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Jones Day

Second Circuit: Bankruptcy Code's Lease Assumption and Assignment Provisions Apply Only to "True Leases"

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The ability of a bankruptcy trustee or chapter 11 debtor-in-possession ("DIP") to assume and assign executory contracts and unexpired leases is an invaluable tool for generating value for a bankruptcy estate to pay creditor...more

Lowenstein Sandler LLP

SDNY Chooses “Time Approach” to Calculating Lease Termination Damages Collectible Against a Bankrupt Estate

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Keara Waldron and Lindsay H. Sklar discuss the decision by the Bankruptcy Court for the Southern District of New York in the case of In re Cortlandt Liquidating LLC, which parted with decades of precedent to endorse and apply...more

Herbert Smith Freehills Kramer

Third Circuit Upholds Right of Tenant to Continued Possession of Rejected Lease Premises and Reduced Rent Payable to Purchaser...

Herbert Smith Freehills Kramer on

Recently, in IDEA Boardwalk, LLC v. Revel Entertainment Group, LLC; Polo North Country Club, Inc. (In re Revel AC Inc.), No. 17-3607 (3d Cir. Nov. 30, 2018), the Third Circuit held that Section 365(h) of the Bankruptcy Code...more

Jones Day

Eroding the Majority Rule: Another Circuit Concludes That Lease Can Be Extinguished in Free-and-Clear Bankruptcy Sale

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The ability of a trustee or chapter 11 debtor-in-possession ("DIP") to sell bankruptcy estate assets "free and clear" of competing interests in the property has long been recognized as one of the most important advantages of...more

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