivative transactions in the event of a bail-in....more

Commercial Restructuring & Bankruptcy Alert - October 2016

by Reed Smith on

Welcome to the October 2016 issue of the CR&B Alert, the newsletter produced by Reed Smith's Commercial Restructuring & Bankruptcy Group. Excerpt from newsletter: DELAWARE AND NEW YORK AT ODDS OVER RECLAMATION...more

Asia Pacific Restructuring & Insolvency Guide: Hong Kong

by White & Case LLP on

This is the Hong Kong chapter of the second edition of the White & Case Asia Pacific Restructuring and Insolvency Guide... ..Introduction - On 1 July 1997, Hong Kong became a Special Administrative Region of the...more

Defending A Preference Action – Can You Setoff Post-Petition Amounts Owed by the Debtor Against Your Preference Liability?

by Bryan Cave on

All bankruptcy lawyers (and most long-suffering trade creditors) know that creditors who receive payments from a debtor within the “preference period” – 90 days before a voluntary bankruptcy case was filed, or 1 year if the...more

Delaware Bankruptcy Court Rules Gift Cards Not Eligible for Priority Treatment

by Seyfarth Shaw LLP on

Decision clarifies standards for priority treatment under section 507(a)(7); important implications in retail bankruptcy cases for debtors, creditors - and consumers Overview - In October 2015, City Sports, Inc....more

Objecting to the Dischargeability of Debt: How a Creditor May Protect its Debt in Bankruptcy

by Murtha Cullina on

Imagine that you are an unsecured lender who has learned that a borrower has filed for bankruptcy and has little to no assets available to pay creditors. Is there any way to prevent your debt from being extinguished? This...more

Orrick's Financial Industry Week in Review

Senators Introduce SAFE Lending Act - On April 7, 2016, several Democratic Senators introduced the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act, SAFE 2016, which is designed to change the manner in which...more

Court of Appeal case - of interest to Security Trustees

by Bryan Cave on

Including an unsecured creditor in an agreed payments waterfall does not by itself confer on that unsecured creditor the benefit of a mortgagee’s usual duties on enforcement of security, or a direct claim against the sale...more

Committee Formation Meeting for Aspect Software Parent, Inc., et al.

by Cole Schotz on

Upcoming Committee Formation Meeting: Friday, March 18, 2016, 10:00 a.m. Case Name: Aspect Software Parent, Inc., et al. Case Number: 16-10597 (MFW)...more

Committee Formation Meeting for Sports Authority Holdings, Inc.

by Cole Schotz on

Upcoming Committee Formation Meeting: Thursday, March 10, 2016, 10:00 a.m. Case Name: Sports Authority Holdings, Inc. Case Number: 16-10527 (MFW)...more

In re Sentinel Management: The Seventh Circuit Considers Equitable Subordination

by Foley & Lardner LLP on

Equitable subordination in bankruptcy can be a powerful tool, providing a court with considerable latitude to set things right insofar as the estates of the penniless and the rights of their creditors are concerned. But...more

Treatment of senior unsecured debt in European leveraged finance transactions: Court of Appeal confirms no duty to unsecured third...

by White & Case LLP on

In its recent judgment in PK Airfinance Sarl v Alpstream AG, the Court of Appeal has reaffirmed the existing rule that a security holder upon a distressed sale of security assets does not owe a duty under English law to...more

The Absolute Priority Rule: Zachary v. California Bank & Trust

by Lane Powell PC on

The Ninth Circuit Court of Appeals has now joined the Courts of Appeals from the Fourth, Fifth, Sixth and Tenth Circuits, and the Eighth Circuit Bankruptcy Appellate Panel (BAP) in holding that the absolute priority rule...more

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