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Debt Restructuring Bankruptcy Court

Bennett Jones LLP

Spartan Delta Appeal Raises Uncertainty for Co-Lessees After Insolvency

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Years after an insolvency proceeding is closed, can a solvent co-lessee/working interest participant (WIP) still be on the hook for their former partner’s share of unpaid Crown royalties? A recent Alberta Court of Appeal...more

King & Spalding

To Benefit or Not to Benefit: That is the Question for Plan Companies Post-Petrofac

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The Court of Appeal’s judgment in Petrofac provides a timely reminder that the primary purpose of the cross-class cram down power under Part 26A restructuring plans is to override the exercise of an unjustified veto by...more

Latham & Watkins LLP

Redressing the Balance of Power in Restructuring Plans Petrofac in the Court of Appeal

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The Court of Appeal has reversed the sanction of the Petrofac group’s restructuring plans and allowed the appeal of two dissenting unsecured creditors.Re Petrofac Limited and Petrofac International (UAE) LLC [2025] EWCA Civ...more

A&O Shearman

Petrofac restructuring plan overturned by the Court of Appeal

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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

Stradling Yocca Carlson & Rauth

Jones Discusses Asbestos Bankruptcies & the Best Wall Case with the Legal Lens Podcast

Stradling Bankruptcy and Financial Restructuring partner Greg Jones recently joined Legal Lens, a Debtwire podcast, for an in-depth discussion on the evolving challenges of asbestos-related bankruptcies—highlighting the...more

Troutman Pepper Locke

What Is the Life Cycle of a Chapter 11 Bankruptcy Case and Why Do Stakeholders Need to Pay Attention to the Bankruptcy Case? (Part...

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A Chapter 11 bankruptcy is often called “reorganization bankruptcy” and is typically used to preserve and maximize the going concern value of the debtor’s business. The life cycle of a Chapter 11 bankruptcy case can be...more

Goulston & Storrs PC

Rethinking Liability Management in Club Deals and Direct Lending: Lessons from the Fifth Circuit’s Serta Ruling and Beyond

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On December 31, 2024, the Fifth Circuit Court of Appeals (the “Court”) struck down the controversial 2020 “uptier transaction” executed by Serta Simmons Bedding (“Serta”). The Serta case and several other state court and...more

Seward & Kissel LLP

Always Sunny, No Silver Lining, and Err Supply

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Sunnova files for bankruptcy on residential solar woes | Reuters - On Sunday, June 12, the residential solar panel installer announced that it had filed for Chapter 11 bankruptcy, making it the second company of its kind...more

Troutman Pepper Locke

What Is the Life Cycle of a Chapter 11 Bankruptcy Case and Why Do Stakeholders Need to Pay Attention to the Bankruptcy Case? (Part...

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A Chapter 11 bankruptcy is often called “reorganization bankruptcy” and is typically used to preserve and maximize the going concern value of the debtor’s business. The life cycle of a Chapter 11 bankruptcy case can be...more

Herbert Smith Freehills Kramer

HSF Kramer Bankruptcy & Restructuring Group Global reach, local knowledge

Debtors and creditors have options when choosing where to pursue a restructuring – particularly with operations across jurisdictions and debt instruments issued under different laws. Local knowledge is key to navigate those...more

Mayer Brown

Serta and Mitel: The Latest Major Court Decisions on Uptier Transactions

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Summary: On December 31, 2024, two major appellate court decisions addressed the legality of uptier financing transactions—one involving Serta Simmons Bedding (“Serta”) and the other Mitel Networks Corporation (“Mitel”). Both...more

Arnall Golden Gregory LLP

Restructuring Roundup - May 2025

AGG’s Restructuring Roundup newsletter is a monthly update of legal issues and news affecting or related to commercial litigation and bankruptcy. The newsletter is a curation of published articles and news, and contains...more

Jones Day

New York Bankruptcy Court Recognizes English Scheme of Arrangement Proceeding Under Chapter 15 Despite Concerns of Improper COMI...

