Features
DIP Financing and Liens On Avoidance Actions
The Eighth Circuit's decision in Simply Essentials has practical significance for Chapter 11 debtor in possession (DIP) lenders. U.S. Trustees and unsecured creditors regularly object to the granting of liens on avoidance actions, but this and other appellate rulings should now eliminate the purported legal obstacle.
Features
Challenges Faced By U.S. Debtors Aiming to Qualify for Chapter 15 Recognition
When restructuring or liquidating a non-U.S.-based company with U.S. operations, practitioners should consider the benefit and efficiency of utilizing the company's home country laws under a foreign proceeding and a Chapter 15 in the United States.
Features
Second Circuit: Notes Issued from Syndicated Loan Transaction Are Not Securities Under 'Reves' Test
In an important recent decision, the U.S. Court of Appeals for the Second Circuit reviewed a $1.7 billion syndicated loan and provided a helpful analytical framework for determining whether applicable securities laws were called into play.
Features
Pressing Issues for Landlords and Tenants In the Event of a WeWork Bankruptcy
This article discusses in substance the most pressing issues for both landlords and tenants in the event of a WeWork bankruptcy filing under the U.S. Bankruptcy Code.
Features
Bankruptcy Court Rules Contract to Produce Documentary Was Not a Personal Services Contract
Bankruptcy courts continue to adjudicate disputes regarding Section 365 of the Bankruptcy Code, which addresses the disposition of executory contracts between the debtor and third parties. And we continue to report on developments in this area. Often the issue involves whether the contract is an executory contract that is subject to being assumed and assigned.
Features
Bankruptcy Risk and Fraud In Cryptocurrency
Among the risks of cryptocurrency exchanges are bankruptcy risk and fraud, including: the inalienability of account claims, holding an unsecured claim versus an entitlement to the return of coin, and bankruptcy preference risk.
Features
Bankruptcy Court Says Bankruptcy Case Is 'Filed' When Uploaded, Not Stamped
The U.S. Bankruptcy Court for the Southern District of New York summed up the importance of the determination as to when a bankruptcy case is actually filed of record, thereby triggering the imposition of the automatic stay and found that the "upload" time of a bankruptcy filing — and not the time physically "stamped" on a bankruptcy petition — determines when a case is commenced. In doing so, the Bankruptcy Court offered direction and guidelines that debtors and creditors will be well advised to observe in future cases.
Features
Fourth Circuit Ruling Underscores Judicial Divide On Use of 'Texas Two-Step'
A sharply divided U.S. Court of Appeals for the Fourth Circuit ruling shielding a nondebtor in bankruptcy proceedings from asbestos lawsuits underscores the wider and growing divide among judges across the country on the bounds of Chapter 11 protection and corporations' use of the "Texas two-step" to address mass tort litigation.
Features
Novel Issues of Chapter 11 Mass Tort and Complex Claims Cases Impact Claims Against Unrelated Debtors
Chapter 11 cases involving mass tort and complex personal injury claims often require the resolution of novel legal issues that stretch the bounds of existing precedent. As these cases evolve, they can also impact claims against other debtors unrelated to the case at hand through court-approved injunctions, releases or settlements.
Features
After Dismissal of J&J's Second Talc Bankruptcy, Plaintiffs Lawyers Call for Consolidated Trials
With the dismissal of Johnson & Johnson's second talc bankruptcy, plaintiffs lawyers are doubling down on their plans to pursue trials across the country.
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