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Jones Day

Chapter 11 Filing Without Consent of Independent Director Dismissed as Unauthorized

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Courts disagree over whether provisions in a borrower's organizational documents or loan agreements designed to restrict or prevent the borrower from filing for bankruptcy are enforceable as a matter of federal public policy...more

A&O Shearman

Not just another drop in the ocean: Thames Water and developments in restructuring plans since Adler

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In this alert, we take a look at some of the principal points arising from the Court of Appeal’s judgment in respect of the Thames Water restructuring plan, as well as the broader state of play for restructuring plans in the...more

Proskauer Rose LLP

Enforceability of Golden Directors with Bankruptcy Consent Right

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The appointment of an independent director is a powerful tool for private credit lenders. The appointment is designed to introduce a voice of neutrality and fairness into the board’s decision-making process with the hope and...more

Morris James LLP

Delaware LLCs, Independent Managers, and Bankruptcy Remote Structures: Lessons from 301 W North Avenue

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Overview Limited liability companies (LLCs)—curious creatures of state law—often file bankruptcy. Bankruptcy courts have, therefore, developed a dynamic body of law to evaluate the “bankruptcy remoteness” of LLCs, assessing...more

Seward & Kissel LLP

Sack Exchange Part II, Age of Consent and FDIC You Later

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Purdue Pharma and owners to pay $7.4 billion in settlement of lawsuits over the toll of OxyContin - On Thursday, Purdue Pharma and members of the Sackler family who own the company agreed to pay up to $7.4 billion to...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

Woodruff Sawyer

Managing Through Financial Distress: The Board’s Oversight Role and Protecting Against Litigation

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When a public company faces significant financial challenges and uncertainty, the pressure on management teams and boards of directors to make the “right” decisions intensifies. If those financial challenges are not...more

White & Case LLP

Navigating Chapter 11 Restructurings in Australia: How Important is Recognition?

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In today's globalised economy, local recognition of foreign insolvency proceedings can be essential for the successful implementation of cross-border restructurings. This is particularly relevant in Australia — a popular host...more

Proskauer Rose LLP

NYC Office Tower Ch. 11 Shines Light On Blocking Provisions

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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

Hogan Lovells

Significant developments in the UK's insolvency regime: a creditor's perspective

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In this article we look at current trends and developments at the intersection between insolvency and dispute resolution, including a rundown of some of the latest legislative changes, and issues to consider when litigating...more

Orrick, Herrington & Sutcliffe LLP

COVID-19 UK: The Corporate Insolvency and Governance Act 2020 – The UK Restructuring Plan

Introduction - The economic impact of COVID-19 will be far reaching. Governments around the globe are currently grappling with a balance between the protection of the health of their populations and limiting damage to...more

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden's 2020 Insights

Despite political and economic uncertainties, markets and deal activity were resilient in 2019, and strong fundamentals remain in place heading into 2020. Companies continue to face a challenging litigation and enforcement...more

Mintz - Bankruptcy & Restructuring Viewpoints

Are Bankruptcy Blocking Provisions in Corporate Governance Documents Enforceable?

It has long been the law that creditors are rarely entitled to contractually prohibit a debtor from filing for bankruptcy, whether such restriction is contained in the debt instruments or in the corporate governance...more

Patterson Belknap Webb & Tyler LLP

Bankruptcy Remoteness Going to a Court of Appeals (Progress Report No. 1)

Our February 22 post reported that the Franchise Services of North America, Inc. decision of Bankruptcy Judge Edward Ellington of the Southern District of Mississippi dismissing a Chapter 11 petition because a holder of...more

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