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Recent Developments in Third Circuit Bankruptcy Law
Bankruptcy and corporate restructurings continue to be active despite generally strong U.S. financial markets and broader macroeconomic conditions. Below is a brief overview of three recent and noteworthy bankruptcy decisions within the Third Circuit.
In re Exide Technologies
The U.S. Bankruptcy Court for the District of Delaware recently denied debtor Exide Technologies' motion to reduce the maximum quarterly fees it is required to pay to the Office of the United States Trustee (U.S. Trustee). In re Exide Technologies, Case No. 13-11482 (Bankr. D. Del. Jan. 9, 2020).
Congress amended the quarterly fee statute in October 2017 so that a fee increase would take effect on Jan. 1, 2018. The amendment increased the maximum quarterly fees for Chapter 11 debtors making quarterly disbursements of over $1 million from $30,000 to $250,000. In Exide's case, its quarterly fees increased by approximately 800%.
Exide argued on various statutory and constitutional grounds that it should not be subject to the increased fees because, it argued, the 2017 amendment does not expressly apply to pending Chapter 11 cases. Exide filed its Chapter 11 bankruptcy petition in 2013, and its plan of reorganization became effective in 2015, two years before Congress passed the 2017 amendment.
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