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Skadden, Arps, Slate, Meagher & Flom LLP

Nonconsensual Third-Party Releases Are Alive and Well in Chapter 15 Despite Purdue

- Who is impacted: Companies and organizations involved in cross-border insolvency proceedings, particularly those seeking to enforce or challenge nonconsensual third-party releases in the United States. - What is changing:...more

Shumaker, Loop & Kendrick, LLP

US Column: The Impact of "Applicable Non-Bankruptcy Law" in Chapter 11 Proceedings

Seasoned global insolvency professionals are aware that the Bankruptcy Code is the governing law of Chapter 11 cases. The US Bankruptcy Code contains the phrase "unless applicable non-bankruptcy law provides otherwise" in...more

Proskauer Rose LLP

The Evolving New Normal 2024 Private Credit Restructuring Year in Review

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In many ways, 2024 continued existing trends in private credit: modest levels of M&A activity, competition among direct lenders to deploy capital, higher-for-longer interest rates, persistent inflation, elevated default...more

McGlinchey Stafford

Impacts of Cannabis Rescheduling on Bankruptcy

McGlinchey Stafford on

Despite the excitement of many over rescheduling cannabis from Schedule I to Schedule III, the move does not make cannabis “legal” unless it is produced, sold, and used within the tightly regulated parameters of the...more

Jones Day

Circuit Split: Eleventh Circuit and Second Circuit Disagree on Eligibility Requirements for Chapter 15 Debtors

Jones Day on

Courts disagree over whether a foreign bankruptcy case can be recognized under chapter 15 of the Bankruptcy Code if the foreign debtor does not reside or have assets or a place of business in the United States. In 2013, the...more

Pillsbury Winthrop Shaw Pittman LLP

Bankruptcy Court Rejects Attempts to Lock Up Creditor Votes in Favor of Reorganization Plan

Recent decisions reflect a renewed focus on lock-up provisions by bankruptcy courts. The U.S. Bankruptcy Court for the Southern District of New York recently severed a provision from a post-petition agreement that required...more

Troutman Pepper Locke

5 Issues to Consider When Liquidating Through an ABC

Troutman Pepper Locke on

Assignments for the benefit of creditors, or ABCs, continue to grow in popularity as a tool for the orderly wind-down of companies. Originally published in Law360 - March 21, 2024....more

ArentFox Schiff

Understanding Suppliers’ Rights and Remedies in Retail and Hospitality Bankruptcies

ArentFox Schiff on

On May 14, Outfox Hospitality LLC, the parent company of the retail chain Foxtrot Market, along with its affiliates, filed for Chapter 7 bankruptcy protection in the Bankruptcy Court for the District of Delaware, with the...more

Jones Day

Singapore International Commercial Court Issues First Decision on Recognition of Cross-Border Bankruptcy Cases under Model Law

Jones Day on

Established in 2015 as a trusted neutral forum to meet increasing demand for effective transnational dispute resolution, the Singapore International Commercial Court (the "SICC") is a division of the General Division of the...more

Jones Day

Second Circuit Adopts "Transfer-by-Transfer" Approach to Bankruptcy Code's Safe Harbor for Securities Contracts Payments

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The scope of the Bankruptcy Code's "safe harbor" shielding certain securities, commodity, or forward-contract payments from avoidance as fraudulent transfers has long been a magnet for controversy, particularly after the U.S....more

Proskauer Rose LLP

Key Issues When Navigating A Tenant's Bankruptcy

Proskauer Rose LLP on

Recently, two significant distressed companies with thousands of commercial leases, Rite Aid Corp. and WeWork Inc., each filed Chapter 11 bankruptcy cases, seeking in part to rationalize their geographic footprints through...more

A&O Shearman

Interpreting the UNCITRAL Model Law on Cross-Border Insolvency: Singapore courts adopt a uniform, consistent and expansive...

