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Chapter 11 › Split of Authority › Debt Restructuring

Benesch

Claimants at the Gate: Circuit Split Develops on Bankruptcy Court’s “Gatekeeping” Role

Benesch on

A recent decision by the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”), in the matter of In re AIO US, Inc., case no. 24-11836-CTG (“Avon”), created a split with the Fifth Circuit on the...more

Herbert Smith Freehills Kramer

Second Circuit Momentive Decision Adopts Two-Step Test for Cramdown Rate; Creates Make-Whole Circuit Split

Herbert Smith Freehills Kramer on

On October 20, 2017, the U.S. Court of Appeals for the Second Circuit issued a long-awaited decision in In re MPM Silicones, LLC (“Momentive”) holding that, with one important exception, that the plan of reorganization...more

Jones Day

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

Jones Day on

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

Skadden, Arps, Slate, Meagher & Flom LLP

Supreme Court Declines to Resolve Circuit Split on Debt Recharacterization

Skadden, Arps, Slate, Meagher & Flom LLP on

On August 10, 2017, the U.S. Supreme Court rescinded the grant of certiorari in PEM Entities LLC v. Levin on the grounds that review had been “improvidently granted.” The case seemingly provided a perfect vehicle to resolve...more

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