News & Analysis as of

Corporate Governance Chapter 11 Bankruptcy Court

A&O Shearman

Petrofac restructuring plan overturned by the Court of Appeal

A&O Shearman on

In this alert, we consider the Court of Appeal’s judgment setting aside Petrofac’s restructuring plan sanction order, which marks the second occasion on which the Court of Appeal has overturned a previously sanctioned plan...more

King & Spalding

Delaware Bankruptcy Court Sides with Trustee in Two Related Orders in $500 Million Fraudulent Transfer Action Arising out of...

King & Spalding on

In related orders in an action to recover over $500 million in alleged fraudulent transfers arising out of the bankruptcy of an education technology company, the U.S. Bankruptcy Court for the District of Delaware denied...more

HaystackID

23andMe’s Court-Supervised Restructuring: Navigating Turbulent Financial Waters

HaystackID on

On March 23, 2025, 23andMe, a pioneer in the field of genetic testing and consumer healthcare, announced it had filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Eastern District of Missouri. The objective...more

Kilpatrick

When Provisions in a Loan and LLC Agreements Do Not Impermissibly Restrict a Bankruptcy Filing

Kilpatrick on

In In re 301 W North Avenue, LLC, 2025 WL 37897 (Bankr. N.D. Ill. 2025), a bankruptcy court recently addressed provisions in a loan agreement and limited liability company (“LLC”) operating agreement as to their effect on...more

DLA Piper

US Bankruptcy Court Grants Motion to Dismiss LLC Chapter 11 Case for Failure to Obtain Requisite Corporate Filing Authority

DLA Piper on

The US Bankruptcy Court for the Northern District of Illinois (Bankruptcy Court) recently issued an opinion in In re 301 W North Avenue, LLC, Case No. 24 B 2741 (DDC) [Docket No. 253] (January 6, 2025) granting a secured...more

Eversheds Sutherland (US) LLP

Recent Bankruptcy Decision Reminds of the Importance of Corporate Governance Documents

On January 6, 2025, the United States Bankruptcy Court for the Northern District of Illinois (the Bankruptcy Court) granted a mortgage lender’s motion to dismiss a debtor’s bankruptcy filing due to the debtor’s lack of...more

Skadden, Arps, Slate, Meagher & Flom LLP

Rockville Centre Case Offers a Framework for Settling Mass Tort Bankruptcy Claims Post-Purdue

The Supreme Court’s 2024 Purdue decision1 held that the Bankruptcy Code does not authorize a release and injunction under a Chapter 11 plan of claims against a non-debtor, even if they relate to claims against or by the...more

Skadden, Arps, Slate, Meagher & Flom LLP

SDNY Amends Local Bankruptcy Rules To Streamline Chapter 11 Processes

The U.S. Bankruptcy Court for the Southern District of New York (SDNY) has issued a general order amending its Local Bankruptcy Rules. The amendments introduce a broad set of changes that will impact all types of bankruptcy...more

Mintz - Bankruptcy & Restructuring Viewpoints

FTX: Forcing The Examiner Mandate in the Third Circuit

It is a rare occasion that one can be assured with certainty that, if they file a motion with a bankruptcy court, it will be granted. But, in the Third Circuit, that is exactly what will happen if a creditor or other party in...more

Moritt Hock & Hamroff LLP

Aggressive Pursuit Of Repayment Or Crossing The Line? Takeaways From The Bailey Tool Bankruptcy Case

A lender’s successful enforcement of loan documents following one or more events of default turns on a variety of factors, the most important of which is compliance with the terms of the relevant loan documents. When a lender...more

Proskauer Rose LLP

NYC Office Tower Ch. 11 Shines Light On Blocking Provisions

Proskauer Rose LLP on

This article analyzes PWM Property Management LLC's bankruptcy filing in the U.S. Bankruptcy Court for the District of Delaware to explain the impact of the use of corporate governance blocking provisions. The filing also...more

Proskauer Rose LLP

Creditors Ask Court to Enforce Bankruptcy Blocking Provision and Approve Creditor Created Plan During Exclusivity Period in PWM...

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I. Introduction - The economic upheaval caused by the outbreak of COVID-19 was unprecedented in the United States and abroad. Employees were furloughed, businesses were mothballed or shut down altogether....more

Farrell Fritz, P.C.

New York Judge Spares NRA “Corporate Death Penalty”

Farrell Fritz, P.C. on

The National Rifle Association has long been a politically charged topic for its fans and critics. For those of you more interested in the politics of the NRA’s ongoing battle with New York’s Attorney General Letitia James,...more

Allen Matkins

Corporations Code Saves Church Property

Allen Matkins on

The  AME Zion Church of Palo Alto, Inc. was founded in 1918 and has occupied its sanctuary for over a half century.  In 2018, the Bishop of the Western Episcopal District of The African Method Episcopal Zion Church importuned...more

Mintz - Bankruptcy & Restructuring Viewpoints

Delaware Bankruptcy Court Rules that Shareholder Cannot Enforce “Golden Share” Blocking Right to Dismiss Bankruptcy Filed Without...

As the COVID-19 pandemic continues to disrupt businesses and markets, and companies begin to look to bankruptcy courts for relief from the resulting liquidity and operational distress, the issue of creditor and shareholder...more

Proskauer Rose LLP

Feast or Famine: Private Credit Restructuring Year in Review

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With the explosion of private credit over the last decade, it felt almost inevitable that this past year, one marked by prolonged anticipation of a global economic slowdown, would experience its share of restructuring...more

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