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

Harrisburg: A Case Study in State Law Barriers to Chapter 9

On November 23, 2011, the Bankruptcy Court for the Middle District of Pennsylvania dismissed Harrisburg, Pennsylvania's Chapter 9 bankruptcy petition because, shortly before the filing, the state legislature expressly prohibited Harrisburg from seeking relief under Chapter 9. Harrisburg's failed attempt to remain in Chapter 9 highlights the political factors and state law constraints that municipalities must consider prior to seeking bankruptcy

Compare and Contrast U.S. and Mexican Law

Compare and Contrast U.S. and Mexican Law, 2012 U.S./Mexico Restructuring Symposium - Michael J. Reilly, Fernando del Castillo, Gregg M. Galardi, Carmen H. Lonstein

Lunch Roundtable — The State of the U.S. Credit Markets, Prospects for Corporate Defaults and Whether and How the European Financial Crisis Will Affect the U.S. Credit Markets

Lunch Roundtable — The State of the U.S. Credit Markets, Prospects for Corporate Defaults and Whether and How the European Financial Crisis Will Affect the U.S. Credit Markets - 2012 ABI International Insolvency & Restructuring Symposium, Rome - Charles Himmelberg, Gregory Peters, Jeffrey McCracken

Sixth Circuit Holds that Supplemental Unemployment Compensation Benefits Are Not 'Wages' Subject to FICA Taxation

Client Alert

September 10, 2012

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.