News & Analysis as of

Restructuring

White and Williams LLP

Uniform Law Commission Approves Uniform Assignment for Benefit of Creditors Act

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At its recently concluded annual meeting, the Uniform Law Commission (ULC) voted final approval of the Uniform Assignment for Benefit of Creditors Act (“Act”). Set forth below is a short discussion of “ABCs” as they...more

Ropes & Gray LLP

Petrofac Restructuring Plans Overturned: When Considering Restructuring Surplus’ Allocation, Sharing is Caring

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In a much-anticipated judgment (Saipem SPA & Ors v Petrofac Limited & Anor [2025] EWCA Civ 821), the English Court of Appeal overturned the High Court’s sanction of Petrofac’s restructuring plans (the Plans). Petrofac was...more

K&L Gates LLP

Back to the Drawing Board for Restructuring Plans—Part 26A of the UK Companies Act 2006

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Saipem & Ors v Petrofac Limited and Petrofac International (UAE) LLC [2025] EWCA Civ 821 - Executive Summary: Negotiating Leverage Handed to Out of the Money Creditors - In a sweeping decision, the UK Court of Appeal has...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

Troutman Pepper Locke

How Can a Consignor Perfect Consignment Rights Before a Bankruptcy Is Filed? - Creditor’s Rights Toolkit

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Consignments may be governed by either common law or Article 9 of the Uniform Commercial Code, the latter of which requires the consignor to comply with various procedures in order to perfect its security interest in the...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Supreme Court Allows Trump Administration to Continue Plans to Reduce Federal Workforce

On July 8, 2025, the Supreme Court of the United States granted the Trump administration’s request to stay a lower-court judge’s order blocking President Donald Trump’s plan to reduce and restructure the federal workforce,...more

Stark & Stark

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

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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

Arnall Golden Gregory LLP

Restructuring Roundup - June 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

Patterson Belknap Webb & Tyler LLP

How Foreign Entities Can Obtain U.S. Bankruptcy Protections

Financial uncertainty has spread across the globe. The U.S. disrupted international commerce by repeatedly threatening to impose sweeping tariffs on dozens of countries, including some of the nation’s closest trading partners...more

King & Spalding

Comparative Overview of Saudi and US Bankruptcy Laws

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Saudi Arabia's bankruptcy framework has undergone significant modernization in recent years, drawing heavily from the US Bankruptcy Code while incorporating unique features tailored to the Kingdom's regulatory and business...more

Ice Miller

Uncertainty at the IRS: Why Qualified Pension Plans Should Self-Audit

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The Internal Revenue Service (IRS) began terminations of employees on February 20, 2025, with initial news reports of layoffs set to 6,000 terminations and a stated intent to downsize its workforce by upwards of 50 percent as...more

Wiley Rein LLP

NTIA Restructures BEAD Program with Major Broadband Funding Changes

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On Friday, June 6, the National Telecommunications and Information Administration (NTIA) released a highly anticipated Policy Notice (Notice) making significant changes to the NTIA’s rules implementing the Broadband Equity...more

Akin Gump Strauss Hauer & Feld LLP

Key Takeaways From Commerce Department’s New Guidance for $42.5 Billion BEAD Program

On June 6, 2025, the Commerce Department released its long-awaited guidance for future implementation of the $42.5 billion Broadand, Equity, Access and Deployment (BEAD) program.  Entitled a BEAD Restructuring Policy Notice...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

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

Seward & Kissel LLP

Re-Volting, Short Circuit, and Seed of Doubt

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Li-Cycle files for bankruptcy, seeks protection for facilities in Greece | WXXI News - Li-Cycle filed a chapter 15 in the Southern District of New York on Wednesday to support its Canadian CCAA proceeding. The...more

Troutman Pepper Locke

Champion Blue LLC: Kentucky’s Play to Reshape College Athletics

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Recently, the University of Kentucky took an interesting step in the context of collegiate athletics by converting its athletic department into a limited liability company (LLC), named Champions Blue LLC. This structure makes...more

Holland & Knight LLP

Holland & Knight Health Dose: May 6, 2025

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Reconciliation markups in the U.S. House of Representatives Committee on Energy and Commerce, as well as the House Committee on Ways and Means, were expected to be held this week but have been postponed until next week at the...more

Fenwick & West LLP

Cuts at IRS Appeals

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The IRS workforce continues to shrink, with deferred resignations of hundreds of IRS Appeals personnel....more

Venable LLP

Shakeup at the SEC: Recent Changes in Formal Investigative Authority, Regional Directors, and Reductions in Force

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With all the headlines about changes in federal government structure in recent weeks, it is easy to miss some of the key changes taking place at the Securities and Exchange Commission. In this note, we have summarized three...more

Brownstein Hyatt Farber Schreck

Trump Administration Announces Department of State Restructuring

On April 22, Secretary of State Marco Rubio announced a plan to implement across-the-board structural changes to the Department of State to bring the department in line with President Trump’s America First foreign policy...more

Blake, Cassels & Graydon LLP

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

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

Hogan Lovells

Restructuring Plans: how to plan for an exit

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An earlier version of this article appeared in Estates Gazette. Over the last 18 months we have seen a number of retailer restructuring plans, which have rewritten landlords’ leases and imposed sweeping rent cuts, whilst...more

Paul Hastings LLP

English Court Approves Enzen Part 26A Restructuring Plans in First Case With HMRC Active Support

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On 25 March 2025, the English Court approved the interconditional dual restructuring plans of Enzen Global Limited and Enzen Limited (Enzen). The plans amend and extend £50 million senior secured liabilities, provide for new...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

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