News & Analysis as of

Creditors Settlement Commercial Bankruptcy

Herbert Smith Freehills Kramer

Pension Plan Withdrawal Liability Takes Center Stage in Bankruptcy Judge's "Preliminary Observations"

A recent decision from the Bankruptcy Court for the District of Delaware in In re Yellow Corp. could have widespread implications for bankruptcy cases, including municipal bankruptcy cases. Of particular interest, the Judge...more

Seward & Kissel LLP

Mortimer—We’re Back, Fabric of Our Lives, and Jump-Start (My Heart)

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Purdue's new Ch. 11 plan sidesteps nonconsensual releases | Law360 - Mediators in the Purdue Pharma bankruptcy case reported that the revised settlement no longer includes nonconsensual third-party releases....more

Awatif Mohammad Shoqi Advocates & Legal...

Preventive Settlement and Restructuring Procedures Under the UAE Bankruptcy Laws

Running a business involves taking risks in order to continue to scale new grounds. Sometimes, these risks may not be successful, leading to debts. Even without risks, debts may be incurred as a result of not being able to...more

Seward & Kissel LLP

Forever 22, Powder Room, and Initial Here

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Forever 21 plans nearly 200 store closures in second bankruptcy, Bloomberg News reports | Reuters - The U.S.-based operator of clothing retail chain Forever 21 is planning to shut down at least 200 additional locations as...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

Seward & Kissel LLP

Sack Exchange and Which Craft?

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Purdue's Sackler family offers to increase contribution in new opioid settlement, WSJ reports | Reuters - The Sackler family, owners of Purdue Pharma, is offering to increase their contribution to the opioid lawsuit...more

Jones Day

Second Circuit: Settlement Allocating Value to Unsecured Creditors Without Paying Disputed Secured Claim Did Not Violate Supreme...

Jones Day on

In Czyzewski v. Jevic Holding Corp., 137 S. Ct. 973 (2017), the U.S. Supreme Court held that the Bankruptcy Code does not allow bankruptcy courts to approve distributions to creditors in a "structured dismissal" of a chapter...more

Seward & Kissel LLP

The Spirit is Willing, FTX Out, and Planet Spaceball

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Spirit Airlines continues 'constructive talks' with creditors | Reuters - On Tuesday, ultra-low-cost carrier Spirit Airlines announced it’s in constructive talks with its creditors and will continue to seek strategic...more

Seward & Kissel LLP

Big Monday, That’s the Spirit, and Settlement Protocol

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FTX Dotcom creditors vote massively in favor of reorganizing plan | Coindesk - Creditor approval has been secured for a reorganization plan of the former crypto exchange, FTX. The plan is set to be presented to the...more

Nelson Mullins Riley & Scarborough LLP

Bondholders Fail to Thwart Global Settlement Approval as Bankruptcy Estate’s Largest Creditor

As bankruptcy practitioners, we generally see proposed settlements get approved without objection. However, when objections are lodged, court involvement is necessitated. In this case, United States Bankruptcy Judge...more

Patrick Malone & Associates P.C. | DC Injury...

As opioid drug-case settlement advances, fentanyl deaths spike in D.C. area

Just as attorneys generals for more than a dozen states inch toward a multibillion-dollar settlement with a drug maker faulted for its big role in the start of the opioid abuse and drug overdose crisis, that health menace is...more

Patterson Belknap Webb & Tyler LLP

Let the Seller Beware? Debtor’s Attempt to Monetize its Own Default May Impact Sellers of Credit Default Swaps

The Sears bankruptcy case made headlines this month in the complex world of credit default swaps (CDS). A credit default swap is a contract pursuant to which the seller receives payment from a buyer in exchange for which the...more

NAM (National Arbitration and Mediation)

Creative Solutions In The Commercial Mediation Process

Volume is a great teacher. Nothing could have fully prepared me for the bench even though I tried many cases in private practice and spent a great deal of time in the courthouse. The sheer number of cases and the decisions...more

Patterson Belknap Webb & Tyler LLP

Delaware District Court Dismisses Appeal by Creditors’ Committee After Case is Converted from Chapter 11 to Chapter 7

The Bankruptcy Code provides for the appointment of a creditors’ committee in chapter 11 bankruptcy cases. See 11 U.S.C. § 1102. There is no parallel provision applicable to chapter 7 cases. When a bankruptcy case is...more

Proskauer - Minding Your Business

An Offer You Can’t Refuse: Are Deathtraps a Tool for Fostering Settlements, or a Method of Coercion?

Accept an unpalatable offer, or reject it and risk getting much less (or even nothing)? This is the choice stakeholders in chapter 11 bankruptcies increasingly face as a result of the proliferation of “deathtrap” provisions...more

Cole Schotz

U.S. Supreme Court to Weigh in on Structured Dismissals and Settlements Circumventing the Bankruptcy Code’s Priority Scheme

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On June 28, 2016, the U.S. Supreme Court agreed to hear a challenge to a Third Circuit-affirmed settlement and dismissal of the chapter 11 cases of Jevic Transportation, Inc. (“Jevic”) and certain of its affiliates. See...more

Morrison & Foerster LLP - Social Media

“Never Say Never”: Lessons From RadioShack’s Sale of Customer Information

When a bankrupt company’s most valuable assets include consumer information, a tension arises between bankruptcy policy aimed at maximizing asset value, on the one hand, and privacy laws designed to protect consumers’...more

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