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Restructuring Insolvency Bankruptcy Court

Seward & Kissel LLP

Receiving Line, That’s the Spirit? and Booming Business

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Alex Jones’ Infowars will go up for sale yet again, judge rules | CNN Business - The Onion is set to revive its bid on Jones’s outlet and its assets after a federal judge halted the sale in December....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

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

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

Pillsbury Winthrop Shaw Pittman LLP

U.S. Bankruptcy Court Agrees to Enforce English Three-Step, with Third-Party Releases, Used by Mexican Auto Financer

Manipulation of “center of main interest” to secure UK bankruptcy venue does not bar chapter 15 recognition so long as creditors are not disadvantaged. On February 24, 2025, U.S. Bankruptcy Judge Michael E. Wiles granted...more

Latham & Watkins LLP

Holding Water: Thames Water Restructuring Plan Sanctioned

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The English court has sanctioned the group’s interim financing plan, but the opposing creditor group’s appeal will be heard on an expedited basis. The last 12 months have been turbulent for Thames Water. Following the...more

Latham & Watkins LLP

Cram-across: Sino-Ocean Restructuring Plan Makes Waves

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The evolution of the English RP continues to push the jurisdictional envelope. The English court’s sanction of the Sino-Ocean restructuring plan (RP) marks an interesting development in the evolution of the English RP....more

Jones Day

Business Restructuring Review Vol. 24 No. 1 | January–February 2025

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The Year in Bankruptcy: 2024 - A brief chronicle of the year's notable developments in corporate bankruptcy and restructuring, including business bankruptcy filings, significant court rulings, and legislative...more

DLA Piper

Impactful Rulings and Cases Shaping Bankruptcy Law: 2024 Restructuring Recap

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The restructuring landscape in 2024 demonstrated dynamic shifts, with courts across jurisdictions issuing pivotal rulings that helped reshape bankruptcy law....more

Jones Day

New York Bankruptcy Court: "Defensive" Setoff Rights of Creditor that Did Not File Proof of Claim Cannot Be Extinguished Under...

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The ability of a creditor to offset any liability it may have to a debtor against the amount of the debtor's obligation to the creditor is an important right. The Bankruptcy Code expressly preserves that right, provided it...more

Troutman Pepper Locke

Can I Be Held Liable as a Petitioning Creditor When an Involuntary Bankruptcy Is Dismissed? - Creditor’s Rights Toolkit

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An involuntary bankruptcy can be a powerful tool in a creditor’s arsenal. Involuntary bankruptcies are rarely filed, however, because of the significant risk of liability for the petitioning creditor if the case is dismissed....more

Eversheds Sutherland (US) LLP

US Supreme Court weighs in on insurer rights in bankruptcy

In the ever-evolving landscape of insurance law, a recent decision by the Supreme Court has set a new precedent that could have far-reaching implications for insurers in bankruptcy cases. In the case of Truck...more

Jones Day

Singapore Court Issues Landmark Decision Recognizing Indonesian Restructuring Plan

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The Singapore International Commercial Court ("SICC") has handed down its first insolvency-related ruling. The court granted recognition and full force and effect to Indonesia's flagship airline's restructuring plan. That...more

J.S. Held

The Distressed Cannabis Business: An Alternative to Bankruptcy

J.S. Held on

Bankruptcy is Not an Option - Bankruptcy can be a very helpful tool for a distressed business. Bankruptcy allows a business to stop collection actions, discharge certain debts, cancel unfavorable contracts, and provides...more

Pillsbury Winthrop Shaw Pittman LLP

Court of Appeals Finds That Insurers May Not Participate in Bankruptcy Negotiations by Invoking an Insured’s Duty to Cooperate

In rejecting an insurer’s attempt to block confirmation of its insured’s bankruptcy plan, the Fourth Circuit found that an insurer may not interject itself into plan negotiations by invoking the duty to cooperate, nor does...more

A&O Shearman

Judge Drain Tackles Private Equity and Fraudulent Transfers in ‘Tops’ Decision

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On October 12, the Honorable Robert D. Drain, U.S. Bankruptcy Judge for the Southern District of New York, issued his final decision from the bench in the bankruptcy cases of supermarket chain Tops Holdings II Corporation...more

Conyers

Joint Provisional Liquidators Appointed: All Year Holdings Limited

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Conyers BVI litigators Richard Evans and Charles Goldblatt secure the appointment of Provisional Liquidators over All Year Holdings Limited (“AYH”) at an urgent hearing before the BVI Commercial Court on 20 December 2021. ...more

Pillsbury Winthrop Shaw Pittman LLP

A Warning to Contract Counterparties: A Debtor Can Sell Your Fully Performed Contract Without Curing Defaults and Paying Your...

A decision by the Third Circuit Court of Appeals serves as a stark reminder that the sale (assignment) of a contract in bankruptcy does not always require full payment of the non-debtor counterparty’s claim. Debtors must...more

Pillsbury Winthrop Shaw Pittman LLP

Third Circuit Confirms Triangular Setoffs Unenforceable in Bankruptcy

The Third Circuit’s recent decision in In re Orexigen Therapeutics Inc., 990 F.3d 748 (3d Cir. 2021) holds that section 553 of the Bankruptcy Code, which governs creditor setoffs, requires “strict bilateral mutuality.” As a...more

Morrison & Foerster LLP

Cross-Border Clash for the Brazilian Dutch Telco in the U.S. Courts

Distressed and special situations investors should take note of the U.S. Bankruptcy Court’s recent decision in Oi’s Chapter 15 case. We present our takeaways for investors. The U.S. Bankruptcy Court refused to recognise...more

Morrison & Foerster LLP

Equitable or Equity Committees: Lessons from Recent Cases

The second half of 2016 saw a surge in the number of requests to form official equity committees, especially in commodity-related restructurings. This most recent restructuring cycle began in August 2015 and remains active....more

Orrick, Herrington & Sutcliffe LLP

Distressed Download - March 2015

What Happens in Delaware Does Not Always Stay in Delaware: Caesars Victorious in Venue Battle - On Wednesday, January 28, the Bankruptcy Court for the District of Delaware transferred venue for the involuntary bankruptcy...more

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