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COVID-19 Update: The Rules of Engagement for Navigating Business and Financial Distress

The question is not if but how deeply the global coronavirus (COVID-19) pandemic will disrupt businesses and impact future operations. That answer differs based upon each company’s industry, access to cash and other capital, debt structure, ability to manage expenses, lost revenues, and operational interruption. Certain industries, such as airlines and airline service companies, hotels, restaurants, sports and entertainment, media, and retailers, among others, are suffering immediate adverse effects. Our healthcare resources are being stretched thin.

USA, Company & Commercial, Insolvency & Restructuring, Kramer Levin Naftalis & Frankel LLP, Coronavirus
Sixth Circuit Holds Bankruptcy Court Has Jurisdiction Over Rejection of Power Purchase Agreements

The Bottom Line

USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Debtor, FERC, Sixth Circuit
Second Liens Beware Delaware Bankruptcy Court Finds De Facto Claim Subordination Under Intercreditor Agreement

Executive Summary

On December 27, 2018, the United States Bankruptcy Court for the District of Delaware issued an opinion in In re La Paloma Generating Co., Case No. 16-12700 (Bankr. D. Del. Dec. 27, 2018) [Docket No. 1274], that should raise substantial concerns for junior secured creditors.

In particular, the La Paloma opinion determined that:

USA, Company & Commercial, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court