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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
Bankruptcy Court Upholds Indian Tribe’s Sovereign Immunity

 In a decision published October 19, 2020, Judge Frank J. Bailey of the U.S. Bankruptcy Court for the District of Massachusetts found that an Indian tribe was not subject to the Bankruptcy Code’s automatic stay.

USA, Massachusetts, Insolvency & Restructuring, Litigation, Mintz, Title 11 of the US Code, United States bankruptcy court
Third Circuit Upholds Cramdown, Downplays Subordination Agreement

The U.S. Court of Appeals for the Third Circuit recently confirmed that bankruptcy plans need not always recognize subordination agreements among creditors.

USA, Insolvency & Restructuring, Litigation, Mintz, Title 11 of the US Code
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
Keep On Truckin’: Priority Rules Still Rule in Structured Dismissals

In 2015, Distressing Matters reported on the Third Circuit’s decision in In re Jevic Holding Corp., wherein that panel ruled that, in rare circumstances, bankruptcy courts may approve the distribution of settlement proceeds in a manner that violates the Bankruptcy Code’s statutory priority scheme.

USA, Banking, Insolvency & Restructuring, Litigation, Mintz, Supreme Court of the United States, Third Circuit
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