Fulltext Search
Judge Glenn Rules Lockup Provisions Are Unenforceable When Counterparties Lack Adequate Information and “Meaningful Outs”

On April 22, 2024, in the chapter 11 cases of GOL Linhas Aéreas Inteligentes S.A.

USA, Insolvency & Restructuring, Litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP
New York Bankruptcy Court Approves Two Structured Dismissals Post-Jevic

In two recent rulings, the Bankruptcy Court for the Southern District of New York confirmed that structured dismissals are viable options for debtors to exit bankruptcy notwithstanding the Supreme Court’s Jevic decision.

USA, New York, Insolvency & Restructuring, Litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Supreme Court of the United States
Supreme Tax Court Abolishes German Restructuring Privilege

Cancellation of debt a key element of most restructurings generally triggers taxable income. The German tax authorities had issued an administrative decree (the "Tax Restructuring Decree" - Sanierungserlass), however, declaring that, upon the satisfaction of certain requirements and conditioned on forfeiture of any loss carry forwards, the cancellation of debt income ("CODI") would not be taxed.

Germany, Insolvency & Restructuring, Litigation, Tax, Weil Gotshal & Manges LLP