债务重组作为困境企业的有效救济路径，本质是债权人与债务人通过制定债务重组方案的方式，就债权债务重新做出安排。而在实践中，债务重组方案的执行情况往往是由方案本身的可行性、方案执行过程中的管理与实时协调、方案实施的弹性空间等多个方面决定的。本文将从这几个方面作简要分析，提出一定思考与借鉴。

一、关于债务重组

现阶段，国内尚未建立起完整的调整企业债务重组行为的法律规范，对于“债务重组”的释义，主要出现在会计及税务层面。根据《企业会计准则第12号——债务重组》的相关规定，债务重组是指在不改变交易对手方的情况下，经债权人和债务人协定或法院裁定，就清偿债务的时间、金额或方式等重新达成协议的交易。而根据《关于企业重组业务企业所得税处理若干问题的通知》（财税〔2009年〕59号）规定，债务重组是在债务人发生财务困难的情况下，债权人按照其与债务人达成的书面协议或者法院裁定书，就其对债务人的债务做出让步，通过重组以优化企业资产质量，从而实现资产价值的提升并获得收益的行为。

The court-fashioned doctrine of "equitable mootness" has frequently been applied to bar appeals of bankruptcy court orders under circumstances where reversal or modification of an order could jeopardize, for example, the implementation of a negotiated chapter 11 plan or related agreements and upset the expectations of third parties who have relied on the order.

To promote the finality and binding effect of confirmed chapter 11 plans, the Bankruptcy Code categorically prohibits any modification of a confirmed plan after it has been "substantially consummated." Stakeholders, however, sometimes attempt to skirt this prohibition by characterizing proposed changes to a substantially consummated chapter 11 plan as some other form of relief, such as modification of the confirmation order or a plan document, or reconsideration of the allowed amount of a claim. The U.S.

One year ago, we wrote that, unlike in 2019, when the large business bankruptcy landscape was generally shaped by economic, market, and leverage factors, the COVID-19 pandemic dominated the narrative in 2020. The pandemic may not have been responsible for every reversal of corporate fortune in 2020, but it weighed heavily on the scale, particularly for companies in the energy, retail, restaurant, entertainment, health care, travel, and hospitality industries.

In 2019, the U.S. Court of Appeals for the Second Circuit made headlines when it ruled that creditors' state law fraudulent transfer claims arising from the 2007 leveraged buyout ("LBO") of Tribune Co. ("Tribune") were preempted by the safe harbor for certain securities, commodity, or forward contract payments set forth in section 546(e) of the Bankruptcy Code. In that ruling, In re Tribune Co. Fraudulent Conveyance Litig., 946 F.3d 66 (2d Cir. 2019), cert. denied, 209 L. Ed. 2d 568 (U.S. Apr.

Introduction
Business Bankruptcy Filings
Public Company Bankruptcies
Notable Bankruptcy Rulings
Legislative Developments

One year ago, we wrote that the large business bankruptcy landscape in 2019 was generally shaped by economic, market, and leverage factors, with notable exceptions for disastrous wildfires, liabilities arising from the opioid crisis, price-fixing fallout, and corporate restructuring shenanigans.

The year 2020 was a different story altogether. The headline was COVID-19.

Use, sale or lease of estate property outside ordinary course
Special rules for use of cash collateral
Jevic and distributions inconsistent with the Bankruptcy Code's priority scheme
Claar Cellars
The Bankruptcy Court's Ruling

The ability of a bankruptcy trustee or a chapter 11 debtor-in-possession ("DIP") to use "cash collateral" during the course of a bankruptcy case may be vital to the debtor's prospects for a successful reorganization. However, because of the unique nature of cash collateral, the Bankruptcy Code sets forth special rules that apply to the nonconsensual use of such collateral to protect the interests of the secured creditor involved. The U.S. Bankruptcy Court for the Eastern District of Washington examined these requirements in In re Claar Cellars, LLC, 2020 WL 1238924 (Bankr. E.D.

In This Issue:

U.S. Supreme Court: Creditors May Immediately Appeal Denials of Automatic-Stay Relief