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Latham & Watkins LLP

Redressing the Balance of Power in Restructuring Plans Petrofac in the Court of Appeal

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The Court of Appeal has reversed the sanction of the Petrofac group’s restructuring plans and allowed the appeal of two dissenting unsecured creditors.Re Petrofac Limited and Petrofac International (UAE) LLC [2025] EWCA Civ...more

King & Spalding

Fifth Circuit Affirms Approval of Bid Protections for Debtor’s Prior Lender Over Unsecured Creditors’ Objection

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On July 25, 2023, the U.S. Court of Appeals for the Fifth Circuit affirmed a bankruptcy court’s approval of a break-up fee and expense reimbursement owed to a debtor’s prior lender, after the lender was not the winning bidder...more

Herbert Smith Freehills Kramer

Third Circuit Denies Appeal of Confirmation Order as Equitably Moot

Herbert Smith Freehills Kramer on

In In re Nuverra Environmental Solutions, Inc., Case No. 18-3084, the Third Circuit affirmed the opinion of the District Court for the District of Delaware denying the confirmation appeal of an unsecured noteholder as...more

Lowenstein Sandler LLP

Congress Should Rewrite The Bankruptcy Examiner Mandate

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Originally enacted in 1978, and largely unmodified since, Section 1104(c)(2) of the Bankruptcy Code mandates the appointment of an examiner when a debtor has over $5 million of unsecured debt. Today, that threshold is...more

ArentFox Schiff

Third Circuit Favors Cramdown’s ‘Flexibility’ and ‘Rough Justice’ Over Strict Enforcement of Subordination Agreements

ArentFox Schiff on

Eight years after the Delaware bankruptcy court confirmed the chapter 11 plan of Tribune Company and its affiliates, the United States Court of Appeals for the Third Circuit (the Court) affirmed the bankruptcy court’s...more

Pillsbury Winthrop Shaw Pittman LLP

The Letter of Credit Conundrum: When a Debtor’s Default May Be Preferable to Its Late Payment

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“Can an unsecured creditor be better off when the debtor defaults rather than paying off the debt? Yes: Law can be stranger than fiction in the Preference Zone.”—Ninth Circuit Untimely payment by tenants and other obligors...more

Skadden, Arps, Slate, Meagher & Flom LLP

A Look at 2019 Court Decisions That May Shape Restructuring Issues in the Year Ahead

Skadden, Arps, Slate, Meagher & Flom LLP on

A series of decisions over the past year — on issues such as make-whole premiums, intercreditor agreements, backstops for rights offerings and nonconsensual third-party releases — will likely have a significant impact in 2020...more

Cadwalader, Wickersham & Taft LLP

The Same, Only Better: Eighth Circuit Affirms Peabody Chapter 11 Plan Backstopped Rights Offering Despite Alleged Disparate...

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On August 9, 2019, in a unanimous decision (written by a former bankruptcy judge), the Eighth Circuit Court of Appeals affirmed the confirmation of the Peabody Energy Chapter 11 plan (“Plan”) with a prominent backstopped...more

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