News & Analysis as of

Shareholders Chapter 11 Bankruptcy Court

Ropes & Gray LLP

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

Ropes & Gray LLP on

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

Seward & Kissel LLP

Mayday, Mav’s in Trouble and Missing Linq

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Maverick Gaming, which owns 5 Nevada casinos, files for bankruptcy | The Nevada Independent - The Washington-based casino and card-room operator filed for Chapter 11 bankruptcy in the Southern District of Texas on Monday....more

DLA Piper

US Bankruptcy Court Establishes Guidelines for “New Value” Plans of Reorganization in Competing Plan Scenarios

DLA Piper on

Introduction - On October 25, 2024, Judge John P. Mastando III of the US Bankruptcy Court for the Southern District of New York issued a ruling in Eletson Holdings Inc., Case No. 23-10322, pursuant to which he (a) denied...more

Mintz - Bankruptcy & Restructuring Viewpoints

FTX: Forcing The Examiner Mandate in the Third Circuit

It is a rare occasion that one can be assured with certainty that, if they file a motion with a bankruptcy court, it will be granted. But, in the Third Circuit, that is exactly what will happen if a creditor or other party in...more

Rivkin Radler LLP

Debtor Corp’s S Election: “Property” in Bankruptcy?

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Uncertain Future- The Congressional Budget Office (“CBO”) recently released some data for the federal government’s 2023 fiscal year. According to the CBO, the federal budget deficit for the year was $1.7 trillion, or...more

Holland & Hart LLP

Why Bankruptcy Is A Budding Alternative For Cannabis Cos.

Holland & Hart LLP on

Bankruptcy can be a remarkable tool for rehabilitating a struggling business, preserving jobs and going-concern value, and liquidating the assets of an insolvent company. The drafters of this country's bankruptcy laws...more

Holland & Hart LLP

How A Union Fight Played A Key Role In Yellow's Bankruptcy

Holland & Hart LLP on

Trucking giant Yellow Corp. skuttled operations and filed for bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware on Aug. 6, a mere three years after receiving $700 million in pandemic-era relief...more

Proskauer Rose LLP

Del. Bankruptcy Rulings Instruct on Creditors' Rights to Sue

Proskauer Rose LLP on

Creditors of distressed businesses are often frustrated by shareholder- controlled boards when directors pursue strategies that appear to be designed to benefit shareholders at the creditors' expense. In these...more

Proskauer Rose LLP

Suing Directors of a Troubled Business: When Form Trumps Substance

Proskauer Rose LLP on

Creditors of distressed businesses are often frustrated by shareholder-controlled boards when directors pursue strategies that appear to be designed to benefit shareholders at the creditors’ expense. In these circumstances,...more

Lowenstein Sandler LLP

A Bankruptcy Probe Primer For White Collar Attorneys

Lowenstein Sandler LLP on

As the country begins on the path toward reopening in the current economic climate, white collar defense practitioners will need to become experts in an unfamiliar area of the law: bankruptcy. Because there will be an...more

Mintz - Bankruptcy & Restructuring Viewpoints

Delaware Bankruptcy Court Rules that Shareholder Cannot Enforce “Golden Share” Blocking Right to Dismiss Bankruptcy Filed Without...

As the COVID-19 pandemic continues to disrupt businesses and markets, and companies begin to look to bankruptcy courts for relief from the resulting liquidity and operational distress, the issue of creditor and shareholder...more

Vinson & Elkins LLP

In re Pace Industries, LLC: Minority Shareholder With Bankruptcy Consent Rights Considered Controlling Minority Shareholder With...

Vinson & Elkins LLP on

A recent bench ruling in In re Pace Industries, LLC1 by Judge Walrath for the Bankruptcy Court for the District of Delaware (the “Court”) has validated a chapter 11 bankruptcy filing by certain debtors in the jointly...more

Skadden, Arps, Slate, Meagher & Flom LLP

A Look at 2019 Court Decisions That May Shape Restructuring Issues in the Year Ahead

A series of decisions over the past year — on issues such as make-whole premiums, intercreditor agreements, backstops for rights offerings and nonconsensual third-party releases — will likely have a significant impact in 2020...more

Cole Schotz

The Fifth Circuit Considers Enforceability Of Blocking “Golden Share” Provisions

Cole Schotz on

Bankruptcy remote structures have become common in recent years to attempt to prevent a borrower from filing for Chapter 11. One such structure is commonly referred to as a “golden share.”...more

Patterson Belknap Webb & Tyler LLP

Bankruptcy Remoteness Going to a Court of Appeals--Fifth Circuit Issues Speedy, Focused Affirmance of the Dismissal of the...

Our February 22 post (with updates on March 19, April 17 and April 25) reported on a bankruptcy court decision dismissing a voluntary corporate Chapter 11 petition that had not been approved by a preferred stockholder of the...more

Patterson Belknap Webb & Tyler LLP

Bankruptcy Remoteness Going to a Court of Appeals (Progress Report No. 3)

Our February 22 post reported that the Franchise Services of North America, Inc. decision of Bankruptcy Judge Edward Ellington of the Southern District of Mississippi dismissing a Chapter 11 petition because a shareholder had...more

Patterson Belknap Webb & Tyler LLP

Bankruptcy Remoteness Going to a Court of Appeals (Progress Report No. 2)

Our February 22 post reported that the Franchise Services of North America, Inc. decision of Bankruptcy Judge Edward Ellington of the Southern District of Mississippi dismissing a Chapter 11 petition because a shareholder had...more

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