The Ad Hoc Group of Senior Secured Noteholders and DIP Lenders (the “Ad Hoc Group”) obtained a unanimous judgment in their favor in an appeal following Sanchez Energy Company’s long-running, hard-fought bankruptcy case. Once...more
7/24/2025
/ Appeals ,
Bankruptcy Code ,
Bankruptcy Court ,
Borrowers ,
Chapter 11 ,
Chapter 15 ,
Commercial Bankruptcy ,
Creditors ,
Debt ,
Debt Restructuring ,
Debtors ,
Delinquent Borrowers ,
Lenders ,
Multinationals ,
Reorganizations ,
Sale of Assets ,
Secured Debt
On October 14, 2022, the U.S. Court of Appeals for the Fifth Circuit issued a long-awaited ruling on whether Ultra Petroleum Corp. (“UPC”) must pay a $201 million make-whole premium to noteholders under its confirmed chapter...more
On October 14, 2022, the U.S. Court of Appeals for the Fifth Circuit issued a long-awaited ruling on whether Ultra Petroleum Corp. ("UPC") must pay a $201 million make-whole premium to noteholders under its confirmed chapter...more
In Short -
The Situation: Courts have disagreed over whether a make-whole premium triggered by a borrower's bankruptcy filing must be disallowed as unmatured interest. They have also disputed whether the "solvent-debtor...more
In Short -
The Situation: Bankruptcy courts have split on what rate of post-petition interest unimpaired creditors of a solvent debtor are entitled to receive. Bankruptcy courts have variously ruled that such creditors...more
The Situation: Circuit courts were split on whether mere retention by a creditor of estate property violates the Bankruptcy Code's automatic stay, under 11 U.S.C. § 362(a)(3). The U.S. Supreme Court considered the question in...more
The U.S. Supreme Court issued a highly anticipated ruling resolving a long-standing circuit split over the scope of the Bankruptcy Code's "safe harbor" provision exempting certain securities transaction payments from...more
3/8/2018
/ Avoidance ,
Bankruptcy Code ,
Chapter 11 ,
Commercial Bankruptcy ,
Debtors ,
Financial Institutions ,
Fraudulent Transfers ,
Intermediaries ,
Merit Management Group v FTI Consulting ,
Safe Harbors ,
SCOTUS ,
Section 546(e) ,
Split of Authority ,
Trustees
The Situation: In In re MPM Silicones, L.L.C., secured noteholders argued that replacement notes distributed to them under a cram-down chapter 11 plan should bear market-rate interest rather than the lower formula rate...more
10/26/2017
/ Appeals ,
Chapter 11 ,
Commercial Bankruptcy ,
Cramdown ,
Debtors ,
First-Lien ,
Form 10-K ,
Form 8-K ,
Interest Rates ,
Make-Whole Premium ,
Mezzanine Lenders ,
Noteholders ,
Secured Notes ,
Subordination
On May 1, 2017, the U.S. Supreme Court agreed to hear Merit Management Group v. FTI Consulting, No. 16-784, on appeal from the U.S. Court of Appeals from the Seventh Circuit. See FTI Consulting, Inc. v. Merit Management...more
For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments...more
3/28/2017
/ Anti-Corruption ,
Avoidance ,
BaFin ,
Corporate Taxes ,
Creditors ,
Cross-Border ,
Debtors ,
EU ,
Foreign Investment ,
France ,
Germany ,
Insolvency ,
Italy ,
Netting Agreements ,
Sapin II