A&O Shearman on

Creditors involved in cross-border restructuring or insolvency proceedings of corporate groups will find that the approach of the Singapore courts to questions of cross-border insolvency provides the assurance of an orderly...more

Troutman Pepper Locke

Bankruptcy in the Cannabis Space

Troutman Pepper Locke on

Though controversial, cannabis has steadily grown into a booming industry. Despite this rapid growth and the legalization of cannabis in numerous states, cannabis is still classified as a Schedule I drug under the Controlled...more

Jones Day

Liquidating Chapter 11 Plan Confirmed Despite Provision Temporarily Enjoining Litigation Against Corporate Debtors

Jones Day on

To prevent "trafficking in corporate shells," the Bankruptcy Code prohibits any discharge of corporate or partnership debts if the debtor is not an "individual" and, in a chapter 11 case, if the debtor proposes a liquidating...more

Lowenstein Sandler LLP

SVB Financial Group Files for Chapter 11 Bankruptcy

Lowenstein Sandler LLP on

Early Friday morning, March 17, 2023, SVB Financial, the former holding company of SVB, filed a voluntary Chapter 11 bankruptcy petition in the United States Bankruptcy Court for the Southern District of New York, citing the...more

Miller Nash LLP

Supreme Court Limits the Ability to Discharge Debts Obtained by Fraud

Miller Nash LLP on

The discharge provided in bankruptcy is fundamental, allowing the “honest but unfortunate” debtor a fresh start. There are various exceptions to the discharge found in Sections 523 and 727 of the Bankruptcy Code—designed to...more

Jones Day

The Year In Bankruptcy: 2022

Jones Day on

One year ago, we wrote that, in early 2021, it was widely anticipated that the unprecedented pressure the COVID-19 pandemic brought to bear on the U.S. economy would lead to a boom in corporate bankruptcy filings. That boom...more

Fox Rothschild LLP

Post-Siegel Fallout: The Tenth Circuit Orders United States Trustee Program to Refund Chapter 11 Debtors’ Overpayment of United...

Fox Rothschild LLP on

As discussed in our prior blog post entitled, “The Circuit City Landmine (Siegel v. Fitzgerald): Supremes Declare Bankruptcy Fee Hike Under United States Trustee Program Unconstitutional –What Happens Next?”...more

Jones Day

The Year in Bankruptcy: 2021

Jones Day on

One year ago, we wrote that, unlike in 2019, when the large business bankruptcy landscape was generally shaped by economic, market, and leverage factors, the COVID-19 pandemic dominated the narrative in 2020....more

Vinson & Elkins LLP

In re Purdue Pharma L.P.: S.D.N.Y. Holds Bankruptcy Court Lacks Statutory Authority to Approve Sackler Family Releases

Vinson & Elkins LLP on

On December 16, 2021, in a significant decision, the United States District Court for the Southern District of New York (the “District Court”) vacated the order confirming the chapter 11 plan of Purdue Pharma L.P. (“Purdue”)...more

Faegre Drinker Biddle & Reath LLP

Supreme Court Decides Chicago v. Fulton

On January 14, 2021, the U.S. Supreme Court decided Chicago v. Fulton, holding that mere retention of a debtor’s property after the filing of a bankruptcy petition does not violate the automatic stay provided by §362(a) of...more

Farella Braun + Martel LLP

Privacy During Bankruptcy Proceedings: Why It Matters

During these particularly trying times resulting from the COVID-19 pandemic, businesses of all sizes have been concerned about the future. As a result, considering potential liquidation or restructuring through bankruptcy is...more

Skadden, Arps, Slate, Meagher & Flom LLP

Second Circuit Recognizes ‘Customer’ Safe Harbor in Tribune LBO Litigation

As we had anticipated in our prior client alerts, the “customer” safe harbor defense to constructive fraudulent conveyance claims challenging securities transactions — which was flagged by the U.S. Supreme Court in Merit...more

Cole Schotz

Third Circuit Decision Is A Cautionary Tale About The “Security” Of Tax Lien – Certificate Holders’ Security In Bankruptcy

Cole Schotz on

Tax lien certificates are a marketable commodity in several jurisdictions, including New Jersey. The Third Circuit’s recent decision in In re Hackler v. Arianna Holdings Company, LLC, No. 18-1650, __ F.3d __, 2019 2019 WL...more

K&L Gates LLP

Small Business Debtor Reorganization: An Overview of Chapter 11’s New Subchapter V

K&L Gates LLP on

The term “small business debtor” originated in 1994 with Congress’s first attempt at a streamlined chapter 11 process for businesses that had insufficient assets to fund a typical bankruptcy reorganization....more

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