Bankruptcy and appellate courts disagree over the standard that should apply to a request for payment of a break-up fee or expense reimbursement to the losing bidder in a sale of assets outside the ordinary course of the...more
12/8/2023
/ Administrative Expenses ,
Appellate Courts ,
Bankruptcy Code ,
Bankruptcy Court ,
Banks ,
Break-Up Fee ,
Business Judgment Rule ,
Chapter 11 ,
Commercial Bankruptcy ,
Debt Restructuring ,
Debtors ,
Stalking Horse Bids
In This Issue:
First Impressions: Third Circuit Scuttles Triangular Setoff in Bankruptcy -
In In re Orexigen Therapeutics, Inc., 990 F.3d 748 (3d Cir. 2021), the U.S. Court of Appeals for the Third Circuit ruled as a...more
5/27/2021
/ Bankruptcy Code ,
Bankruptcy Court ,
Chapter 11 ,
Chapter 7 ,
Commercial Bankruptcy ,
Corporate Restructuring ,
Debt Restructuring ,
Leveraged Buyout ,
Mootness ,
Mutuality ,
Safe Harbors
It is generally recognized that a bankruptcy court has the power—either equitable or statutory—to recharacterize a purported debt as equity if the substance of the transaction belies the labels the parties have given it. A...more
Chapter 11 Plan Distributions Are Not Collateral Covered by Intercreditor Agreement's Waterfall Provision -
In In re Energy Future Holdings Corp., 2019 WL 2535700 (3d Cir. June 19, 2019), a panel of the U.S. Court of...more
9/26/2019
/ Bankruptcy Code ,
Bankruptcy Reform ,
Chapter 11 ,
Chapter 15 ,
Commercial Bankruptcy ,
Corporate Restructuring ,
Cross-Border ,
Debt Restructuring ,
Debtors ,
Financial Institutions ,
Insolvency ,
Trump Administration