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House passes bank bankruptcy bill – pressure now on Senate to act

On December 1, 2014, the U.S. House of Representatives passed the Financial Institution Bankruptcy Act of 2014(FIBA).  The legislation passed on a voice vote and is supported by the major Wall Street banks.

USA, Insolvency & Restructuring, Squire Patton Boggs, Bankruptcy, Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA)
Court rejects debtor’s attempt to reject part of an integrated contract

All bankruptcy practitioners know that a debtor may choose which contracts to assume and which contracts to reject.  But may a debtor reject contracts that are part of an overall, integrated transaction?  In a recent bankruptcy decision, the court found the answer to be no, at least if the parties are careful in drafting their contracts.

USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs
Momentous decision in Momentive Performance Materials Part IV: make-wholes and third party releases

This is the last entry in our four-part series analyzing Judge Drain’s widely read bench ruling issued on August 26, 2014 in connection with the confirmation hearing of Momentive Performance Materials and its affiliated debtors.

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
Peering through the muck again: another court analyzes whether LLC operating agreements are property interests or executory contracts

We’ve previously focused here and here on the split in

USA, South Carolina, Company & Commercial, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP