Fulltext Search
Winter Wears On: Celsius Court Rules That Certain Customer Deposits are Property of the Bankruptcy Estate

Introduction

USA, Banking, Insolvency & Restructuring, IT & Data Protection, Real Estate, Weil Gotshal & Manges LLP, Cryptocurrency, FTX
In Vacating Purdue Pharma’s Confirmation Order, the District Court Determines that the Plan’s Nonconsensual Third-Party Releases Are Not Statutorily Authorized

We’ve written extensively here, here, and

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court
It’s (Still) Alive! The Second Circuit Throws the 546(e) Safe Harbor a Lifeline Post

Before ingesting too much holiday cheer, we encourage you to consider a recent opinion from the United States Court of Appeals for the Second Circuit.

Weil Bankruptcy Blog connoisseurs will recall that, in May 2019, we wrote on the Southern District of New York’s decision in In re Tribune Co. Fraudulent Conveyance Litigation, Case No. 12-2652, 2019 WL 1771786 (S.D.N.Y. April 23, 2019) (Cote, J.) (“Tribune I”).

USA, New York, Insolvency & Restructuring, Litigation, White Collar Crime, Weil Gotshal & Manges LLP, Debtor, U.S. Court of Appeals
Safe Harbor Re-Opened? SDNY Revisits Merit Management

A recent decision from the United States District Court for the Southern District of New York, In re Tribune Co. Fraudulent Conveyance Litigation, Case No. 12-2652, 2019 WL 1771786 (S.D.N.Y. April 23, 2019) (Cote, J.), has re-examined application of the “securities safe harbor” under section 546(e) of the Bankruptcy Code, 11 U.S.C. §§ 101–1532, to the transferees of “financial institutions” in so-called “conduit transactions,” following the United States Supreme Court’s 2018 decision in Merit Management Group, LP v. FTI Consulting, Inc., 138 S. Ct. 883 (2018).

USA, New York, Company & Commercial, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
Partial Credit Bidding: The Potential for Subtracting a Portion of a Credit Bid to Unwind a Purchase Agreement

Introduction

In re Katy Indus., Inc., 590 B.R. 628 (Bankr. D. Del. 2018) presented an interesting question: If a stalking horse bidder’s successful bid to purchase a company in chapter 11 was partially predicated upon a credit bid, and a portion of that credit bid was challenged after the sale closed, what would be the result for the bidder’s overall successful bid if that portion of the credit bid was eliminated?

Background

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court
Going Once, Going Twice: Avoiding a Prepetition Foreclosure Sale in Chapter 11

Among the many protections afforded creditors under the Bankruptcy Code is the estate’s ability to avoid transfers made before the petition date that benefit certain creditors at the expense of others. These so-called avoidance actions are primarily governed by Sections 544, 547 and 548 of the Bankruptcy Code, which set forth the requirements for challenging prepetition transfers as preferential or fraudulent.

USA, Pennsylvania, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, US Congress, Supreme Court of the United States, United States bankruptcy court, Third Circuit, US District Court for Western District of Pennsylvania
Court Approves Key Employee Incentive Plan, Finding it is Not a Disguised Retention Plan

Key Employee Retention Plans (KERPs) and Key Employee Incentive Plans (KEIPs) often are the subject of intense interest, either because a distressed company’s management is focused on developing such programs to retain valuable talent during a time of great uncertainty within its organization or because certain creditor constituencies or parties in interest take issue with the payments a debtor intends to make under the programs.

USA, Colorado, Employment & Labor, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Debtor, Secured creditor
Dueling Debtors: Missouri Bankruptcy Court says Debtor Can Reject Contract that Counterparty (Who is Also a Debtor) Sought to Assume

What happens when the counterparties on both sides of a contract are debtors in separate bankruptcy cases and their estates have contrary views about whether to reject or assume a contract?

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy, Debtor, United States bankruptcy court
The Saga Continues: A brief update on the EFIH First Lien Make Whole Litigation

As avid blog readers know, we’ve posted extensively on make whole issues, including several articles covering the ongoing make whole litigations in the chapter 11 cases of Energy Future Holdings and its affiliated debtors, which can be found here, 

USA, Delaware, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court
What the future holds for make-whole claims in bankruptcy (Redux): examining the Energy Future Holdings EFIH second lien make-whole decision

Are you feeling a bit of déjà vu?  We certainly are.  As readers know, here at the Weil Bankruptcy Blog we’ve written extensively about make-wholes.  In two previous posts, What the Future Holds for Make-Whole Claims in Bankruptcy: Examining the Energy Future Holdings EFIH First Lien Make-Whole Decision – 

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy