On May 24, 2021, the Second Circuit held that a 2017 increase to the quarterly fees paid by chapter 11 debtors was unconstitutional and awarded Clinton Nurseries, Inc., Clinton Nurseries of Maryland, Inc. and Clinton Nurseries of Florida, Inc.
USA, Insolvency & Restructuring, Litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Ninth Circuit
Landlords of New Look stores have failed in their challenge to a CVA which wrote off rent arrears and imposed turnover rents on hundreds of stores.
Like so many high street fashion retailers New Look was already in a precarious position before the pandemic hit. When its turnover was reduced to nil overnight it projected it would run out of cash without help.