Global Insolvency | Daily News Headlines on Insolvency Developments across the Globe

FDIC Finalizes Rule on Nullifying Subsidiary and Affiliate Cross-Defaults Under OLA

This morning, the FDIC adopted the attached final rule regarding the “Enforcement of Subsidiary and Affiliate Contracts by the FDIC as Receiver of a Covered Financial Company” (the “Final Rule”). The Final Rule is substantially similar to the rule that the FDIC proposed in March of this year (see the attached alert memorandum describing the proposed rule).

District Court Affirms Broad Reading of the Bankruptcy Code Safe Harbors in In re Quebecor World (USA) Inc.

A recent decision of the United States District Court for the Southern District of New York affirmed a bankruptcy court decision holding that section 546(e) of the Bankruptcy Code precluded a creditors committee from avoiding an alleged preferential transfer under section 547(b) in which the debtor paid more than $376 million to purchase and redeem a series of private placement notes within ninety days of the bankruptcy filing. In In re Quebecor World (USA) Inc., the cour

New York Bankruptcy Court Flexes Global Muscle

On 4May 2012, the United States District Court for the Southern District of New York affirmed a 2011 Bankruptcy Court ruling, which enjoined a lawsuit in the Cayman Islands against a Chapter 11 debtor. The case of Bernard L. Madoff Investment Securities, LLC v. Maxam Absolute Return Fund, et al., arises in the Bernie Madoff SIPA liquidation and Chapter 11 proceedings, where the aftermath of the massive Madoff fraud is playing out.

FEATURE: Effects of the Sovereign Debt Crisis in the Eurozone on the U.S.

FEATURE: Effects of the Sovereign Debt Crisis in the Eurozone on the U.S. (citation: Jo Ann J. Brighton and Nathan P.J. Lebioda, Effects of the Sovereign Debt Crisis in the Eurozone on the U.S., XXXI ABI Journal 9, 26-27, October 2012) - Jo Ann J. Brighton and Nathan P.J. Lebioda

THE INTERNATIONAL SCENE: Middle East Meets West in the Southern District of New York

THE INTERNATIONAL SCENE: Middle East Meets West in the Southern District of New York (citation: Tally M. Wiener and Sean P. McGrath, Middle East Meets West in the Southern District of New York, XXXI ABI Journal 9, 40, 94, October 2012 - Tally M. Wiener and Sean P. McGrath

Confirmation Roundtable

Confirmation Roundtable (from ABI's Views from the Bench, 2012 conference) - Marc Abrams, Hon. Shelley C. Chapman, Hon. Leif M. Clark, Hon. Robert D. Drain, Jason W. Harbour

Sanctions Update: Numerous New Measures Target Non-U.S. Business with Iran

Sanctions Update: Numerous New Measures Target Non-U.S. Business with Iran

Second Circuit Adopts Broad Class Standing Test and Concludes Out-of-Pocket Loss Not Required to Plead Section 11 Claim

Second Circuit Adopts Broad Class Standing Test and Concludes Out-of-Pocket Loss Not Required to Plead Section 11 Claim

SEC Proposes Rules to Eliminate Prohibitions on General Solicitation and Advertising in Response to JOBS Act Mandate

SEC Proposes Rules to Eliminate Prohibitions on General Solicitation and Advertising in Response to JOBS Act Mandate

New York Law Journal “Bankruptcy Update.”

This column discusses the recent bankruptcy filings of Ritz Camera and Image and Dewey & LeBoeuf, two of the more recent high-profile entities to file for bankruptcy. The column discusses why Ritz and Dewey filed, and how they hope to use the bankruptcy process to achieve their respective goals—restructure in the case of Ritz, and liquidate in the case of Dewey. The column also updates readers on Sbarro’s successful emergence from bankruptcy and how it used the bankruptcy process to reorganize its business and restructure its balance sheet.