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District Court Judge Vacates Purdue Pharma’s Confirmation Order, Holding Nonconsensual Nondebtor Releases Impermissible

On December 16, 2021, U.S.

USA, Insolvency & Restructuring, Litigation, Paul Hastings LLP, Mediation
Supreme Court Holds That a Non-Debtor Retaining a Debtor’s Property Does Not Exercise Control Over the Property in Violation of the Automatic Stay

In January 2020, we analyzed a split among the Circuit Courts regarding whether a non-debtor holding a debtor’s property on the petition date has an affirmative obligation under section 362(a)(3) of the Bankruptcy Code to return that property to the debtor immediately following the filing of the bankruptcy petition.

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
RadioShack – Bankruptcy Court implicitly recognizes enforceability of agreement among lenders but limits coverage of first out contingent indemnification claims

The unitranche financing market has expanded significantly in recent years. Generally, a unitranche deal involves two lenders (or groups of lenders) that provide financing on a “first out” and “last out” basis. In conjunction with the financing, the borrower grants one lien and enters into a single credit agreement and the lenders enter into an “Agreement Among Lenders” (“AAL”). An AAL is similar to an intercreditor agreement and provides for certain rights and remedies of the lenders.

USA, Delaware, Banking, Insolvency & Restructuring, Litigation, Paul Hastings LLP, Debtor, United States bankruptcy court