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Kerr Russell

Restructuring and Insolvency Options for Distressed Businesses in Uncertain Times

Kerr Russell on

Tariffs to the left of me, uncertainty to the right. To paraphrase the 1970’s rock song, an owner of a distressed business must feel stuck in the middle in a world of shifting governmental policies and an ever-changing...more

J.S. Held

Maintaining Private-Equity Involvement and Funding When Their Initial Investment Is Underwater

J.S. Held on

Private-equity (PE) involvement in distressed companies has grown more complex than ever. As market headwinds persist, performance deteriorates, valuations shrink or a company faces a wall of debt maturities, turnaround...more

Stark & Stark

Del Monte Foods Canned - Files Chapter 11 Bankruptcy in New Jersey

Stark & Stark on

Del Monte Foods and numerous affiliates (“Del Monte”) filed voluntary petitions for Chapter 11 bankruptcy protection in the District of New Jersey on July 1st (Case No. (Case no. 25-16984). Del Monte is one of the country’s...more

Blake, Cassels & Graydon LLP

Landing in a Safe Harbour: Five Takeaways From the Red Lobster Cross-Border Restructuring

Blake, Cassels & Graydon LLP on

In May 2024, Red Lobster Management LLC (RL Management) and fourteen of its affiliates (collectively, Red Lobster), including Red Lobster Canada Inc. (Red Lobster Canada), commenced proceedings in the United States Bankruptcy...more

Orrick, Herrington & Sutcliffe LLP

The Impact of the Serta and Mitel Decisions: What Comes Next

Orrick, Herrington & Sutcliffe LLP on

The Fifth Circuit struck down Serta Simmons’ 2020 uptier transaction, while the New York Appellate Division upheld a similar transaction in a case involving Mitel Networks, exposing key differences in how courts interpret...more

Proskauer Rose LLP

The Evolving New Normal 2024 Private Credit Restructuring Year in Review

Proskauer Rose LLP on

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

Troutman Pepper Locke

What Are First-Day Motions and the First-Day Hearing, and Why Should I Care? - Creditor’s Rights Toolkit

Troutman Pepper Locke on

Once a company files for Chapter 11 bankruptcy, it must sort through a myriad of potential issues and transition into operating as a business subject to the Bankruptcy Code. Through various “First-Day Motions,” a debtor will...more

Lowenstein Sandler LLP

Fifth Circuit Rejects Non-Pro Rata Uptier Transaction From Serta Simmons; Landmark Ruling May Have Chilling Effect on Similar...

Lowenstein Sandler LLP on

On December 31, a unanimous three-judge panel of the U.S. Court of Appeals for the Fifth Circuit (the Court or the Fifth Circuit) held that the controversial $200 million Serta Simmons Bedding (SSB) uptier financing...more

Katten Muchin Rosenman LLP

Pre-Pack Regulation: Two Years On

Katten Muchin Rosenman LLP on

It is now two years since the 30 April 2021 introduction of the Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021 (the "Regulations") and a good time to look back at whether the Regulations...more

Goodwin

UK Corporate Insolvency and Governance Act 2020 Brings Significant Changes to Law

Goodwin on

The Corporate Insolvency and Governance Act 2020 received royal assent on 25 June 2020. Many of the provisions of the act are based on the bill which was initially proposed pre-COVID-19, with a framework having been set out...more

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