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Approaching its 20-year anniversary, chapter 15 of the Bankruptcy Code has proven to be an invaluable tool for facilitating cross-border bankruptcy and insolvency cases. As foreign debtors have increasingly relied on chapter...more

Troutman Pepper Locke

How Does a Chapter 7 Case Work in General? - Creditor’s Rights Toolkit

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The essence of a Chapter 7 business bankruptcy is the orderly liquidation of the business debtor’s assets by a bankruptcy trustee and the distribution of funds to creditors. Troutman Pepper Locke's Creditor’s Rights...more

Pillsbury Winthrop Shaw Pittman LLP

Recent Decision Holds Bankruptcy Courts May Independently Grant Nonconsensual Third-Party Releases to Enforce Foreign...

On April 21, 2025, Chief Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York issued a memorandum opinion in In re Odebrecht Engenharia e Construção S.A., Case No. 25-10482 (MG), addressing...more

WilmerHale

Serta’s (Un)Surprising Take on Equitable Mootness

WilmerHale on

In its New Year’s Eve decision in Serta Simmons Bedding, the Fifth Circuit underscored the importance of drafting debt documents with clarity and precision and cautioned against borrowers’ reliance on ambiguous language to...more

Troutman Pepper Locke

What Is a Receivership and How Does It Differ From Bankruptcy?

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A receivership is an equitable remedy in which an independent third party is appointed by a court to manage and preserve a company’s assets. Though bankruptcy and receiverships are similar, there are significant differences...more

Blake, Cassels & Graydon LLP

Un dossier mené à bon port : Cinq points à retenir de la restructuration transfrontalière de Red Lobster

En mai 2024, Red Lobster Management LLC (« RL Management ») et quatorze membres de son groupe, y compris Red Lobster Canada Inc. (« Red Lobster Canada ») (collectivement, « Red Lobster »), ont entamé des procédures devant la...more

Seward & Kissel LLP

Cleaning House and the Dust Has Settled

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Publishers Clearing House files for bankruptcy | Law360 - Publishers Clearing House filed for Chapter 11 bankruptcy and plans to reorganize its capital structure and improve its long-term growth trajectory....more

Arnall Golden Gregory LLP

Restructuring Roundup - March 2025

AGG’s Restructuring Roundup newsletter is a monthly update of legal issues and news affecting or related to commercial litigation and bankruptcy. The newsletter is a curation of published articles and news, and contains...more

Cadwalader, Wickersham & Taft LLP

Fifth Circuit Holds that Gatekeeping and Injunction Provisions in Bankruptcy Plans Cannot Shield Non-Debtors From Liability

On March 18, 2025, the United States Court of Appeals for the Fifth Circuit held in In re Highland Capital Mgmt., L.P., that a plan’s gatekeeping and injunction provisions could not extend to claims against most non-debtors...more

Jones Day

Business Restructuring Review Vol. 24, No. 2 | March–April 2025

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Fifth circuit rules that serta simmons uptier violated credit agreement, rejects equitable mootness as bar to review of chapter 11 plan confirmation order and excises plan indemnification provision...more

DLA Piper

SDNY Bankruptcy Court Holds that “Opt-Out” Mechanism Renders Third-Party Releases Consensual in Spirit Airlines Chapter 11 Plan

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The US Bankruptcy Court for the Southern District of New York (the Court) recently approved third-party releases contained in a chapter 11 plan (the Plan) and found that, under the facts and circumstances, the opt-out...more

HaystackID

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

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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

Proskauer Rose LLP

Private Credit Restructuring: Priming DIPs in Focus

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In most chapter 11 cases, existing first lien lenders provide post-petition financing to preserve collateral value and maximize recovery. In some situations, a stressed borrower may threaten to pursue a hostile chapter 11...more

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